What's Driving Filecoin's (FIL) Double-Digit Gains?

Filecoin has been recording gains even amid the retracement that has been happening 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 made its way to the top spot of trending cryptocurrencies. As always, there is a big announcement behind the rally.

Filecoin Partners With Harvard

Harvard is arguably the leading university in the world which is coveted by students around the globe. It has produced some of the best and brightest minds across every single industry, and this time around, the institution of excellence has turned its attention to blockchain and cryptocurrency technology.

Last week, the Filecoin Foundation announced a partnership with the Harvard University Library Innovation Lab (LIL). This partnership would see both institutions work together to find ways to preserve digital information using decentralized technologies. Obviously, this is in line with blockchain technology which is basically a distributed ledger that stores information publicly for all parties to access. This will just be another step in decentralizing knowledge.

“Democratizing Open Knowledge,” as the project is called, aims to make information that is usually locked accessible to all. This way, all knowledge can be spread evenly across the globe and “preserve humanity’s most important information.”

FIL Makes A Run For It

After the news broke last week, the popularity of Filecoin had taken an unexpected turn. Its price response had been a remarkable one, returning daily gains of double-digits. This has seen its value balloon more than 68% over the last week and over 11% in the last 24 hours alone.

This gain in its price has placed FIL at the top of the trending table on Coinmarketcap. Its price rose from around $5, where it was trending last week, to as high as $11 in the early hours of Monday before correcting back down to $9, where it is currently trading.

Filecoin made its mark in the crypto market back in 2017 when it set a new record for the highest amount raised during a cryptocurrency ICO. Filecoin had raised more than $200 million at the time, which set it on a path to becoming a top contender in the space.

The digital asset has now grown to become the third-largest cryptocurrency with a market cap of approximately $2.2 billion. There are currently 247.5 million FIL tokens in circulation.

By Best Owie | Original link