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Fantom (FTM) Rocketed 45% Last Week Ahead of FOMC Decision

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Fantom price prediction
Fantom price prediction

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The Fantom (FTM) coin lost some of its traction while falling to the $0.2916 level, unable to continue its upward rally. The majority of coin and token prices rose, indicating that the previous week was relatively positive for the cryptocurrency market. With this, the recent gains by the largest cryptocurrencies and tokens, the market cap has surpassed $1 trillion. As a result, Fantom (FTM) was regarded as one of the top performing cryptocurrencies over the previous week.

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Key Fundamentals in Highlights

The gains, however, were short-lived because the Federal Reserve is preparing to raise interest rates to combat inflation. BTC’s steadily declining prices are proof of this. As a new week begins, Bitcoin (BTC) is exhibiting challenging behavior ahead of another important US monetary policy decision. When Bitcoin prices fall, all other crypto coins, including the Fantom (FTM) coin, tend to suffer.

Fantom’s current price is $0.2917, with a 24-hour trading volume of $212 million. Fantom has dropped 8.35% in the last 24 hours. CoinMarketCap currently ranks #56 with a live market cap of $742419598.

The current Fantom price is USD 0.324711, with a 24-hour trading volume of $353,162,217. Fantom has fallen 2.59 percent in the last day. There is also a live market cap of $826,391,504 and a current market ranking of #56. There are 3,175,000,000 FTM coins available, with 742 FTM coins currently in circulation.

Bearish Crypto Market – FOMC Meet Approaches

The cryptocurrency market could not maintain its strong performance from the previous week into this week, and it lost momentum upward in anticipation of another key monetary policy announcement from the United States. The previous week was beneficial to the cryptocurrency market as a whole.

The total market cap soared past $1 trillion due to gains from top cryptocurrencies and tokens over the previous seven days. However, the most recent bearish wave in the cryptocurrency market put pressure on all crypto assets.

This is evident from the recent drop in the value of Bitcoin, the world’s largest cryptocurrency. BTC is in free fall and could soon fall below $21,800. The Federal Reserve raising interest rates is the biggest story this week. The Federal Open Markets Committee (FOMC) will, however, decide on the future of interest rates. This is anticipated to be 75 or 100 basis points.

Network Development

In 2018, Fantom was released, a proof-of-stake (PoS) blockchain that competed with Ethereum’s smart contracts. Fantom claims to have the fastest smart contract settlement speeds. It also has low costs and can scale to tens of thousands of transactions per second. Even though Fantom developers had made no specific announcements, Fantom coin prices were rising. The reason could be related to the Ethereum Merge, which aims to create a PoS platform, and its September 19 potential “go live” goal date.

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