Yesterday, the world of cryptocurrency saw another tough day as Bitcoin, the big name in digital currency, dropped below the important $65,000 mark. This dip sent shockwaves through the market, causing losses for other popular cryptocurrencies like Fantom (FTM). But there was a glimmer of hope amidst the chaos: Fantom managed to hold its ground above $0.8 and even bounced back by 18.87%, crossing the $1 mark once again. Now, the big question is whether this bounce-back will last through the ongoing market adjustments. Let’s take a look at the Fantom price prediction article in more detail.
As of today, Fantom is trading at $1.007224, with a 24-hour trading volume of $3.34 billion. Its market capitalization stands at $2.82 billion, and it holds a market dominance of 0.12%. Over the past 24 hours, the price of FTM has surged by 18.66%.
Fantom’s price history reveals that its peak occurred on October 28, 2021, hitting an all-time high of $3.47. Conversely, its lowest point was recorded on March 13, 2020, plummeting to an all-time low of $0.001762. Since its all-time high, the lowest price observed was $0.164761 (known as the cycle low), while the highest price since then reached $1.079680 (the cycle high). Currently, the sentiment regarding Fantom’s price prediction is bullish, with a Fear & Greed Index showing 74 (indicating greed).
The circulating supply of Fantom stands at 2.80 billion FTM out of a maximum supply of 3.18 billion FTM. The current yearly supply inflation rate sits at 0.92%, resulting in the creation of 25.44 million FTM over the past year.
Fantom Price Prediction: Why is Fantom Price Up?
Fantom (FTM) is riding high on positive vibes, thanks to enthusiastic investor activity on the platform. With whales steadily accumulating and a strong bullish sentiment in the air, prices are on the rise for the project. This upward trajectory has investors buzzing with excitement, anticipating a potential rally surpassing the $2 mark for Fantom this year.
Fantom soared to new heights with a remarkable 33% jump, edging closer to the coveted $1.2 mark. This surge was fueled by a significant increase in daily trading volume, up by over 45%, largely due to heightened whale activity. Analysts are now eyeing a potential massive rally for FTM, given its impressive performance since the start of March.
What’s particularly interesting is that more than 40% of Fantom investors are holding onto their positions, eager to capitalize on the expected surge in FTM’s value. This increased holding is expected to sustain Fantom’s upward trajectory and alleviate selling pressure in the market.
Moreover, the recent reduction in the supply of FTM tokens this month has sparked a notable price surge, signaling growing interest from whales in the project. With sights set on a bullish rally aiming beyond $2, Fantom is primed for substantial growth, buoyed by strong support and the steadfast commitment of long-term investors.
One of the reasons behind the price rise is Fantom Sonic. Fantom Sonic is like the upgraded version of the Fantom network, but without needing a big technical change called a hard fork. This means all the stuff you’re used to, like smart contracts and tools, should still work just fine.
This upgrade has three main parts:
1. A new Fantom Virtual Machine (FVM): This is like the engine that runs everything on the network. It makes transactions faster and more efficient, so things happen quickly and reliably.
2. Carmen: Think of this as a new storage system. It uses less space, which saves money for the people who help run the network and makes it faster for the organization behind Fantom to set up new parts of the network.
3. Improved Lachesis consensus mechanism: This is a fancy way of saying they’ve made the process of agreeing on transactions much better, so it’s smoother and more reliable.
Right now, Fantom Sonic is still being tested out, but it’s expected to officially replace Fantom Opera in spring 2024. There are two types of tests going on: one is to see how much the system can handle, and the other lets regular people and developers try it out and build things on it.
Fantom Price Prediction: How High Can the Fantom (FTM) Price Go?
Analyzing Fantom’s recent performance and current market conditions, it’s evident that the cryptocurrency has demonstrated impressive growth over the past year. With a significant 120% increase in price over the last 12 months, Fantom has outpaced a majority of the top 100 crypto assets, surpassing the performance of 61% of its peers.
One notable indicator of Fantom’s strength is its position above the 200-day simple moving average (SMA), signaling a sustained bullish trend in its price action. This suggests that the cryptocurrency has garnered consistent investor interest and confidence over an extended period, contributing to its upward trajectory.
Furthermore, Fantom has exhibited positive performance relative to its token sale price, indicating substantial returns for early investors. This factor not only reflects the project’s potential but also reinforces investor sentiment and trust in its long-term viability.
In addition, Fantom has seen 17 green days out of the last 30, accounting for approximately 57% of the observed period. This consistent positive momentum further reinforces the cryptocurrency’s resilience and potential for continued growth.
Another key strength of Fantom lies in its high liquidity, as evidenced by its market capitalization. A high liquidity level implies that there is significant trading volume and activity surrounding the cryptocurrency, making it easier for investors to buy and sell without significantly impacting its price.
Looking ahead, considering Fantom’s strong performance metrics, positive market sentiment, and growing adoption, it’s reasonable to anticipate continued upward movement in its price trajectory. Therefore, Fantom’s trading range could likely fall between $0.81 and $3 in 2024. Should Fantom reach the higher end of this range, it could potentially surge by more than 250 % to hit $3.
Where to Buy Fantom (FTM)?
For those looking to enter the cryptocurrency market, Bitget stands out as a reliable platform. Offering low fees, a user-friendly interface, and a straightforward onboarding process, Bitget provides a convenient experience for both novice and seasoned traders. Whether you are an experienced investor or a newcomer, Bitget offers a streamlined avenue to buy and trade cryptocurrencies in the dynamic and rapidly evolving market.