FTX Token (FTT), FTX exchange’s utility token, is one of the most controversial cryptocurrencies in the crypto market. The token has witnessed heated tides after FTX capsized with billions of dollars in customer funds. Its value nosedived by nearly 100% as its investor sentiment dwindled.
However, FTT has demonstrated remarkable resilience even when the odds turned against it. Despite the market’s roller-coaster rides since January, FTX Token saw only two major corrections in five months.
News of FTX relaunch and the recently opened bankruptcy claims portal slightly improved the token’s market sentiment. With its highly abrupt price movements, it’s hard to tell what will become of FTT in the coming months. However, a peek at its historical price actions, technical analysis, and market sentiments could give us heads-up on the token’s price outlook in the coming months.
Things You Need To Know About FTT
FTT is the native token of the defunct cryptocurrency exchange FTX, launched in May 2019. It provides access to all features and services on the FTX trading platform. FTX Token (FTT) creates utility in the FTX ecosystem by incentivizing users who hold and use the token.
The token claims it’s different from other exchange utility tokens with unique features, including clawback prevention. Clawback happens when investors lose money due to liquidation. FTT prevents this via a three-tiered liquidation model.
All was good with FTT until its parent platform, FTX exchange, experienced liquidity issues. FTX’s ordeal began when news of a massive deficit in its sister company Alameda Research’s balance sheet, circulated throughout the industry.
The crypto derivatives exchange could no longer meet up with the withdrawal requests of investors scramming to liquidate their funds to avoid losses.
Further investigations revealed that FTX and its former CEO, Sam Bankman-Fried transferred customers’ funds to Alameda Research. Just recently, he was found guilty of all the charges leveled against him. Meanwhile, the crypto exchange eventually filed for Chapter 11 bankruptcy protection in the United States on November 11, 2022, after it suspended withdrawals on its platforms.
The FTX fiasco escalated into a mayhem that claimed the lives of several crypto businesses, massive asset price crashes, including billions of dollar worth of investor funds.
FTT price nosedived because of the FTX fiasco, with its values plummeting from an all-time high of $85.02 to an all-time low of $0.7763.
Although the token suffered in the aftermath of the 2022 bear market, FTX’s liquidity crunch escalated the price decline. According to Coigecko data, as of July 2022, FTX Token’s price consolidated between $27 and $31.
However, the tides quickly turned during the bankruptcy drama, pushing the token’s price to $1 in November and below $1 in December, 2022. Its trading volume skyrocketed to over $1 billion in early November and fell below $10 million.
The token has been struggling to recover since then. After a slight rebound above $1, FTT has been on a roller coaster ride, trading above $3 as of November 14, 2023.
FTX Token (FTT) Price Movement In The Last 30 Days – October 14 To November 13
In the last 30 days, FTT has enjoyed a noticeable price rally. The increase in the price of the token within that time frame stood at a gigantic 228%. As of October 15, 2023, the FTT traded $1.0464. The token maintained this price level for ten (10) consecutive days until it enjoyed a brief rally, hitting $1.14.
FTT kept this momentum till the end of October and even started November stronger amid increasing interest in the acquisition of FTX. Within the first eight days into the new month, FTT maintained a resistance level of $1.28, maintaining the position against selling pressure.
On November 9, 2023, FTT broke the $1.28 price ceiling to rally to $1.3. The increase represents the beginning of a remarkable surge as the token rallied to $5 about 24 hours later. Days later, FTT experienced a correction that pulled it away from the $5 zone. As of November 13, FTT trades above $3 and boasts a 24-hour trading volume of $272,810,998.
Factors Influencing FTX Token’s Price Action
Many investors may consider buying FTT at a discount price, following rekindled hope of restarting the defunct exchange. Hence, the token recorded a renewed funds inflow, evident in the increased trading volume witnessed in the past few days.
According to reports, the recent surge in the price of the token is not unconnected to the renewed interest in FTX by investors. After a trial that birthed a guilty verdict for SBF, scores of investors are now racing to acquire the embattled exchange. As the possibility of FTX’s reboot gathers momentum, FTT may soar beyond its current price.
Meanwhile, don’t forget that the current CEO of the exchange, John Ray 111 has earlier reiterated his plans to flip the coins and regain customers’ trust in the cryptocurrency exchange.
FTX CEO John Ray III confirms FTX 2.0 plans. pic.twitter.com/FeCXOvdrt0
— FTX 2.0 Coalition (@AFTXcreditor) May 22, 2023
In addition to the reboot plans, the exchange has opened its portal since July with detailed steps on how FTX debtors can reclaim their funds following the recovery of $7.3 billion in liquid assets.
FTX debtors are to submit their account information authentication, account balance confirmation, review as of November 11, electronic proof of claim, noticing agent, and KYC authentication.
It bears mentioning that the noticing agent is Kroll Restructuring Administration. This development has improved investor sentiment on FTT, evident in its recent price movements.
FTX Token (FTT) Price Prediction – November 14, 2023
FTT has enjoyed a positive rebound having traded beyond its 50-day and 200-day Simple Moving Average (SMA). Experts see this as a clear indication of a strong bullish signal. Don’t forget that FTT recorded a massive leap between November 9 and 10, forming a noticeable high on the chart.
Also, the Relative Strength Index (RSI) value is 70.74 which is slightly above the overbought region of 70. Meanwhile, the RSI is soaring. The increase is another pointer to a potential bullish run for FTT. Despite the recent pullback, FTT is expected to continue its rally.
Here Are What Experts Are Saying About FTT’s Future Price Growth
According to Coincodex’s FTT Price Prediction, FTT will rally by 0.55% and reach approximately $3.52 by November 17, 2023. The coin tracker’s analysis projects a year-low of $1.426 and a high of $3.79 for FTT in 2024.
In addition, Coincodex prediction stated that the FTX token will trade between a low of $3.21 and a high of $12.79 in 2025. That’s not all. Coincodex analysis also suggested that FTT could gain over 728% by 2025 and 659.15% by 2030.
Similarly, DigitalCoinPrice predicted that by the end of November 2023, the token will soar by 118.62%, hitting $70.6. According to the platform, there are emerging indicators that the token is around a bullish zone and the fear & greed index shows 0 extreme fears.
Despite the positive projection, the platform feels it is still not the best time to acquire the token. The Simple Moving Average is around 200 in the last 326 days. Above all, the token is showing a strong buying signal.
Priceprediction.net, in its own prediction, tipped FTT to trade at a minimum value of $2.75 and a maximum of $3.32 in 2024. The expert price prediction site says the FTX token could attain a maximum of $4.14 in 2025, $6.97 in 2026, and $9.80 in 2027.
Finally, Wallet Investor forecasted that the token’s price will be at a maximum value of $3.3 by November 15 and retrace to $5 by the end of 2023.
Factors That May Determine FTT Price In The Coming Months
Like every cryptocurrency, FTT’s price is subject to external and internal economic factors. Its price may move according to trending news around the FTX exchange, regulatory outlook, market/investor sentiment, and general economic conditions.
Market Sentiment
Improved or bullish market sentiment for a cryptocurrency means more people are willing to buy the token. It generates a high buying pressure or demand for the crypto asset, driving its price higher.
On the other hand, a bearish market sentiment increases the selling pressure on a coin, driving its price down since more holders are willing to sell at even the lowest price.
Check out our guide to discover when the next crypto bull run will unfold.
While several factors may affect FTT market sentiment, one of the main factors is ecosystem developments, news, and social media hype. Like the recent price boost due to the news of FTX’s relaunch, FTT’s price could rise in the coming months if positive developments that could improve investor sentiment reach the ecosystem.
Regulatory Outlook
Crypto market volatility has increased over the past few months due to regulatory uncertainty and enforcement actions against cryptocurrency exchanges. That generated a bearish momentum, which pushed most coin prices down, including FTT.
However, the market outlook would likely improve if the government should introduce a clear regulatory pathway for the crypto market. Comprehensive crypto legislation would boost investor trust in exchanges, attracting more buyers to crypto assets, including FTT.
For instance, the crypto market experienced a boost with the news of Ripple Lab’s win in its security lawsuit with the SEC. Most of the coins labeled as securities by the US SEC entered an uptrend when the news circulated. More so, indications of a possible crypto ETF approval have also heightened investors’ interest in the industry.
General/Macro Economic Conditions
Most of the time, bearish conditions in the broader real-world economy spill over to the crypto market. The reason is that crypto does not exist in isolation, as market participants interact with several external economic factors that may affect their buying strength.
Therefore, economic conditions like inflation, deflation, and currency devaluation, may affect investors’ interest in cryptocurrencies. In the case of inflation, central banks combat its effects by hiking interest rates, which affects crypto prices.
Also, currency devaluation may inflate crypto prices as more people resort to crypto to hedge against inflation. A win for the broader crypto market could also result in a profit for FTX Token.
For instance, the U.S. Federal Reserve maintained a hawkish stance on curbing inflation in the last few months. This led to persistent hikes in interest rates, reducing venture capitalist investments in crypto.
It also affected the traditional financial markets, pushing down stock prices, which share a close relationship with cryptocurrencies. The ripple effect spilled into the crypto market, leading to increased volatility and crashing asset prices, contributing to FTT’s downtrend.
However, FTT inherited a bullish momentum as the market rebounded slightly. But economists predicted a recession before the end of 2023, should the Fed continue its hawkish stance. A recession would likely affect the price of high-risk assets like FTT and other cryptocurrencies.
Notably, the U.S. harbors the world’s largest financial market and user base for cryptocurrencies, and the USD is the global reserve currency. Therefore, a bearish economic situation in the U.S. would affect the global financial market and cryptocurrencies, including FTX Token.
Developments Around FTX Exchange
FTT price could surge in the coming months if the FTX exchange reboot comes into fruition. This development, alongside its ongoing reimbursement efforts, could rejig the reputation of the exchange. Therefore, FTT’s price could see positive moves in the coming months if the touted FTX relaunch holds as expected.
Check out our guide to discover how you can buy FTX Token safely this year.
Investing In FTT
FTT has demonstrated incredible resilience despite the crazy tides roaring against it. After witnessing its fair share of volatility, its investors saw a ray of hope through the rebound moves.
Therefore, intending investors might wonder what lies ahead for them. The crucial question becomes: Is FTT a good buy? Where would it be in the next year? Will its price rise in the long term? What is the fate of short-term investors? Let’s look at a few of these.
Is FTT A Profitable Investment?
FTT’s general market outlook wasn’t favorable some months ago, given the issues surrounding its native crypto exchange FTX. Following the crisis that crumbled the empire, the token’s price slumped over 98% from its all-time high of $85.02, recorded on September 9, 2021.
However, the token’s market sentiment has improved since FTX announced the $7.3 billion fund recovery and potential relaunch. Its price has increased over 112% from the all-time low of $0.7763, recorded on June 9, 2023.
More so, amid indications of a possible reboot of the exchange, FTT saw a bigger rise in its price, trading above $3 as of November, 2023. This simply means investors who purchased the token in June have gained substantially. Therefore, it’s relatively safe to say that FTT is a profitable investment, particularly in the long term.
Meanwhile, based on FTX Token’s price action in the last few weeks and expert price predictions, investing in FTT could be profitable in the long term. Nonetheless, we recommend that investors should approach the token carefully and not invest more than what they can afford to lose.
Check out our guide to discover other long-term coins that you can buy now.
Is FTT Worth Buying In 2023?
Based on the current forecast and expert price prediction, FTX Token price action seems bullish in the coming months. It could prove more advantageous for bullish investors to purchase the token in 2023 since it may add a few valuations before the year ends.
However, considering its past price performance, the token has lost over 85% of its 2022 value. But, long-term price predictions suggest more bullish rallies underway.
Who Should Invest In FTT?
Although FTX went bankrupt, FTT still trades in some exchanges. The token currently trades on Binance, Bitget, Pionex, Nominex, and Gate.io. Therefore, risk-oriented investors who believe in FTT’s comeback potential have continued to trade the token on these platforms. Low-risk-tolerant investors should only invest the amount they can comfortably part with or desist from investing altogether.
For more information, read our guide on how to buy cryptocurrency safely this year.
Will FTX Token (FTT) Rebound And Reach $10?
FTT can hit $10, but that may not be possible again this year. In the coming years, we expect the token to rebound and reach $10 if all the strategic efforts to rebrand FTX yield good results. Hence, it might be a good buy for long-term holders.
Will FTT Reach $1,000?
Based on its current price, FTT’s value would have to increase by over 60,000% to reach $1,000. According to the token’s general price outlook and past movements, FTT may not rise to $1,000. Even if it does, that would be several years from the time of the report.
Where To Buy FTX Token
As mentioned earlier, a few centralized exchanges (CEX), such as Binance, Gate.io, Bitget, Nominex, and Pionex, still trade FTT/USD, FTT/USDT, and FTT/BUSD pairs.
Interested investors should create an account with their choice of crypto exchange and choose how they want to buy the asset and pay. As one of the best crypto exchanges around, Binance allows buyers to purchase FTT directly from their bank account via a fiat currency transfer or other third-party payment channels.
Your capital is at risk.
Steps To Buy FTX Token (FTT) On Binance
- Create a Binance account (or with any listed exchanges) via the mobile app or website and verify your identification.
- Choose how you want to buy the FTT tokens.
You have three options: credit or debit card (preferably Visa or MasterCard), Bank Deposit, and third-party payment channels.
- Check payment details and transaction fees and confirm the order.
- After purchasing the tokens, you can choose a secure crypto wallet (e.g., Trust Wallet) to store the assets. You can also stake the assets on Binance Earn to generate passive income.
Your capital is at risk.
FTT Alternatives – Trending Utility Tokens In 2024
If you are not sure about investing in FTX Token or are not risk-oriented, there are other relatively reliable cryptocurrencies to add to your portfolio. Since FTT is a utility token, you may consider buying Binance Coin (BNB), Uniswap (UNI), Bitcoin ETF Token (BTCETF), Bitcoin Minetrix (BTCMTX), Polygon (MATIC), Bitcoin (BTC), and Ethereum (ETH) amongst others.
FTT Versus Binance Coin (BNB)
BNB is the utility token created and issued by the crypto exchange, Binance. BNB was launched as an ERC-20 token on the Ethereum blockchain in July 2017. However, it later migrated to the BNB Smart Chain in February 2019 and became Binance’s native coin.
Binance users use BNB to pay trading fees and other services on the platform. Despite Binance’s ordeal with global regulators, the platform remains the world’s largest crypto exchange by trading volume. Also, its utility token, BNB, has witnessed an impressive price trajectory over the past 30 days. According to CoinMarketCap data, Binance trades at $246 as of press time.
Check out our guide to discover where you can buy BNB.
BNB’s market capitalization currently stands at $37.5 billion. There’s no doubt that BNB has a bigger future ahead of it, thereby positioning it as one of the best alternatives to FTT.
Your capital is at risk.
FTT Versus Uniswap (UNI)
Uniswap (UNI) is the governance coin for the Uniswap trading protocol, well-known for its role in facilitating automated trading of DeFi tokens. Uniswap allows for more efficient trading by solving liquidity issues plaguing decentralized exchanges through its automated solutions.
Uniswap launched its governance token, UNI, in September 2020. As of the time of writing, UNI’s price changes hands at $5.5 with a 24-hour price increase of 16%. For more details, read our guide on Uniswap Price Prediction.
Apart from serving as a medium through which users of Uniswap pay transaction fees, UNI also serves as a governance token. With the growing popularity and adoption of Uniswap, UNI has become one of the best coins to buy now.
Investors looking to escape issues associated with centralized exchanges might find UNI an attractive investment alternative.
Your capital is at risk.
The Best Low Cap Alternative To FTT – Bitcoin ETF Token
FTT and other top coins have gained ground in the crypto market, increasing their market capitalizations. Like Bitcoin, early investors of these tokens gained massively, leveraging their low prices at the time.
However, it is not too late for investors looking for the next big project with high upside potential. If you are among these, Bitcoin ETF Token could be your best bet.
We consider BTC ETF Token to be a considerable investment to FTT owing to a wide range of factors. First, we consider BTCETF to be a good investment instrument for individual and institutional investors. The token has attracted investors to its side due to the emerging and strong call for crypto ETFs.
By building on the growing interest in this investment instrument, Bitcoin ETF Token has been commanding the attention of prominent publications, including Finboid and BeinCrypto. There’s no doubt that the launch of a crypto ETF will undoubtedly send this token to the moon. Hence, we consider it as one of the best cryptos to buy now.
To get started, read our guide on how to buy Bitcoin ETF Token safely this year.
Currently, this token is available on presale and has already netted over $500k in early investments, thus becoming one of the best crypto presales in the market. Apart from its connection with Bitcoin ETF, investors are also excited about its unique roadmap. Hence, it is not surprising that they are racing to participate in the presale.
Bitcoin ETF Token has also earned the backing of prominent crypto YouTube influencers, particularly Jacob Bury. Recently, he analyzed the token’s future, describing it as the next cryptocurrency to yield 10x returns to early investors.
Meanwhile, the cryptocurrency project is structured to reduce its total supply each time it attains some predetermined heights. With that, we register confidence in the potential of the token to soar significantly over the years.
Your capital is at risk.
Conclusion
While investing in FTT has drawbacks, it could also prove profitable following its price performances and expert analysis. Recent developments point towards the positive side of the coin, but as always, the tides can turn unexpectedly.
Therefore, investors must conduct extensive due diligence and implement relevant risk management strategies against potential losses. More so, investors can diversify their portfolios by investing in other promising alternatives like Bitcoin ETF Token. Currently, the token is available on presale, meaning you can buy it at a discount price.
FAQs
Can I buy FTT on Binance?
Yes, Binance is one of the best exchanges where you can buy your FTT coins. Through its strong security mechanisms, users can buy their FTT coins without any issues.
Is Bitcoin ETF Token a good alternative to FTT?
Yes, we consider Bitcoin ETF Token as a good alternative to FTT because of its innovative features. It was launched amid the growing excitement greeting crypto ETFs.
Can I participate in Bitcoin ETF Token presale?
You can participate in the presale by using the affiliate link provided in our guide. The presale gives you a rare opportunity to buy the token at a discount price before it launches on centralized and decentralized exchanges.
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