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Filecoin (FIL) Up 76%, XRP and ADA Parallels Drawn by Andrew Kang

Sun, 02/19/2023 - 13:05
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Gamza Khanzadaev
Filecoin (FIL) has good chance to be XRP or ADA of this time, says co-founder of Mechanism Capital
Filecoin (FIL) Up 76%, XRP and ADA Parallels Drawn by Andrew Kang
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Filecoin's native token, FIL, gained more than 86% in value over the past week to become the most profitable asset of the week in CoinMarketCap's ranking of major cryptocurrencies by capitalization. With this price action, FIL was able to return to the $9.25 per token price, where it last traded back in early August 2022.

FIL to USD by CoinMarketCap

Filecoin (FIL) Loses Steam But Maintains Its Weekly Bullish Growth

Andrew Kang, co-founder of investment firm Mechanism Capital and a well-known crypto-entrepreneur, tried to explain the reason for the surge in interest and the price of the Filecoin token. Kang suggests that Filecoin has managed to become a focal point for cash flow from China and recognition from Western audiences, and has done so with great timing, with the project's big conference on Feb. 25 and the launch of the Filecoin Virtual Machine on March 23. "FIL has a good chance to be the XRP or ADA of this period on crypto market," investor concluded.

Chinese investors and Filecoin Virtual Machine

Filecoin (FIL) has thus become the beneficiary of the Chinese coins narrative, according to which while countries in the Western world seek to strictly regulate the crypto sphere, Eastern and Asian states are instead showing more encouragement toward investing in new digital economy projects.

Chinese Coins Narrative Gains Steam: Check Out These Altcoins

As for the Filecoin Virtual Machine, or FVM, it is a long-awaited innovation for the project that integrates smart contracts into its network, allows developers to create full decentralized applications and makes Filecoin a complete Layer-1 blockchain.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.