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Filecoin surged to its highest price level since Aug. 18, 2022 on Friday, sending the native FIL token to a high of $7.89 on the day and leading major cryptocurrency exchange Coinbase up 26%.
Gains in decentralized storage networks came after a recovery that started with a 5% rise on Tuesday, February 14th. Prior to that, a reversal in market sentiment saw FIL/USD fall nearly 13% on Feb. 9, with the value of the token he closing at $4.78.
We can’t predict Filecoin’s price with certainty, but let’s take a look at what likely catalyzed today’s stellar move.
Filecoin’s price has actually moved up significantly over the past two days, breaking above the major resistance of $6.00.
Filecoin price hits $7.89 all-time high on Coinbse. sauce: TradingView
The main trigger for today’s rally seems to have been the news that the Filecoin Virtual Machine will go live on March 1st.
of #FVM is just around the corner and will rock the industry like never before.
Get everything ready for FVM to unlock with smart contracts and provable storage. And join us for the biggest community event of the year on March 1st. https://t.co/zviY8FZwCx pic.twitter.com/MCYC5CGoA6
Filecoin (@Filecoin) February 13, 2023
According to the Filecoin developer team, the launch of FVM will usher in a new era for the Filecoin blockchain.
Specifically, in Layer 1 networks, we see sophisticated systems with smart contracts and programmability. FVM also comes with greater scalability and much lower fees for users who want to interact with decentralized applications (dApps).
The primary use cases set to drive more traffic for the Filecoin blockchain and pave the way for more adoption are perpetual storage, streamlined access to decentralized finance (DeFi) and DataDAO. The Filecoin virtual machine is interoperable with the Ethereum virtual machine.
