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

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.

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