2021-12-30 19:13 |
The entire crypto market slumped on Wednesday. Bitcoin (BTC/USD) and Ethereum (ETH/USD) have made more than 4% dips, and this recession has caused a ripple effect on the broader market. Over the past week, Fantom (FTM/USD) has attracted much attention from the market after registering double-digit gains.
Over the past week, FTM has surged by around 48%, making it one of the tokens still attracting buyers in the market.
Fantom attempts to make a reboundCurrently, FTM has attempted to make a slight gain. During the past 24 hours, the token has given in to the bearish momentum in the broader market. However, it is yet to erase most of its gains.
The last time that this token made a notable uptrend was in October, when the gains enabled it to break past the major resistance level at $3. However, after late October, the token headed towards a downtrend, almost touching the $1 level.
The current price gains could be attributed to the exhaustion in the downtrend. When a token exhausts its downtrend, it usually has no other option than to make an uptrend and recover its losses, and this is what FTM is attempting to do.
Combining both market and buyer support could mean major gains for FTM. In this case, the token could make a notable gain past the resistance levels of $2.50 and $2.75.
Fantom as a competing layer one blockchainThe Ethereum blockchain has been facing many issues ranging from high gas fees to lagging transactions. As such, developers are turning their attention to alternative platforms such as Fantom, which are layer one platforms with growth potential.
The Fantom network is the sixth-largest blockchain network in the DeFi sector in terms of total value locked (TVL). The TVL for the network stands at $5.66 billion, which is a notable growth over the past few weeks.
The largest protocol on Fantom is Multichain. The TVL for this project on Fantom stands at $2.18 billion. Tomb Finance comes in at a close second, with a TVL of almost $1 billion. As the network continues to gain adoption from developers looking for scalable layer one protocols, the TVL for this network could continue to grow significantly. Fantom is not the only layer one network that is recording notable gains. Avalanche has also made a notable rally, and according to DeFiLlama, it is now the fourth-largest blockchain by TVL.
The post Fantom (FTM) makes notable gains as layer one protocols gain adoption appeared first on Invezz.
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