FIL, GRT Rally Boosts CoinDesk Computing Index as Bitcoin Struggles
FIL's market-beating surge to a 12-month high of $8.5 comes on the heels of Filecoin's Feb. 16 announcement that it would host programmable blockchain Solana's block history.
CoinDesk Computing Index Gains as FIL and GRT Surge
The ongoing rally in the decentralized storage network, Filecoin’s FIL token, indexing protocol, and the Graph’s GRT has boosted the CoinDesk Computing Index.
The index has gained over 11% in the past seven days, with FIL and GRT rallying over 40%, ignoring moderate weakness in the broader market.
The index leader Chainlink’s LINK token has dropped 10%. The CoinDesk 20 index, a broad crypto market benchmark, has declined by 2% in seven days, with bitcoin (BTC), the world’s biggest cryptocurrency by market value, trading back and forth between $50,500 and $52,500.
Decentralized Storage Coins Surge on Integrations and Upgrades
Filecoin's market-beating surge to a 12-month high of $8.5 comes on the heels of Filecoin's Feb. 16 announcement that it would host programmable blockchain Solana's block history.
The integration with Solana signals a move away from centralized data storage services, likely driving investor interest in decentralized storage coins like FIL, Siacoin (SC), and Arweave (AR).
Furthermore, Ethereum's impending Dencun upgrade, which introduces temporary data storage mechanism called "blog transactions", could further fuel the demand for decentralized storage services.
Dencun Upgrade Expected to Increase Demand for Decentralized Storage
According to AI-powered trading firm ZMQuant, the introduction of blob storage in Ethereum's Dencun upgrade is expected to generate increased demand for decentralized storage solutions.
The temporary nature of blob storage, where data is discarded after approximately a month, could drive the demand for decentralized storage services as the data can still be utilized and analyzed within that period.
This upgrade feature benefits established projects like Filecoin, Arweave, and Storj, contributing to the surge in decentralized storage coins.
