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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bears Lose Grip On Filecoin (FIL) As Market Sentiment Flips Positive

Christian Encila
Christian Encila
2 years ago
4 mins read
Filecoin

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Ranked 28th in CoinGecko’s cryptocurrency list, Filecoin (FIL) has been benefitting from the recent flip in market sentiment. Today’s market data shows that Ethereum, the market’s top altcoin, is up 1% in the daily time frame.

Investors in crypto, however, took this as a bullish signal, prompting the DeFi market to increase 2% in the daily. This led to the market of DeFi tokens to reach nearly $52 billion.

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Source: Coingecko

Storage-related tokens like Filecoin also climbed due to the major cryptos’ recent market movement. CoinGecko data reveals that the combined market cap of all storage-related tokens grew by a percent in the past 24 hours with a trade volume of $602 million.

Filecoin On-Chain Dev Ramps Up

The Filecoin storage ecosystem is already being utilized by many organizations to store their data in a decentralized manner. However, this will be a growing list in the near future as the ecosystem plans to launch the Filecoin EVM, a Filecoin-native instance of the Ethereum Virtual Machine. 

The Ethereum Virtual Machine, a.k.a EVM, is an execution environment that runs directly on the Ethereum blockchain. It is an essential tool for building dApps and creating smart contracts. With the EVM being the first virtual machine to run on top of a known blockchain, it has amassed a strong developer base which improves it by the day.

Did you hear? The #Filecoin EVM (FEVM) launch is closer than you think 😉

After the completion of the calibrationnet upgrade earlier today, FEVM is on track to bring smart contracts & user programmability to Filecoin mainnet on March 14th, 2023! 📅

👉 https://t.co/CMjBDN5Idz pic.twitter.com/AdoblUk19R

— Filecoin (@Filecoin) February 22, 2023

The Roll-Out Of FEVM

The launch of the Filecoin EVM would expand the reach of the ecosystem to EVM-specialized developers, strengthening Filecoin’s position in the crypto space.

The FEVM would bring the EVM’s tools which would enable developers to port smart contracts to the Filecoin blockchain or write Solidity-based SCs which is the EVM’s main coding language.

There are pros and cons with using the FEVM. One of the advantages of using the FEVM is the mature tooling the underlying Ethereum Virtual Machine has which is already well-known and liked by developers.

However, gas fees for using the FEVM is high with lower performance due to the virtualization overhead.

Nonetheless, this would increase the popularity of Filecoin in the coming years once the ecosystem’s native runtime environment for the EVM launches.

FIL total market cap at $2.7 billion on the daily chart | Chart: TradingView.com

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At $6.92, Where Is Filecoin Headed?

At the time of writing, FIL was trading at $6.92, with the token having a crucial support at $4.84. FIL bulls can also take advantage of the token’s high correlation with Bitcoin and Ethereum which are leading the market’s sentiment flip from negative to positive.

FIL bulls are hoping to push the token up to the $9 level in the next few days. If this happens, the bulls may find themselves with enough momentum to test $10 in the short to medium term. 

-Featured image from Pest Pointers

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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