Fantom (FTM), a cryptocurrency known for its high-speed smart contract platform, has been making headlines recently with its price movements and market predictions.
As of the latest data, Fantom is ranked #43 by market cap at $2.9 billion, with a trading volume of $863 million in the last 24 hours. The current value of Fantom stands at $1.06, reflecting an increase of 6.5% in the last 24 hours.
Recent Developments
Just recently, Fantom announced a significant reduction in the minimum staking requirements for validators from 500,000 FTM to 50,000 FTM. This move aimed to enhance participation and engagement within the Fantom ecosystem.
Despite facing challenges like a sell-off of assets and a hacking incident in 2023, Fantom managed to recover and close the year with a notable 130% increase in value.
Fantom: Social Interest Up
The increase in Fantom’s social volume indicated that the price surge had caused the cryptocurrency market to start talking about it. As the token’s weighted sentiment surged, so did bullish emotion surrounding it.
Source: Artemis
Fantom’s network activity remained high as the token’s price gained positive momentum. According to NewsBTC’s examination of Artemis data, there were comparatively more daily active addresses on the blockchain last month.
Bull Run Speculation
Recent reports suggest that Fantom is gearing up for a potential bull run, fueled by the overall positive sentiment in the cryptocurrency market and the increasing demand for altcoins.
The price trend of Fantom indicates preparations for a bullish phase, aligning with the broader market movements that have seen Bitcoin surpassing the $70,000 mark. The anticipation of a bull run is further supported by a 120% rally in Fantom’s price in the last month, hinting at a strong upward momentum.
Bitcoin price action. Chart: TradingView
Price Outlook
While the possibility of a bull run is on the horizon, the question of whether Fantom can hit $2 after a 20% price surge remains speculative. The current trajectory of Fantom’s price movement suggests a potential for growth, but reaching the $2 mark would require sustained positive market conditions and increased investor confidence.
Achieving such a milestone would signify a significant milestone for Fantom and could attract further attention to its platform and ecosystem.
Meanwhile, an analytical forecast provided by Anton Kharitonov, a Traders Union analyst, suggests a relatively optimistic outlook for the price of Fantom (FTM) by the end of 2024.
Source: Traders Union
Kharitonov anticipates FTM reaching $1.3951. However, it’s important to note that this forecast is not isolated, as it aligns with the expectations of other TU analysts, who project a range of $1.2556 to $1.5346 for FTM’s price by the end of the same year.
This analysis indicates a consensus among TU analysts that Fantom’s price will likely experience moderate growth throughout 2024. The range provided reflects the inherent uncertainty in predicting cryptocurrency prices, considering the volatile nature of the market and the multitude of factors that can influence price movements.
Featured image from , chart from TradingView