Filecoin jumps more than 30% because this groundbreaking feature to be released – Report

• Filecoin (FIL) records a massive uptick in price, as value jumps by 23 percent following the announcement of the Filecoin Virtual Machine (FVM). 
• FIL is poised to hit $10 and soar even higher in price value, in the weeks ahead. 

Filecoin (FIL) has been one of the most talked about altcoins in the cryptocurrency market, and this has been for good reason. The price of the altcoin has notably jumped in the past few weeks. The price pump can also be credited to the recent announcement from Filecoin’s official Twitter handle.

According to the tweet from Filecoin, the launch of the Filecoin Virtual Machine (FVM), which will introduce smart contracts to the network, will take place on the 23rd of March. “We’re excited to launch smart contracts in Mar’23 and become a fully-fledged L1.” Filecoin tweeted on the 26th of January. FVM’s launch was first announced in September last year, during the FIL conference that took place in Singapore.

The news of FIL’s price pump was also shared by a popular cryptocurrency journalist who goes by the name “Wu Blockchain” on Twitter. The news triggered excited Filecoin community members to react with excitement after Wu noted that Filecoin’s native token FIL surged by a staggering 23 percent only 24 hours after the announcement.

Wu blockchain also noted that at the time of the report, a significant number of miners were active in the Filecoin blockchain network. He added that the miners in question were storing information while also staking.

Filecoin announced that it will launch smart contracts in Mar’23, making it a fully-fledged L1. FIL rose by 23% in 24 hours. There are currently 3,785 active miners on the Filecoin network, storing 18.767 EiB of information, and staking 134,023,969 FIL.

Filecoin (FIL) is positioned for a breakout to $10 for the first time since August 2022

According to our data, FIL saw a price pump at around 10:00 UTC. The altcoin surged from its previous price value of $5.38 to a new price high of $7.82 at around 22:00 UTC.

Filecoin (FIL) price performance since January has mostly taken a bullish path and is poised to breakout to levels last seen in 2022.

FIL is one of the best-performing altcoins in the cryptocurrency market this year. Opening January with a price of $3, FIL has 2x its gains since then.

During the time of this report, FIL is up even higher, as prices sit at $9.28, despite sustaining mild losses in the last 1-hour. Notably, FIL’s trading value has gone up by 24 percent in the last 24 hours.

Within the last 7-days, FIL garnered a whopping 83% in gains. If the asset continues in this path, it is likely to record a price breakout to $10 or higher in the near term, which will make it the highest price point attained since August 2022.