Cryptocurrency markets are experiencing a shift as Bitcoin (BTC) steadies itself ahead of the halving economics. Traders are now turning their focus to altcoins, seeking increased volatility in the market.
In a market often dominated by meme coins, Fantom (FTM) has stood out, surpassing even popular Solana-based memes in recent weeks. This indicates a promising time for mid-cap altcoins.
According to the latest data from Coingecko, FTM has seen an impressive 200 percent surge in value over the past month, reaching around $1.21 as of Friday. This surge is driven by speculation amid the broader crypto bullish trend, setting Fantom up for potential further gains.
Ethereum’s Growing Rival?
Fantom isn’t just any altcoin; it’s a rapidly growing competitor within Ethereum’s network, boasting a vibrant web3 ecosystem. Data from defillama shows that the Fantom network currently holds over $153 million in Total Value Locked (TVL) and has a stablecoin market cap of approximately $508 million.
What’s particularly noteworthy is the surge in on-chain activity across Fantom-based web3 protocols, with TVL recording double-digit percentage increases over the past five days. This surge is tied to the impending mainnet upgrade, known as Sonic, promising improved throughput and stability.
The impact of Fantom’s growth is evident on platforms like SpookySwap DEX, which saw a remarkable 100 percent increase in TVL, reaching approximately $47 million by Friday. This surge reflects a broader trend of capital shifting from Bitcoin to potentially profitable altcoins, further boosting Fantom’s rise.
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FTM Price Prediction
With the increasing use of layer-one (L1) smart contracts, Fantom’s prospects appear positive in the near term. Noted crypto analyst Ali Martinez predicts a midterm target of $1.44 for FTM, following a breakthrough above the critical resistance level at around 58 cents.
From a technical standpoint, FTM bulls are firmly in control, with the weekly Relative Strength Index (RSI) surpassing the 70 level for the first time since the 2021 bull run. This indicates potential sustained upward momentum for Fantom amidst the evolving cryptocurrency landscape.
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Source: https://coinpedia.org/price-analysis/fantom-ftm-price-surges-200-is-this-altcoin-set-to-dominate/