The Fantom blockchain’s native coin, Fantom (FTM), has increased by more than 31% in the last day.
The price increase comes after a period of fall and consolidation, when FTM dropped from its peak of $0.566 on December 26, 2023, by around 80%.
From a low of $0.30 on January 23, FTM started a slow but steady climb back, albeit still in consolidation. The price broke out of the range on March 3 and went above the $0.56 barrier. After rising over the previous three days, Fantom fell on Monday after reaching an intraday high of $0.748.
As of this writing, FTM has increased by 28.29% to $0.658 over the previous day. Over the past seven days, the token has also increased by 59%.
What are reasons for FTM’s comeback?
According to reports, the cryptocurrency market had capital inflows of approximately $48.54 billion, the most since October 2021. During today’s trading session, Bitcoin reached $65,614, putting it one step closer to its all-time high. In reaction to the surge in Bitcoin, other tokens, or altcoins, also saw an increase.
Fantom too witnessed inflows as whales made large purchases. SpotOnChain reports that throughout the previous two days, a whale used Gemini and Airswap to buy 4.71 million FTM at around $0.57 per coin, for a total of $2.69 million. The whale has also made FTM purchases in the last few hours.
https://x.com/spotonchain/status/1764511023191515190?s=20
There have been new advancements and enhancements to the Fantom network. In Q4’23, Fantom focused primarily on the Fantom Sonic upgrade, which aims to increase network scalability. In the end, Fantom Sonic wants to preserve near-second time to finality (TTF), reduce storage costs, and boost transaction per second (TPS) to rank among the top monolithic blockchains.
Fantom Sonic is anticipated to be crucial to Fantom’s ongoing growth throughout the remainder of 2024. Apart from the previously stated upgrade for Fantom Sonic, programmes such as the Ecosystem Vault and Gas Monetization Programme assisted in keeping users and developers active on the network.
