Phantom Code records double-digit winnings; Why is the price of FTM going up?

Despite the cryptocurrency sector’s ongoing struggle to regain ground after several headwinds are building against it, Fantom (FTM) is posting double-digit gains on both the daily and weekly charts.

Specifically, Fantom is up 11.73% on the day and 29.45% over the previous seven days, while the decentralized finance (DeFi) token’s monthly losses of 8.88% were relatively small compared to the rest of the cryptocurrency market, according to data retrieved on November 29.

7-day Phantom (FTM) price chart. source: quinphone

As such, these moves put Fantom in first place among the top 100 cryptocurrencies with 24-hour gains, across Chainlink (LINK) and Huobi Token (HT), which gained 8.88% and 7.70% respectively on the day, according to the concern. CoinMarketCap data.

Top 5 cryptocurrency with 24 hour profits. source: CoinMarketCap

Additionally, in the past week, the coin also saw its market capitalization grow by nearly $130 million, with nearly $50 million attributed to the last 24 hours, ending at $547.61 million at the time of writing.

Blockchain fictitious asset data

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

In the blog post, Cronje claimed that as of November 2022, the financial assets of his platform included more than 450,000,000 FTM (currently at $96.84 million), more than $100 million in stablecoins, $100 million in other cryptocurrencies, and $50 million in other cryptocurrencies. dollars in non-crypto assets.

As he added, Fantom holds thanks to DeFi:

“If your entire revenue model is selling your token, you’re doing yourself a disservice, the blockchain and your backers. If the challenge wasn’t there, we probably wouldn’t be in business today. I think the same is true of a lot of companies.”

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

warning: The content of this website should not be considered as investment advice. Speculative investments. When you invest, your capital is at risk.

Post Fantom token records double-digit winnings; Why is the price of FTM going up? It first appeared on Coinphony.

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