Less than six months old cryptocurrency, Filecoin (FIL), has beaten Litecoin (LTC) to secure 9th position on the list of largest currencies according to market cap. Its price has surged close to 50% in the past 24 hours.

There is never a dull day in the crypto market. Every other day, new cryptocurrency ventures are introduced. While most of them die in infancy, many live on to reach the top. Recently, some new cryptocurrencies have risen out of obscurity like ADA. One of them is Filecoin’s token (FIL).

Filecoin is a decentralized storage network. It was introduced in mid of October 2020. The initial price of the platform’s native currency, ‘FIL’, was $100. However, it shed a lot of value fairly quick. FIL was underperforming up until the start of the march.

The growing demand for Filecoin among institutions has made the price of currency go up. The price of FIL is $231 at the time of this writing. It has increased 50% in the past 24 hours and more than 150% in the last 7 days. The surge is massive but a usual thing in the crypto market.

The recent investment of GrayScale in FIL is said to be the reason for the currency’s sudden spike.

Filecoin has plans to provide cloud services in a decentralized manner. The platform stores data in a manner that makes info easy to retrieve and hard to censor. Its blockchain is based on unique concepts of proof of replication and proof of spacetime. The project aims to “store humanity’s most important information.”