Fantom (FTM) Skyrockets 30% in 24 Hours — What’s Driving Surge?

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As an experienced analyst, I believe Fantom’s recent surge in token value is not a mere coincidence but the result of significant developments within the project and the broader crypto market. The sharp increase in FTM‘s price from $0.637 to intraday highs of $0.834, representing a 30% gain, can be attributed to the operational improvements Fantom has been making to its network infrastructure.

Recently, the value of Fantom’s (FTM) token saw a significant surge, rising by an impressive 30% in just one day. This blockchain protocol, which prioritizes swift and affordable transaction processing, has experienced this noteworthy price jump.

On May 15, Fantom experienced a notable bounce back from its low of $0.637, as cryptocurrency markets rejoiced over unexpectedly mild U.S. inflation figures. This upward trend persisted until the present moment, propelling Fantom to attain peak prices of $0.834 during the day.

Currently, FTM has experienced a significant surge, gaining 26.21% within the past 24 hours and reaching a price of $0.828. The coin’s trading volume during this period has also seen a remarkable increase by 315%, amounting to a substantial $497 million.

Fantom (FTM) Skyrockets 30% in 24 Hours — What's Driving Surge?

The recent increase in activity within the Fantom ecosystem and the larger cryptocurrency market is not merely a fluctuation, but rather a deliberate outcome of distinct advancements.

As a researcher studying the cryptocurrency market, I believe Fantom’s recent price surge can be attributed to concrete advancements in its network infrastructure. The team behind Fantom has been meticulously working on upgrading the platform to increase its scalability.

On May 14, Fantom unveiled the Opera Upgrade Dashboard. Validators on the Opera network are now expected to update their nodes with Sonic technology.

In plain language, one of Fantom’s major initiatives for the year 2024 involves enhancing the Opera blockchain by integrating the latest Sonic technology.

This update is designed to enhance the scalability of Fantom’s network by introducing two innovative features: Fantom Virtual Machine (FVM) and a novel storage solution for the Opera chain. The ultimate objective is to make Fantom one of the most efficient monolithic blockchains in terms of performance.

Previously expressed, the surge in Fantom wasn’t a standalone event. The overall trend in the crypto market, specifically Bitcoin‘s price rise, influenced numerous digital currencies, including Fantom (FTM).

As a researcher studying the financial markets, I observed an uptick in Bitcoin’s price on Wednesday. The April consumer price index reported a decrease in inflation compared to the previous month, which likely contributed to this surge. Bitcoin’s value saw a significant increase of approximately 6%, reaching $66,243 based on data from CoinMarketCap – marking its most substantial daily growth since March 25.

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2024-05-16 13:57