FTM, the token that powers the high-performance Fantom blockchain, has been pumping in the last few days. FTM/USD recently came within a whisker of touching the $0.50 level, its highest since last May, before easing back to the $0.46s, where it trades higher by about 130% on the month.
Fantom has been pumping in tandem with a broader move higher in cryptocurrency markets this month, with the likes of Bitcoin and Ethereum both also having gained in the region of 40% since the start of the year.
Analysts say that this month’s upside in crypto prices is being driven by a combination of easing financial conditions as US inflation and growth slow, leading to more dovish expectations for Fed tightening in the coming quarters, as well as growing signs (both technical and on-chain) that the bear market in crypto might now be over.
But it’s not just macro/broader crypto headwinds lifting the cryptocurrency.
Fantom investors have plenty to be optimistic about regarding the health of the ecosystem. According to Fantom-focused Twitter account @Fantom_Insider, Fantom has seen its Decentralized Finance (DeFi) trade value locked (TVL) rise by 16%, total unique active addresses rise 1.04 million, and over 2.8 million in transactions in the last seven days.
That’s an impressive growth rate. And alongside the surge in prices, it is no wonder that Fantom has been dominating on social media. According to the social intelligence data platform LunarCrush, Fantom is now at the top of its AltCoin rank.
Adding to Fantom excitement in the last few days has been the appearance of key executives at the Quantum Miami crypto conference, including Co-founder and chief architect Andre Cronje.
