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The Fantom (FTM) price relentless bull run continued on Tuesday as developers continued to embrace the ecosystem. The FTM coin price rose to $2.41, which was a few points below its all-time high. This rally brought its total market capitalization to more than $6.133 billion. It is now the 33rd biggest cryptocurrency in the world.
Fantom ecosystem growth
Fantom is a blockchain network that is relatively similar to Ethereum, Solana, and Binance Smart Chain. It is a network that enables developers to build decentralized applications such as DeFi, Non-Fungible Tokens (NFT), and games.
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Data compiled by DeFi Llama shows that there are about 46 DeFi platforms built on Fantom. This makes it the fifth-biggest platform after Ethereum, BSc, Avalanche, and Polygon. The DeFi platforms built on Fantom have a total value locked (TVL) of more than $5.48 billion.
Fantom has also created its own DeFi platform that has several features. It has FTM, which users can stake to earn interest and fmint that allows people to mint synthetic assets like cryptocurrencies and commodities.
In addition, the DeFi platform has fLend and fTrade platforms that enable people to trade and lend tokens. The Fantom DeFi platform has a TVL of more than $100 million, which is substantial since it is a relatively new platform,
The Fantom price is soaring because of the rising interest for the so-called Ethereum-killers. These are platforms that are similar to Ethereum but those that have advanced features like fast speed and lower costs.
The price has also risen because of its strong growth in the non-fungible token (NFT) industry. For example, on Tuesday, Pierre Gasly, a Formula 1 driver will be releasing an NFT collection for auction on Artion. Artion is developed using Fantom’s technology.
Fantom price prediction
The four-hour chart shows that the FTM price has been in a strong bullish trend recently. The coin has managed to rise to the key resistance level at $2.45, which was the previous all-time high. Along the way, it has formed what looks like a cup and handle pattern. It is also being supported by the 25-day and 50-day moving averages.
Therefore, the Fantom price will likely burst higher as bulls start targeting the next key resistance level at $50. This view will be confirmed if the price manages to rise above the current resistance level.
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