As Bitcoin lost the $ 46,896 support level, several altcoins, notably Fantom (FTM), have embarked on an independent path toward a return to previous all-time highs (ATHs).
Fantom is one of the top performing coins of the day, it currently ranks 28th in terms of capitalization with € 7.69 billion.
FTM. Price table | Source: Tradingview
Lively network and DeFi. growth
The Total Value Locked (TVL) on the Fantom blockchain topped the $ 5 billion mark last month and is currently at $ 6.06 billion, up 5.12% per day. The growing popularity of Fantom and TVL in the DeFi area played a major role in the four-day rally.
In addition, at the end of 2021, the Fantom team published a list of milestones such as the growth rate of Unique addresses as well as the number of transactions by FTM, all of which contribute to the liveliness of the network. The network has more than 1.5 million unique addresses, while active and new addresses grow almost vertically. A 7-day new address change is 66.67%, while a 7-day active address change is 43.32%.
These recent developments and major events have driven the price of FTM up in the past few days. While the larger market moves seem rather lackluster, highlights the annualized ROI of 14,027.95% FTM.
Bitcoin magazine previously reported that retail investors are no longer FOMO, which could spark a rally in the near future. The same happened on January 4th, when FTM’s trading volume increased 155.6 percent. However, there have been significant short liquidations in the Perpetuals market, suggesting a bullish outlook for the market as Open Interest (OI) rose 22.87%.
While large deals still remain small, TVL’s growth is a sign that institutional interest is rising. Additionally, FTM’s Sharpe Ratio has seen high positive values while volatility remains low, which is good for short-term development.
Everything looks fine for FTM, the broken resistance of $ 2.91 could propel it to ATH.
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