Fantom (FTM) Price Spikes by 19% Despite Slight Crypto Market Slide

While the broader crypto market has seen a slight drop in value, the Fantom ($FTM) altcoin has made a really strong showing. One of the biggest surprises of 2022 remains the token, which posted a 19% price hike early Monday, and appears to be on course to resist the moderate slippage affecting the broader crypto market.

Gaining value amid the current crypto market downturn

in a tweet Posted on Tuesday morning, the leading data provider on the chain, Santiment, noted that Fantom’s price is continuing to rise, and it has increased by 115% in just two weeks. Parallel to the price hike, Santiment’s tweet also indicated that daily active titles on the Fantom network had also grown to 2,353.

This latest price rally now sees the FTM trading at $2.87, with a trading volume of over $1.9 billion in the past 24 hours. The coin is currently ranked as the 28th most valuable digital currency, with a market cap currently over $7.3 billion and a circulating supply of 2.545 billion.

Fantom takes advantage of high gas fees in Ethereum

Fantom’s rise after its mid-year crash in 2021, in which it lost more than 50% of its value, is due in part to rising transaction costs and the annoying restrictions of its leading competitor, Ethereum network. Many cryptocurrency developers, unable to bear the escalating gas fees in Ethereum, chose to move their projects to the Fantom Blockchain, which subsequently led to a significant increase in the total locked value (TLV) of the FTM.

the Fantom ecosystem It is a first-tier smart contract platform that seeks solutions to the security, scalability, and decentralization issues that are holding back the blockchain. The platform uses a Byzantine Fault Tolerance Asynchronous Mechanism, which it claims is capable of providing increased levels of security and scalability, while providing incredible transaction speeds at very low fees.

Regardless of whether the activity on the Fantom network is high or low, transactions on the platform cost less than $0.01 and are completed in less than a second.

The exponential growth of $FTM’s TLV is confirmation enough of the caliber of crypto projects and developers that the platform attracts.

Fantom’s main points

The Fantom ecosystem hosts both local projects and those recently migrated from the Ethereum network. These projects include Curve, an automated market maker focused on stablecoins, which has a TLV value of $134.5 million; SpookySwap, Fantom’s first native decentralized exchange (DEX); SpookySwap, another popular Fantom DEX; and Tomb Finance, the first project on Fantom to use an algorithm token tied to an FTM instead of the US dollar (USD).

Fantom’s current price of $2.87 is still shy of an all-time high of $3.47, but it points to a strong bounce the token has made since its crash in October last year, losing more than 50% of its value. Market watchers believe that the price of the token will continue to rise in 2022.

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