Two Ethereum Rivals Soar 93% and 45% in Just One Week, Far Outpacing Bitcoin and Crypto Markets
Two Ethereum (ETH) rivals are skyrocketing this week, far outpacing both Bitcoin (BTC) and the crypto markets in general.
Filecoin (FIL) and Conflux (CFX) have risen 93% and 45% respectively during the last seven days, continuing the defy crypto market trends.
Last week, the development team behind Conflux, China’s sole regulatory-compliant blockchain, announced a partnership with China Telecom, one of the biggest wireless carriers in the nation.
Conflux said the goal of the partnership was to become a bridge between Western and Asian markets.
News of the collaboration sparked a rally, as the token went from $0.055 to $0.095 in under a day, a 73% rise. CFX finished the week moving for $13.30 but has continued to carry over the momentum it gathered last week, trading for $0.26 at time of writing, a 93% increase.
Earlier this week, decentralized storage platform Filecoin announced that it would be adding smart contracts to its protocol, as well as including support for the Ethereum Virtual Machine (EVM).
At the time, news of the upgrade sent FIL skyrocketing, defying the broader crypto markets. The token rose 62% to $8.24 in just a week but has since retraced and is changing hands for $7.39, still a 45% increase.
Filecoin, which is backed by prominent investors such as the Winklevoss twins and asset management titan Andreessen Horowitz, plans to fully launch smart contract capability by March 14th and it is expected for the protocol to transform into a complete layer-1 blockchain once it does.