Fantom (FTM) is among the ETH-layer1 competitors that have trended recently. The weekend had the altcoin rallying higher towards $3.40, registering another ATH. That came after FTOM noted a stable 15% upsurge on 16 January yesterday.
According to on-chain analytic firm Santiment, Fantom’s funding rate on sites like Binance turns negative, showing massive shorts. Nevertheless, the stable price rally appeared to burn these shorts. Santiment commented that FTM rose to challenge its late October ATH of $3.47.
For now, the vital metric to watch is Fantom’s funding rate on crypto exchanges such as Binance. Though negative actions show multiple shorts, FTM prices have tended to surge high.
DEX transactions count is another lucrative milestone by the alternative token during the weekend. On 15 January, Fantom claimed the 3rd spot in decentralized exchange on-chain volumes, following Binance mart Chain and Ethereum. Moreover, Fantom managed to surpass leading platforms like Avalanche and Polygon as far as DEX transactions are concerned.
FTM’s DeFi TVL Surges Past $10B
High DeFi activity contributed to FTM’s latest rally. Fantom blockchain saw its total value locked, crossing $7.75 billion the previous week, translating to a whopping 26% weekly increase. Meanwhile, Fantom emerges as a top competitor among Ethereum Layer1 as the blockchain leveraged DAG ‘smart’ contract site for decentralized applications, increasing scalability. Furthermore, Fantom aims to offer faster and cheap services in the ETH layer1 marketplace.
For instance, Fantom takes one second only to send money, and transactions cost $0.000001. Meanwhile, Ethereum’s average transaction speed is 15 seconds, average transaction costing $3. Fantom holders can utilize the native coin FTM for different purposes such as platform governance, payments, and staking.
While publishing this article, Fantom (FTM) trades in green at $3.20. The altcoin’s path with the least resistance appears the upward one. Meanwhile, the alt will rely on broad market sentiment for its next move.
For now, the crypto space flashes downswings after the upside actions over the past sessions. Analysts believe the market is correct for a new leg-up. While writing this blog, the global cryptocurrency market capitalization stands at $2.05 trillion, a 1.09% drop over the past 24 hours.
Stay tuned for more updates.
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