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Filecoin (FIL) crypto has recorded a +72% price pump in the past 7 days, surpassing the bullish performance of Bitcoin (BTC).
Filecoin (FIL) outperforms Bitcoin with a pump of +72% in the past seven days
The 22nd crypto by market capitalization, Filecoin (FIL), has experienced a 72% price pump over the past seven days.
Specifically, as of 17 February FIL was worth $5.48, and since then its pump has moved the price to $7.50. However, during yesterday’s day, FIL’s price touched $9.39. At the time of writing, FIL is worth $8.41.
A significant performance that rides on the general bullish trend of crypto, but far exceeding the 12.50% price pump of the last 7 days of the crypto queen.
Indeed, Bitcoin (BTC) rose from $21,760 to near $25,000 as early as last 16 February, surpassing that ceiling only yesterday. At the time of writing BTC is worth $24,482.
Ethereum (ETH), the quintessential Virtual Machine crypto, also recorded the same thing, more or less. ETH has registered a 12% pump in the past 7 days, rising from $1509 to the current $1693. It, too, touched its high for the week yesterday at $1718.
Filecoin (FIL): interest in crypto could be due to the launch of FVM
And speaking of Virtual Machine, a Twitter account with 250,000 followers relates this very price pump to the likely interest the community is giving Filecoin for the upcoming launch of its Filecoin Virtual Machine (FVM).
https://t.co/0ccRQ5OQNO
— Wu Blockchain (@WuBlockchain) February 17, 2023
Filecoin is an open-source public cryptocurrency and digital payment system that is proposed as a blockchain-based cooperative digital storage and retrieval method. It was created by Protocol Labs and shares some of the ideas of the InterPlanetary File System, allowing users to rent unused hard drive space.
The addition of smart contracts and the Virtual Machine, would make Filecoin a full-fledged layer 1 blockchain.
Announcement of staff cuts does not scare the crypto community
Apparently, Filecoin Protocol Labs’ recent announcement that it will have to lay off 21% of its staff is not scaring off the crypto-community.
And indeed, Filecoin joins a number of crypto companies that have found themselves dealing with the effects of the long crypto winter of 2022, which has hurt the economic situation of the entire industry.
Juan Benet, the CEO of Protocol Labs, reportedly announced layoffs totally blaming last year’s bearish trend experienced by the entire industry. Filecoin joined blockchain-related companies such as Candy Digital, Blockchain.com, OpenSea, Huobi, and Gemini in having to make this decision.