Home News Fantom Shocks the Market with 195% Increase-Here is the Reason why

James Carter

03 Feb 2023

Fantom Shocks the Market with 195% Increase-Here is the Reason why

Here is how Fantom Shocks the Market

The price of Fantom’s native cryptocurrency, FTM, increased by more than 103% over the course of the past 14 days and by 195% over the course of a month. Fantom is a decentralized smart contract platform for DApps. At the time of this writing, the price of Fantom on exchanges was $0.6302, representing an increase of 11% from the previous day. According to CoinGecko, FTM had a market capitalization of $1.7 billion and a 24-hour trading volume of $742 million. Both of these metrics had climbed by anywhere between 10% and 25% in the previous day.

When Did Fantom’s Bull Run Begin?

The entire cryptocurrency market has begun a positive trend as a direct result of the failure of the cryptocurrency exchange FTX. Additionally, the price of Bitcoin is continuing its upward trajectory with a green candle for the fifth week in a row, extending its streak to five weeks in total. A 42% increase in comparison to the previous month’s pricing, the price of Bitcoin was traded at a level of $23,561, which is an increase. Despite this, the total value of all cryptocurrencies that are traded on the global market reached somewhere in the area of $1.12 trillion after only three months. Additionally, significant upward movement can be seen in the pricing of various alternative cryptocurrencies.

Without a shadow of a doubt, Fantom (FTM) is one of the coins on the market that saw a significant increase during the month of January. The FTM stock price increased by more than 185% on a daily basis between January 1 and the time this article was written. After nine months, FTM was trading inside a range that the asset had been at in May 2022, which was somewhere around $0.6302. Despite this, Fantom is still trading at a price that is a significant discount to its all-time high of $3.46, which was reached on October 28, 2021.

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In addition, Fantom generated a buzz on social media due to its recent updates and huge price movements, which were comparable to those of Bitcoin and appeared on the chart as a continuous green candle for five weeks. And the cryptocurrency community gave Fantom’s gas monetization program a lot of positive feedback. The initiative makes it possible for developers of decentralized applications (dApps) of the highest quality to make a living.

In addition, the price of Ethereum (ETH), the second most valuable cryptocurrency, increased by around 36% in a single month. Also, several alternative cryptocurrencies, such as Polygon (MATIC) and Solana (SOL), as well as memecoins Dogecoin (DOGE) and Shiba Inu, experienced price increases (SHIB).