Fantom (FTM) Bull Run: Can FTM Hit $2 After 20% Price Spike?

Christian Encila

1 year ago

3 mins read

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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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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