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Fantom token records double-digit gains; Why is FTM price rising?

Fantom token records double-digit gains; Why is FTM price rising?

Despite the continuous struggle of the cryptocurrency sector to regain its strength after multiple hardships that kept stacking up against it, Fantom (FTM) is recording double-digit gains on both its daily and weekly charts.

Specifically, Fantom has soared 11.73% on the day and 29.45% across the previous seven days, while the decentralized finance (DeFi) token’s monthly losses of 8.88% have been relatively minor compared to the rest of the crypto market, as per data retrieved on November 29.

Fantom (FTM) 7-day price chart. Source: Finbold

As such, these movements have positioned Fantom in the first place among the top 100 cryptocurrencies by 24-hour gains, above Chainlink (LINK) and Huobi Token (HT), which have gained 8.88% and 7.70% on the day, respectively, according to the relevant CoinMarketCap data.

Top 5 cryptos by 24-hour gains. Source: CoinMarketCap

On top of that, during the previous week, the coin has also recorded a growth of its market capitalization by close to $130 million, nearly $50 million of which is attributed to the previous 24 hours, ending up with $547.61 million at press time.

Fantom blockchain’s assets data

It is also important to note that these significant daily gains have followed the publication of favorable financial information on the Fantom blockchain project by one of its main developers, André Cronje, on his blog on November 28.

In the blog post, Cronje asserted that his platform’s monetary assets as of November 2022 included over 450,000,000 FTM (currently worth $96.84 million), over $100 million in stablecoins, $100 million in other cryptos, and $50 million in non-crypto assets.

As he added, Fantom has persevered thanks to DeFi:

“If your entire revenue model is selling your token, you are doing a disservice to yourself, your blockchain, and your supporters. If defi didn’t exist, we would likely not be operational today. I believe the same is true for many companies out there.”

The market responded by sending the price of Fantom upward, a positive sign for the asset that has largely been trading in a sideways pattern since May and has lost more than 90% since the year’s turn when its price stood at $2.3.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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