Fantom (FTM) Records 23% Gains On Weekly Chart, What’s Next?
March 23 2023 - 2:00PM
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While the global crypto market capitalization plunged today, with
most coins trading in red, Fantom (FTM) bucked the bears. FTM has
scored over 23% price gains on the weekly chart. The coin gained
0.48% on the last day and shows a 4.65% price increase in the
previous hour. With today’s performance, Fantom joined the list of
the top-gaining coins over the past week and might be nearing $0.5.
However, it is still uncertain if the factors pushing the coin
price would bring it above $0.5. US Fed’s Latest Interest
Rate Hike Pushes Most Crypto Down Yesterday the US Federal Reserve
bank raised interest rates by 0.25% to tame inflation despite the
ongoing banking turmoil. The bearish sentiment from the Fed’s
interest rate hike has spread across the crypto market and the
total market capitalization has declined by 2.44%. Related Reading:
Litecoin Surges 13% In Last 24 Hours, Flips Shiba Inu In Market Cap
The crypto industry, alongside economists and analysts, dreaded
this outcome. Bloomberg’s analyst McGlone and others predicted
crypto prices might plunge deeper should the Feds raise the
interest rate bps. After the bank crash, the Fed interfered
with a funding program to assist troubled banks giving hope to
investors. People thought the Feds would soften its stance on the
borrowing rates hike. But the recent rate hikes suggest
otherwise. While the bearish sentiment from the Fed’s action
pushed the crypto market down, FTM remained resilient, sustaining
its past week’s gains. At the time of writing, FTM has recorded a
23% 7-day gain. It didn’t end there since the token’s price rally
reflected a massive surge in trading volume over the past 24 hours.
According to CoinMarketCap data, FTM observed a 47.65% increase in
its 24-hour trading volume against yesterday’s value. Fantome (FTM)
Price Rallies Amid Ecosystem Developments Fantom is a directed
acyclic graph Smart Contract platform that provides decentralized
finance services to developers with its native consensus algorithm.
With its native token, FTM, Fantom aims to solve scaling problems
associated with Smart Contract platforms while offering
lightning-speed transactions. The Fantom Foundation has been
on this vision, working to improve the network with programs to
attract more users. These activities would reflect in FTM price and
trading volume as it currently is. The platform has been
running programs to accelerate Web3 gaming, which has gained much
traction recently. To encourage developers to build on Fantom, it
distributed FTM tokens to every project participating in the Fantom
Gitcoin Grants round. 8Play Games is even distributing FTM tokens
to celebrate their launch after partnering with Fantom. The
Fantom ecosystem has experienced several developments, including
new integrations with Algebra Protocol, Atomic Wallet, Osmosis,
KuCoin Wallet, Carrier Bridge, and Osmosis. The Fantom
Ecosystem Vault reached 200,000 FTM on March 11, marking a new
milestone for FTM. All these could be among the factors supporting
FTM’s resilience amid the bearish market. Related Reading: Tron
(TRX), Huobi Token (HT) Plummet Nearly 10% In A Day, Here’s Why
Data shows that Fantom previously surpassed $0.5, climbing above
$0.6 to nearly $0.7 earlier in February before gradually pulling
back $0.3356 on March 10. However, its price has been steadily
improving aside from a few retrenches and might soon climb back to
$0.6 if it sustains the current rally momentum. Featured image from
Pixabay and chart from TradingView.com
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