This Altcoin Decoupled Positively from the Market, Rising by 13 Percent! Are Ethereum and Solana Behind the Rise?

While the downward trend in the leading cryptocurrency Bitcoin continues, the price is at $ 51000.

However, while altcoins remain more solid compared to BTC, some altcoins manage to attract the attention of the market and investors with their rise.

Filecoin (FIL), one of these altcoins, rose by more than 13% in the last 24 hours, reaching up to $8.5.

FIL, which was traded at $8.1 at the time of writing with an increase of $8.8%, had reached $230 in the 2021 bull.

Apart from Filecoin, Siacoin (SC) was also at the top of the most profitable altcoins with its 11% rise.

It is considered that behind this rise in FIL is Filecoin’s decision to integrate Solana and Ethereum’s upcoming Dencun upgrade.

At this point, analysts stated that Filecoin’s ETH and SOL integration announcement signals a move away from centralized data storage services, stating that “this integration has probably increased investors’ interest in altcoins of decentralized data storage projects such as FIL, Siacoin (SC) and Arweave (AR).” said.

Speaking to Coindesk, analysts at AI-powered trading firm ZMQuant stated that the temporary nature of blob storage could increase the demand for decentralized storage services and said:

“The Dencun upgrade is expected to benefit established projects such as Filecoin, Arweave, and Storj by driving increased demand for decentralized storage solutions.

An important feature of the upgrade is the introduction of blob storage for sending L2 data to L1.

But since blob storage is not persistent and data is discarded after about a month, there is potential for further use and analysis of this data.

This increases the demand for decentralized storage services.”

*This is not investment advice.