Decentralized storage protocol Filecoin leads top 100 on 27% jump in price

Filecoin (FIL) surged 27% in the last 24 hours to $6.857 at the time of writing, leading the top 100 coins by market cap.

After Bitcoin hit a YTD high of $25,260 around 16:00 (GMT) on February 16, 24-hour volatility saw the large-cap stocks experience a small selloff and lose momentum.

Nonetheless, outstanding performances over the past 24 hours with Filecoin, Astar up 17% and Rokcet Pool up 15.5% buck the trend.

Filecoin’s YTD profit was $3.013 at the beginning of the year, with a price increase of 130%. In keeping with the general market movement, FIL rose steadily throughout his January, and on the 12th he broke above the 50-day moving average.

By January 22nd, two weeks between $4.646 and $5.83 had begun. After testing the $4.646 support zone again on February 13, Filecoin started an uptrend.

Today, February 17, the daily candlestick rose 27% (coinciding with a 27% price increase in the last 24 hours), hitting a 26-week high.

Despite the good performance, the FIL is down 97% from the all-time high of $236.84 reached on April 1, 2021.

Filecoin virtual machine

No new fundamentals were found to explain the increase in buyers.

However, on January 19th, the project announced Filecoin Virtual Machine (FVM) configured to run March 1st During ETHDenver.

FVM An Ethereum Virtual Machine (EVM) running on top of the Filecoin protocol, allowing developers to port EVM smart contracts to FVM. This brings general programmability to the Filecoin storage network, enabling use cases such as permanent storage, DeFi, and DataDaos.

Datadaos refers to storing and curating datasets, including research databases, and unlocking the value and utility of that data through a tokenized stakeholder system.

The Filecoin Virtual Machine (FVM) is the runtime environment for smart contracts (also known as actors) on the Filecoin network. FVM brings user programmability to Filecoin, unlocking enormous potential for the open data economy.