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The recent surge in Fantom’s (FTM) price and its rising Market Value to Realized Value (MVRV) ratio suggests a promising performance in the altcoin market.
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This unexpected momentum has positioned FTM as one of the standout performers among cryptocurrencies in November, raising interest from traders and investors.
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“The MVRV ratio hitting 1.59 indicates that FTM is fairly priced, but should it exceed 2, it may signal an overvalued condition,” reports IntoTheBlock.
Fantom’s recent performance, highlighted by its rising MVRV ratio and price surge, indicates significant growth potential, making it a key player in the crypto market.
Fantom’s MVRV Ratio Signals Continued Profitability
As of the current analysis, Fantom’s MVRV ratio has reached 1.59, marking a peak not witnessed in over three months. This indicates that the average holder of FTM tokens is currently sitting on a profit of 59%, giving a bullish signal about the token’s health and sustainability. Following an impressive 8% gain in the past 24 hours, FTM was trading at $0.957, further buoyed by a 30% surge in trading volume, according to CoinMarketCap. These positive movements reflect increased investor confidence, prompting many to consider FTM a potentially rewarding asset.
Market Sentiment and Wallet Profitability Trends
Recent metrics reveal an uplifting trend across Fantom’s ecosystem. The “In/Out of the Money” metric indicates that the percentage of profitable wallets rose from 50% to 58% within the past week. At the same time, the percentage of wallets experiencing losses plummeted from 46% to 39%, enhancing the overall bullish sentiment among FTM holders. This shift in investor sentiment, alongside the accumulation of over 22 million FTM tokens by 4,580 addresses, illustrates a potentially strong support level that may discourage significant sell-offs if FTM approaches key resistance levels.
Source: IntoTheBlock