-Fantom (FTM) recently came close to touching a $0.50 level, its highest since last May, before easing back to the $0.46s.
-Analysts attribute the surge in crypto prices to easing financial conditions, slowing US inflation and growth, and growing signs that the bear market in crypto might be over.
-Fantom has seen its Decentralized Finance (DeFi) trade value locked (TVL) rise by 16%, total unique active addresses rise 1.04 million, and over 2.8 million in transactions in the last seven days.
The cryptocurrency market has seen a surge in prices this month, with the likes of Bitcoin and Ethereum both gaining in the region of 40%. This has been driven by a combination of easing financial conditions as US inflation and growth slow, leading to more dovish expectations for Fed tightening in the coming quarters, as well as growing signs (both technical and on-chain) that the bear market in crypto might now be over. One of the cryptocurrencies leading this surge has been Fantom (FTM), the token that powers the high-performance Fantom blockchain.
FTM/USD recently came within a whisker of touching the $0.50 level, its highest since last May, before easing back to the $0.46s, where it trades higher by about 130% on the month. Investors have plenty to be optimistic about regarding the health of the Fantom ecosystem, with the twitter account @Fantom_Insider reporting that Fantom has seen its Decentralized Finance (DeFi) trade value locked (TVL) rise by 16%, total unique active addresses rise 1.04 million, and over 2.8 million in transactions in the last seven days.
The on-chain performance of Fantom has been encouraging, with the platform having implemented over 2.8 million transactions and gaining more than 1.04 million in total unique addresses. This shows that the platform is continuing to grow and gain traction, and analysts are optimistic that FTM could continue to rise.
Many experts are predicting that the Fantom token could hit the $1 level in the coming months. This would represent a massive increase from the current price, and could be driven by continued growth in the DeFi space and a general increase in demand for cryptocurrencies. There has also been an increase in institutional investments into the cryptocurrency space, which could also help drive the price of FTM higher.
In the short term, Fantom is likely to remain volatile, with prices likely to be affected by broader movements in the cryptocurrency market. However, the long-term prospects for the token remain bright, and it could be a great time to invest in the token before the price rises further.