Fast-Rising Ethereum Rival Defies Bitcoin and Crypto Dip, Jumps 62% in One Week

By Daily Hodl Staff

A crypto project that’s expanding its capabilities to include smart contracts and Ethereum Virtual Machine (EVM) compatibility is defying this week’s market pullback.

The decentralized storage platform Filecoin (FIL) is up 5.1% in the last 24 hours, at $8.24.

The altcoin has ignored this week’s macro economic fear and Bitcoin’s retracement, with a seismic 62% rally in the last seven days.

Today’s rally is fueled by an announcement on exactly when Filecoin’s big upgrade will happen.

On March 14th, Filecoin plans to launch its core protocol that will introduce smart contracts and allow developers to create crypto apps.

Once Filecoin’s transformation is complete, the network will be a fully-formed layer-1 blockchain.

Filecoin launched in October of 2020 and is backed by a number of large crypto venture firms, including Winklevoss Capita, Sequoia Capital, Andreessen Horowitz and Union Square Ventures.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Shutterstock/Andrush