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Filecoin Surges 42%, Replaces Litecoin as 9th Largest Digital Asset
Institutional demand propels filecoin ahead of litecoin.
작성자 Omkar Godbole
Decentralized storage network Filecoin's FIL token has entered the list of top 10 coins thanks to increased institutional demand.
- FIL is trading near $217 at press time with a market capitalization of $13.72 billion, having printed a record high of $220 early Thursday, as per data source Coingecko.
- The cryptocurrency has surged by 42% in the past 24 hours and 150% in seven days, replacing litecoin (LTC) as the ninth-largest digital asset by market capitalization.
- Inflows into the Grayscale Investments' Filecoin Trust picked up the pace on Thursday, lifting the cryptocurrency higher.
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- The trust has raked in 45,500 FIL tokens since the launch on March 17, of which 29,550 were added today, data provided by bybt.com shows.
- The world's largest digital asset manager has become the preferred avenue for institutional investors to gain exposure to cryptocurrencies, starting with its early bitcoin trust. It is owned by Digital Currency Group, the parent company of CoinDesk.
- On March 17 Grayscale also launched trusts dedicated to basic attention token, chainlink, decentraland and livepeer, expanding its existing product suite.
- Bitwise, the cryptocurrency asset manager, tweeted Thursday that Filecoin entered its Bitwise 10 Large Cap Crypto Index as of the March 31 monthly index reconstitution.
Also read: LINK, MANA Token Prices Spike as Grayscale Unveils New Trusts
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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