Can FTM retest its all-time high in the future?
FTM is a top 60 digital asset by market capitalization. While a fully diluted market value of approximately $850 million categorizes the coin as a small-cap digital asset (worth less than $2 billion), the potential of Fantom, the smart contract platform behind the cryptocurrency, has led many analysts to make bullish forecasts.
Among the forecasts is the question, can it recover and retest the price range it used to?
What is FTM?
It is the cryptocurrency behind Fantom, one of the most patronized blockchains that house some of the most popular decentralized applications (DApps).
Like most digital assets, it oversees several activities on the chain. Tagged as an Ethereum Killer, Fantom was launched in December 2019 by Fantom Foundation but was created in 2018.
In July, the virtual currency was supported by more than 60 cryptocurrency exchanges, including Binance, Gate.io, Kraken, Huobi Global, Uniswap, Coinone, and MEXC Global.
In addition to this, it is available in more than 110 markets and can be traded against fiat currencies such as the US dollar (USD) and Euro (EUR), and other cryptocurrencies.
This means that the coin is highly accessible, one of the pros of watching out for before including any asset in your investment portfolio.
Will FTM recover?
Yes, it could recover in the long term depending on activities in its ecosystem. The team has been expanding the project with Hackathons. The latest Hackathon was completed at the end of Q2 2023.
Interested participants were tasked with adding new DApps to the ever-growing ecosystem of Fantom.
In June, CryptoDo, a multichain no-code builder of Web3 solutions for businesses, integrated with Fantom to help anyone without programming skills create and deploy several DApps.
These, in addition to the project’s presence in the non-fungible token (NFT) sector, where it has generated around $8 million in all-time sales, could propel the coin to reach new price milestones.
Many analysts believe an FTM price recovery of around $4 could come in the long term.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.
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