According to the latest reports, it’s been revealed that an altcoin surged by 35% recently. Below, we will address the issue more in depth.

News about altcoin sudden rise in price

It’s been just revealed that there is an altcoin backed by a pair of famous Bitcoin (BTC) billionaires, which is surging as the crypto project’s upgrade rapidly approaches.

New data reveals that storage-focused blockchain Filecoin (FIL), which is backed by the Winklevoss twins, is skyrocketing as the protocol’s groundbreaking update looms.

“Filecoin climbed from a 24-hour low of $5.40 to $7.77, an increase of about 38%. Though the token has seen significant growth lately, it’s still much lower than its all-time high of $25.98 set in March 2022,” according to the online pubcalition the Daily Hodl.

The same notes reveal the fact that Filecoin’s new upgrade, known as the Filecoin Virtual Machine, is a runtime environment for smart contracts built on the Ethereum Virtual Machine (EVM). The info is according to the project’s official website.

“Its goal is to bring user programmability and smart contract capability over to the altcoin, greatly expanding its potential and utility.”

It’s also been revealed that the project’s mainnet is expected to go live within the next week or two.

“The Filecoin Virtual Machine’s EVM runtime (FEVM) is coming in February 2023, and it will be one of the most ground-breaking updates to the Filecoin network ever.”

The same notes revealed this:

“For the first time, developers will be able to deploy user-defined smart contracts on top of Filecoin’s blockchain and storage network, with the ability to write them in Solidity and deploy them using the many EVM-compatible developer tools that Web3 builders know and love.”

Bitcoin is about to start a new leg up

According to the latest reports, it seems that a popular crypto strategist believes that Bitcoin (BTC) is gearing up for a fresh rally. This could happen after the king crypto lost over 10% of its value over the past weeks.

Check out the previous article in order to learn more details. 

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