Popular altcoin Filecoin (FIL) is up almost 100 percent this week. It is currently changing hands at $9.98, up 20 percent. So what’s behind the rise of the FIL? Here are the latest developments and price movements for Filecoin…
Altcoin FIL price rises 100 percent
If you had invested $100 in Filecoin last week, your investment would now be worth around $200. Yes, Filecoin is one of the few altcoins to record seven consecutive green candles each day. Filecoin is up 122% on Monday from a July 26 low of $5.1. Thus, it rose to $11.3. At the time of writing, a small retraction was noted.
FIL is trading below $10, at $9.98. However, the triple-digit high earnings made FIL the top weekly earner among the top 100 coins. Meanwhile, the cryptocurrency rose 76.5% in the last 7 days and gained 87% in 30 days. You can see the 7-day chart of the cryptocurrency below:
What are the latest developments in Filecoin?
Last week, asset manager and Web 3.0 data storage provider Holon partnered with Gemini to provide Australia with its first retail Bitcoin, Ethereum and Filecoin funds. The partnership will use Gemini to provide custody solutions for all three funds. Investment vehicles will encourage direct purchases of Bitcoin, Ethereum and Filecoin. According to Holon, the Filecoin Fund is the first retail-managed investment program for digital assets other than Bitcoin and Ethereum registered with the Australian Securities and Investments Commission.
Therefore, it is said that Filecoin’s obtaining a separate fund alongside major cryptos such as Bitcoin and Ethereum may have an impact on the bullish momentum of FIL. On the other hand, as we have also announced as Kriptokoin.com, Filecoin Foundation for the Decentralized Web (FFDW) announced the “Democratizing Open Knowledge” program with Harvard University Library Innovation Lab (LIL). With the support of the FFDW, LIL plans to go around decentralized technologies that can protect digital information. The affiliation with world-class universities such as Harvard and the launch of solo FIL funds are cited as a testament to Filecoin’s growing popularity.
Alongside FIL’s rally, Filecoin has made some progress on other fronts. The protocol’s revenue for new users turned to the higher side in the last three weeks of July compared to the first week. Seven days ago, Filecoin’s protocol revenue was $101.2k. But by July 26, it had dropped to $71k. Since then, however, there has been a remarkable improvement, because at the moment the value in question is; It was 82.4 thousand dollars.
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