TL;DR
- Fantom (FTM) has experienced an impressive 31% increase in the last 24 hours, a notable comeback after a period of decline and consolidation.
- The surge in FTM follows a period where the token dropped approximately 80% from its highs reached on December 26, 2023.
- The reasons behind this resurgence include a significant increase in capital flows in the crypto market, significant whale purchases, and improvements in the Fantom network.
A digital asset is undergoing a notable evolution recently. This is Fantom (FTM). In the last 24 hours, its price has experienced a stunning 31% increase, marking an impressive return after a period of decline and consolidation.
This surge in Fantom follows a period in which the token dropped approximately 80% from its highs reached on December 26, 2023. For weeks, Fantom remained in a consolidation cycle, with investors eagerly awaiting a signal of change in the trend.
The $FTM made a great comeback (+31%) today!
Whale 0xdf8 bought a total of 4.71M $FTM at ~$0.57 ($2.69M) via #Gemini and #Airswap in the last 2 days, now making $600K (+22%).
Notably, he/she last bought $FTM only an hour ago. Is the whale still bullish on an even bigger pump?… pic.twitter.com/7GW2SR1ZCF
— Spot On Chain (@spotonchain) March 4, 2024
However, on March 3, Fantom broke that upward trend, surpassing the $0.56 barrier and triggering a rapid escalation in its price. At its highest point, it reached $0.748 before retracting slightly, but still registering a significant gain.
What are the reasons behind this impressive return of FTM? Firstly, the cryptocurrency market as a whole has experienced a significant increase in capital flows, with Bitcoin nearing its all-time high. This increase in confidence and investment in Bitcoin usually has a positive effect on other cryptocurrencies, known as altcoins, such as FTM.
Fantom Whales Bet on Long-Term Potential
Additionally, significant whale purchases, which are investors with large amounts of capital, have contributed to the resurgence of FTM. For example, a whale recently purchased 4.71 million FTM for $2.69 million, indicating confidence in the cryptocurrency’s long-term potential.
Last but not least, improvements in the Fantom network have also played a crucial role in its resurgence. The most prominent upgrade is Sonic, a project designed to improve the scalability and performance of the network. With an increase in transactions per second, reduced storage costs, and near-instant finalization time, the upgrade promises to make Fantom one of the most efficient and fastest blockchains in the market.
