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The crypto market has been witnessing a wave of shock, with the price of Bitcoin decreasing by 8.63% in the last week. At the time of writing this article, BTC stands at $66,898.82.
This dip in BTC sent jolts across the crypto market, which was brimming with bullish sentiment.
However, there seems to be a ray of hope amidst the BTC price dip. And what’s that?
Fantom (FTM) has managed to hold its ground in the last 24 hours, registering double-digit growth.
Yes, you saw it right!
FTM was up by 17% in the last week, and the token witnessed over a 12% surge in the last 24 hours alone!
So, what is causing the price hike for FTM? What’s fueling this bullish sentiment, and what’s next on the horizon for FTM?
Let’s find out!
The Fantom Bull Rally Begins!
As of today, the price of FTM stands at $1.06 with a 24-hour trading volume of $744,082,508. The market capitalization for FTM is $744,082,508, striking a 12.51% spike in the last 24 hours.
Analyzing Fantom’s price history, the rise in FTM’s price occurred on October 28, 2021, hitting an all-time high of $3.47.
According to Fantom’s Fear & Greed Index, the last 24 hour’s score is 82%, depicting “extreme greed.” The projected price score shows a “positive” indication and “very positive” volatility, volume, and impulse.
Therefore, it’s clear that the bullish vibe surrounding FTM is palpable, prepared to make ripples in the cryptocurrency market.
What’s Fueling the Fantom FOMO?
The figures in FTM suggest that the token is surfing the wave of positive vibes!
Let’s find out what’s boosting the price!
Whale & Investor sentiments
Thanks to the heightened whale activity with FTM, the price of the token has witnessed an upward trajectory. The whales are steadily accumulating, stirring strong bullish sentiment.
According to statistics, over 40% of investors are holding out, contemplating an increase in the token’s price before selling. Thus, such reluctance to sell may reduce the selling pressure, thereby increasing an upward FTM’s price movement.
Low token supply
Recently, the supply of tokens has been reduced, which has sustained the higher price movement on FTM. Thus, analysts set an eye on the bullish rally of FTM reaching beyond $2.
Buzz of Fantom Sonic
Fantom Sonic is an update to the Fantom network. The revised version seeks to improve the functionality of all smart contracts and tools.
Consequently, the excitement generated by Fantom Sonic contributes to the surge of the Fantom network.
Is this trend here to stay?
Fantom has shown significant improvement over the past 12 months, increasing by 119.56% in its price. Therefore, judging the overall performance of FTM, it can be well stated that the cryptocurrency is likely to show a continued growth trajectory.
Additionally, Fantom has the benefit of high liquidity, as depicted by its market cap. The high level of liquidity indicates that the trading volume and activity surrounding FTM make it seamless for investors to buy or sell it. Such transactions are less likely to impact the price of the cryptocurrency.
Last week, we witnessed many new developments on the Fantom network. FTM’s Fantom Money Market, a lending & borrowing platform, gained over $340k in staking TVL. oxGasless, a multi-chain gasless infrastructure, also went live on the Fantom blockchain network. Therefore, the current wave of developments indicates a sustaining bullish performance of FTM.
*The information on this website does not constitute trading, investing, or financial advice.*
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