AnalysisCrypto

The price of Fantom (FTM) is struggling to gain traction following the crypto market crash

FTM has generally been on a negative trend since rising strongly and reaching a high of $3.36 in January. The cryptocurrency began its current 7-day cycle around $0.94 and had just recently attempted to break through that level.

Possible Comeback for FTM Among Crumbling Altcoins?

Many digital currencies have witnessed price declines following the 2021 bull run, leaving investors and speculators unsure whether to maintain or sell their crypto holdings.

Even though Fantom (FTM) had a remarkable 1,398 percent return on investment (ROI) in the previous year, a similar situation is playing out.

FTM is an acyclic graph smart contract platform that uses a unique consensus mechanism to provide developers with decentralized finance (DeFi) services.

The network was built as a viable alternative to earlier generations of blockchains, such as Ethereum (ETH), which struggled to reconcile three important components: security, scalability, and decentralization.

The most important feature of Fantom is its very efficient transaction mechanism, which allows it to deliver tremendous scalability at a minimal cost.

In the Market with FTM

Geopolitical fears and macroeconomic attitudes have pulled down the crypto market in recent months, and FTM has not been immune from the effects.

FTM was trading at $0.704 at publication, down 17.98% in the previous 24 hours. The cryptocurrency saw a trading volume of $603,425,547 within the same period, up 6.48 percent from prior levels.

When you compare pricing from the previous seven days, the results are significantly worse. For example, the price of FTM is currently 23.47 percent lower than it was seven days ago. However, FTM’s poor performance is not unusual; the crypto market as a whole is down, with only Tron (TRX), Dai (DAI), and USD Coin (USDC) showing some signs of life in the last week.

FTM has lost over 15% of its market capitalization, which now stands at $1,851,872,219. Nevertheless, this value retains FTM as the world’s 48th most valuable coin.

The total value locked (TVL) on Fantom has also seen some extreme changes in the previous six months. For example, Fantom’s TVL was $1.6 billion in October 2021, but by February 2022, it had climbed to almost $11 billion. In April 2022, however, this sum fell to $5.05 billion. This up-and-down movement of TVL value corresponds to the up-and-down movement of FTM pricing over the same period.

A Federal Reserve rate hike is expected to rattle the cryptocurrency market

Meanwhile, the crypto market is likely to respond to the Federal Reserve’s latest rate rise, which came only seconds after the FOMC meeting ended on Wednesday. The half-point spike is the largest in more than two decades.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button