Exploring how FTM is performing better than other cryptocurrencies
Fantom FTM has witnessed a 7% increase in its Market capitalization over the past 24 hours. Currently, it is trading at 0.453841 with a market cap of around $1.2 billion.
The Data indicated that FTM has performed better than some other high-market capitalization cryptocurrencies in terms of price action.
There could have been several factors that contributed to the market growth of Fantom. The bullish sentiment by its community thus far played the most vital role in the increase.
Some other factors also contributed to its growth. The company recently shared an update on its ecosystem. They highlighted major developments including the launch of Fantom’s go-opera version 1.1.2-rc.5 mainnet release.
Moreover, the upgrade includes improvements to the processing of batched genesis blocks, customizable database management, a parallel search of EVM logs, and P2P protocol enhancements. These updates are designed to make Fantom’s platform more efficient and user-friend.
Fantom’s Ecosystem Vault is a fund to support people who want to build projects or create new ideas on Fantom. The vault has collected 200,000 FTM tokens. The community authorized the funding decisions, rather than a central authority. This means that people who want to use the funds can apply for them and the community will decide whether to approve their proposal or not. Consequently, the ultimate goal of this project is to support innovation and creativity on the platform in a decentralized and community-driven way.
Despite performing better FTM sees a decrease in network activity
The trend of FTM’s price on the cryptocurrency exchange is increasing and holds a bullish sentiment. Despite that, there seems to be a decline in the network activity on the platform.
The number of successful transactions has been declining over several months, as per the chart by Dune Analytics. Furthermore, there has also been a decrease in the number of active addresses indicating overall declined network activity.
Over the past month, there has been a significant increase in the amount of FTM tokens held by top addresses, which suggests that investors have more confidence in the currency. There have also been consistent network growth.
Several on-chain metrics suggest that FTM investors can be optimistic about the token’s potential price surge. The supply of FTM on exchanges decreased while the outside supply increased, indicating a bullish signal. Additionally, FTM’s MVRV Ratio also improved over the last week. This suggests a further potential for a price increase. Furthermore, the demand for FTM in the derivatives market remained relatively high, as evidenced by the Binance funding rate.