Filecoin surges 42%, surpassing Litecoin to become the ninth largest crypto asset

Institutional demand has driven Filecoin up, surpassing Litecoin to become the ninth largest cryptocurrency by market capitalization. At press time, FIL is trading near $217 with a market capitalization of $13.72 billion, having hit a record high of $220 earlier Thursday.
Decentralized storage network Filecoin’s FIL token has entered the list of top 10 crypto assets by market cap due to increased institutional demand.

At press time, FIL is trading near $217 with a market cap of $13.72 billion, according to data source Coinecko, with the cryptocurrency registering an all-time high of $220 earlier Thursday.
The cryptocurrency has surged 42% in the past 24 hours and 150% in seven days, replacing Litecoin (LTC, +4.82%) as the ninth largest crypto asset by market capitalization.
The cryptocurrency’s gains were boosted by an increase in inflows into Grayscale Investments’ Filecoin Trust on Thursday.

Data provided by bybt.com shows that the trust fund has harvested 45,500 FIL tokens since its launch on March 17, of which 29,550 were added today.
The world’s largest digital asset manager, which is owned by CoinDesk’s parent company Digital Currency Group, has become the go-to channel for institutional investors to gain exposure to cryptocurrencies, starting with its early Bitcoin (BTC, +1.4%) trust.
On March 17, Grayscale also launched trusts dedicated to BAT (BAT, -2.82%), LINK (LINK, +0.81%), MANA (MANA, -2.6%), and Livepeer, expanding its existing product line.
Cryptocurrency asset management company Bitwise tweeted Thursday that Filecoin entered its Bitwise 10 Large Cap Crypto Index as of the March 31 monthly index reconstitution. (CoinDesk)