Bitcoin's Rally Continues and Filecoin Launches Virtual Machine

Name: FS Insight
Price range: $$$

Mar 14, 2023

BTC -0.52% ETH 0.47%

Market Update Crypto continued to rally today after CPI came in in-line today at 6.0% YoY. $BTC was up 7.08% today at the time of writing, and $ETH was up 5.17%. Traditional markets also rose, with SPX up 2.05% today, and NDQ up 2.45%. One of the more exciting developments we've seen this week is the massive outperformance of bitcoin over the rest of the market. This outperformance is represented in the bitcoin dominance ratio rising 5% this week to 45.55%, its highest level in almost a year. Much of what is driving this could be attributed to investors' interest in bitcoin reigniting when traditional banks such as SVB are failing. A bitcoin dominance run is also generally viewed as healthy for the market, as it signals that froth in the market is relatively low (crypto traders are choosing to buy bitcoin over more speculative altcoins). Decentralized storage platform, Filecoin ($FIL), has implemented its own Filecoin Virtual Machine (FVM), enabling it to become a blockchain compatible with Ethereum apps. This will open up many use cases on Filecoin, such as decentralized social media, monetizing datasets, and NFTs. Applications built on Filecoin will improve its core function of decentralized file storage by offering more custom options, such as the ability to pay for longer

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