Filecoin recorded gains even in the middle of the retracement that occurred in the market. The token has not only been one of the few to be in the green over the past day, but it has also seen double-digit growth during this time. This raises the question of why a token that usually tends to fly under the radar has now risen to the top of the cryptocurrency trends. As always, there is a big announcement behind the rally.
Filecoin partners with Harvard
Harvard is arguably the number one university in the world coveted by students around the world. It has produced some of the best and brightest minds in any industry, and this time around the institution of excellence has turned its attention to blockchain and cryptocurrency technology.
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Last week, the Filecoin Foundation announced a partnership with the Harvard University Library Innovation Lab (LIL). This partnership would see the two institutions work together to find ways to preserve digital information using decentralized technologies. Obviously, this is in line with blockchain technology which is essentially a distributed ledger that publicly stores information that all parties can access. This will only be a further step in the decentralization of knowledge.
FIL price recovers to $9 | Source: FILUSD on TradingView.com
“Democratizing open knowledge”, as the project is called, aims to make information that is usually locked down accessible to everyone. In this way, all knowledge can be distributed evenly across the world and “preserve humanity’s most important information”.
FIL makes a run for it
After the news broke last week, Filecoin’s popularity took an unexpected turn. Its price response had been remarkable, reporting double-digit daily gains. This has seen its value increase by more than 68% in the past week and more than 11% in the last 24 hours alone.
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This price gain put FIL at the top of the trending chart on Coinmarketcap. Its price rose from around $5, where it was trending last week, to $11 in the early hours of Monday before falling back to $9, where it is currently trading.
Filecoin made its mark on the crypto market in 2017 when it set a new record for the highest amount raised from a cryptocurrency ICO. Filecoin had raised over $200 million at the time, which put it on the path to becoming one of the top contenders in the space.
The digital asset has now become the third largest cryptocurrency with a market capitalization of around $2.2 billion. There are currently 247.5 million FIL tokens in circulation.
Featured image from Crypto iTunes, chart from TradingView.com
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