FANTOM has made significant gains lately, but will the crypto market continue to see growth with this, particularly this digital coin?
Fantom has sparked much excitement among crypto enthusiasts due to its potential to become a better version of the second-largest cryptocurrency Ethereum. The cryptocurrency market was a high performer over the summer with FTM emerging as one of the greatest winners in the crypto sector. But will Fantom keep rising?
The current price of Fantom is at $2.17 according to CoinMarketCap – this is an drop of 0.95 in the past 24 hours.
Fantom digital coin has also surged in the past seven days, growing 45.58 percent.
The coin currently ranks as the 35th most popular digital currency on CoinMarketCap.
The market value of the coin was $5,509,293,699 at the time of writing.
There is growing interest surrounding Fantom cryptocurrency in response to huge surges in value for the digital coin.
The coin, nicknamed the Ethereum-killer, has been in the crypto market for a long time.
According to DeFi Llama data, Fantom has become the fifth-biggest platform in the industry with a total market value (TVL) of all the apps built by Fantom crossing the $3.8 billion mark.
Fantom works as a platform which can be used to build decentralised applications and also create NFT tokens.
One of Fantom’s main attractions for crypto investors is its transaction speed.
The digital coin can settle thousands of transactions per second.
Transactional costs are typically insignificant, but in May 2021, Fantom had three million transactions which means it was the fastest blockchain platform at that time.
Due to this fact, many experts believe the cryptocurrency is due to hit double-digits shortly.
The four-hour chart from TradingView.com reveals FTM price has been following a major bullish trend in recent days.
The price is approaching an all-time high which would bring its total market capitalisation to more than $4.2bn.
The cryptocurrency’s price is above the short and longer-term moving averages while the MACD has moved above the neutral level.
The token will likely keep rising in the near term as bulls target the next key resistance level at $1.8600.
A move above that resistance will see it rally to more than $2 but will be invalidated if it drops to below $1.50.
The US Federal Reserve has said it does not intend to ban cryptocurrencies which has boosted investor hopes.
Many policymakers in the. “Brinkwire Summary News”.