- Filecoin’s native token FIL spiked 24% to around $6.44 on Monday.
- The community is buzzing about the launch of the Filecoin Virtual Machine, (FVM) which was expected to be launched on March 14.
- FVM adds smart contracts and network programming to the Filecoin network.
Filecoin is a decentralised storage platform that allows users to have access to file storage using blockchain technology at low cost. It is just hours away from a major network overhaul. The FIL token’s native value has risen due to market excitement and the addition of new features.
Today’s Filecoin Price
FIL was trading at $6.36 ET Monday. This is an increase of over 24% in 24 hours. According to data from TradingView, the cryptocurrency’s price had touched an intraday high of $6.44 on major crypto exchange Coinbase.
Per the market data from CoinGecko, the file storage platform’s native token has jumped more than 32% over the past month.
FIL price chart on Coinbase Monday shows that FIL has risen to $6.50 Source: TradingView
Why did Filecoin’s price rise?
The wider cryptocurrency market has rallied in the past 24hrs, with huge buying pressure on Monday due to US government news about backing down banks that had failed.
CoinJournal reported that Bitcoin saw a sentiment flip, with Bitcoin gaining over $4,000 within 24 hours while bulls rallied to prices higher than $24,000. The total cryptocurrency market cap grew by almost 15% to more than $1.16 trillion.
Filecoin’s upside momentum included, as mentioned above, buyside pressure that was triggered by a network upgrade. The Filecoin development team announced in February that Filecoin Virtual Machines (FVMs) would be live in March.
FIL tokens’ price jumped by more than 26% the day after Filecoin News was published. The latest price spike comes just like that of the Filecoin news. On Tuesday 14 March 2023, FVM will go live.
The upgrade will introduce smart contracts that allow the creation and deployment on Filecoin of decentralised apps (dApps). FVM upgrades unlock additional features, such as liquid staking and collateral lending.
“Basically – if you regard the Filecoin storage network as a massive decentralized data warehouse whose state is being constantly proven to the public, you can think of the FVM as a programmable controller for it,” the Filecoin team noted Last week.
This article can be shared