Filecoin Sees Surge in Dev Activity; LayerZero Raises 135 Million

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Chart of the Day

On Wednesday, most major altcoins continued their winning streaks, whilst BTC and ETH both took a breather from their recent rally. As of the time of writing, BTC is stabilizing above the $47k handle after posting a marginal loss of 0.64% in the past 24 hours. Despite this slight setback, a key breakout pattern with resistance near the $47.6k level is forming on BTC's hourly chart, with the largest cryptocurrency by market cap likely to rediscover its rallying momentum of the past few days once said level is overturned. Additionally, the $46.8k to $47k zone should also offer some key support should BTC's price actions head southward. Within the capital markets, Grayscale's Bitcoin Fund has seen its discount narrowed on the back of stronger demand, something that could possibly trigger a turning of the tides for Grayscale's flagship fund.

In a similar vein to BTC, ETH has been trapped in a sideways consolidation pattern since Tuesday. As of the time of writing, the second-largest cryptocurrency by market cap is flirting with the $3,400 level after seeing a 0.46% gain from a day ago. As aforementioned, most major altcoins are currently outperforming both BTC and ETH by a significant margin. Most notably, SOL is leading the pack on this front after experiencing an impressive 9.8% gain within the last 24 hours. SOL's upside price action, as well as the surging NFT trading volume on the Solana network, can likely be attributed to OpenSea's recent announcement that they will be supporting the Solana ecosystem in April. Finally, and on the dev front, the amount of projects building on Filecoin has tripled within a year. As that is quite a huge increment with regard to dev activity, the decentralized storage network's continued growth in capacity and offerings should translate into solid price actions in the near-term.

Talk of the Town

If you are a proponent of a multichain future, consider the prospect of an omnichain, one that connects "every smart contract on every chain". LayerZero, a trustless and interoperable protocol with immense possibilities, recently announced that they have raised $135 million in a round led by huge names within the crypto venture capitalist space like Andreessen Horowitz, FTX Ventures, and Sequoia Capital. LayerZero have declared that they will channel this funding to help accelerate the development of their protocol.

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