FTT Outperforms Major Altcoins Despite Market Slowdown: Santiment

Crypto data tracker Santiment, in a Wednesday post on X, listed FTT as one of the altcoins to have added significant gains to their value despite a prevailing slowdown in the market.

Indeed, Santiment noted in the post that FTT has added over an 184% increase in its value in the past week. The performance of the token far outpaces that of other altcoins like Solana and Avalanche, which also saw significant price gains.

The unexpected rise of FTT came after the U.S. Securities and Exchange Commission Chairman Gary Gensler said FTX could restart as a crypto exchange. In response, crypto traders flocked to the token, which served primarily as the native token of the exchange.

However, it bears mentioning that the new FTX management has reiterated that FTT no longer has a utility. Moreover, the bankruptcy committee plans to liquidate the token to settle claims, which made the surge more surprising.

Turning to CoinMarketCap, data indicates that the FTT surge has slowed considerably since the weekend. During the peak, the token hit an annual high of over $5.5 apiece.

At the time of press, the token is exchanging hands at $3.54, having risen 6% the last 24 hours. Trade volumes have entered the red zone, dropping by over 15.44% in the same period.

So far, the FTX restart, which fueled the sudden surge, is expected to come after all claims against the crypto exchange have been settled. At present, the company’s management said they are considering bids for the restart, which includes acquisition proposals, partnership, or an independent restart.

Meanwhile, Santiment also noted that social volume for Bitcoin and Ethereum has risen considerably. According to the data tracker, the rise indicates that traders are getting interested in the markets again.