Fantom (FTM), a Layer 1 protocol focused on fast and profitable transaction execution, recently saw a notable 30% increase in its token value in a single day.
Fantom (FTM), a Layer 1 protocol focused on fast and profitable transaction execution, recently saw a notable 30% increase in its token value in a single day.
Fantom saw a strong rally from lows of $0.637 on May 15 as crypto markets rebounded on weaker-than-expected US inflation data. The rise continued as of press time, with Fantom hitting intraday highs of $0.834.
At the time of writing, FTM was up 26.21% in the last 24 hours to $0.828. Its 24-hour trading volume has also increased by 315% to reach $497 million.
This increase is not just a random increase, but the result of specific developments within the Fantom ecosystem and the crypto market in general.
Fantom’s rise could be due to tangible improvements in its network infrastructure. The platform has been working diligently on updates that would improve the scalability of the network.
On May 14, Fantom unveiled the Opera Upgrade Dashboard, as Opera validators upgrade their nodes to run on Sonic technology.
One of Fantom’s key projects for 2024 is to upgrade the Opera chain with the latest Sonic technology.
This update aims to improve network scalability through two new implementations: Fantom Virtual Machine (FVM) and a new storage system for Fantom’s Opera chain. Ultimately, this update aims to make Fantom one of the highest performing monolithic blockchains.
As stated above, Fantom’s jump was not isolated. The broader momentum in cryptocurrency markets, particularly the rally in Bitcoin value, has had an impact on a variety of cryptocurrencies, including FTM.
Bitcoin rose along with markets on Wednesday as the April Consumer Price Index indicated inflation fell from the previous month. The price of the cryptocurrency has increased by 6% to $66,243, according to CoinMarketCap – its biggest day of gains since March 25.
