Last week, Fantom (FTM-USD) enjoyed a breakout not seen since 2021. Prices rose by a hesitant 31%. On Sunday, March 10, prices dipped slightly. Chances are high that the sharp rally is not on Fantom’s improving merits. Instead, Bitcoin lifted FTM prices.
Bitcoin added around 9% in the last week. Readers may speculate that the strong performance is a result of the influx in retailers buying the coin through exchange-traded funds. Economists may point to the non-farm payrolls report released last Friday. Either or both are potential catalysts for cryptocurrencies as a whole.
Coinshares reported that digital asset products saw the second-biggest weekly inflow on record. US $1.84 billion is more than enough buying volume to lift the entire market. Still, if Bitcoin accounted for 94% of the volume, Fantom is a special case. SpotOnChain reported that a “big whale” bought 4.71 million FTM for $0.57 per coin. The small, $2.69 million purchase was enough to move FTM prices in the last week.
Fantom fans may overlook the price volatility as noise. Late last year, the Foundation reported the Fantom Sonic update. This increases the network’s scalability. By increasing the performance, as measured by transactions per second, FTM is in a good position to attract more crypto investors to its blockchain. Users will enjoy lower storage costs while maintaining near-second time to finality (“TTF”).
