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

The crypto project, which has expanded its capabilities to include smart contracts and Ethereum Virtual Machine (EVM) compatibility, has bucked a market downturn this week.

Decentralized storage platform Filecoin (FIL) is up 5.1% to $8.24 over the past 24 hours.

Altcoins are ignoring macroeconomic fears and Bitcoin retracements this week, posting a massive 62% gain over the past seven days.

Today’s rise is fueled by an announcement about when Filecoin’s major upgrade will take place.

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

Once the Filecoin conversion is complete, the network will be a fully formed Layer 1 blockchain.

Filecoin launched in October 2020 and is backed by many large cryptocurrency ventures including Winklevoss Capita, Sequoia Capital, Andreessen Horowitz and Union Square Ventures.

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