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On Tuesday (November 23), the price of $FTM, the native asset of Ethereum competitor Fantom got as high as $2.4435 at 16:22 p.m. UTC on crypto exchange Binance thanks to a steady stream of good news over the past several days.
What is Fantom ($FTM)?
Here is a little introduction by the Fantom team to this exciting crypto project:
“Fantom is a high-performance, scalable, and secure smart-contract platform. It is designed to overcome the limitations of previous generation blockchain platforms. Fantom is permissionless, decentralized, and open-source. Lachesis, its revolutionary aBFT consensus mechanism, allows Fantom to be much faster and cheaper than older technologies, yet extremely secure.“
As for the $FTM token, as Binance Research noted in June 2019, this is “required for staking, on-chain governance and as payment for network fees”. Of course, it can also be used “to transfer FTM-denominated value”.
$FTM’s Price Action
According to data by TradingView, on crypto exchange Binance, currently (as of 4:50 p.m. UTC), $FTM is trading around $2.3588, up 19.06% in the past 24-hour period.
What Crypto Analysts, Influencers, and Traders Saying About $FTM
Pseudonymous crypto analyst and influencer “The Crypto Dog” appears bullish on $FTM:
Maybe a little early to call, but it looks like $FTM is setting up for another run.
— The Crypto Dog📈 (@TheCryptoDog) November 23, 2021
Not the worst L1 to ride.
An even more bullish crypto analyst is Alex Krüger who seems to think as long as the $BTC price does not collapse, $FTM should outperform the native tokens of other L1 blockchains:
Looks like time for $FTM to outperform over other L1s
— Alex (@classicmacro) November 23, 2021
just need $BTC to hold up
Also, in a recent video, Crypto analyst and influencer “Guy,” who hosts the popular YouTube channel “Coin Bureau”, his YouTube channel’s 1.66 million subscribers that $FTM has “a lot more room to the upside,” despite the price surge it has seen this year.
As reported by The Daily Hodl, Guy stated:
“This is because Fantom’s market cap is medium-sized and its fundamentals are significantly stronger than most of the cryptocurrencies that currently outrank it.
“FTM’s tokenomics are also seriously robust. All FTM coins allocated to Fantom’s early investors, founders and advisers finished vesting last November.“
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.