Fantom wins the weekly cryptocurrency race. What caused its rise?

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Key details:
  • Coinbase Worldwide will add Fantom to its perpetual futures market.

  • If the month-to-month worth enhance is taken into account, it exceeded 200%.

The great efficiency of fantom (FTM), the native cryptocurrency of the homonymous community, has been notable this week. This digital asset is the one which has had the best appreciation within the final 7 days, of the 100 with the very best market capitalization.

FTM has skilled a major enhance, going from $0.75 to $1.8 in simply seven days, which represents a rise of greater than 60% in its worth. Thus, Fantom reaches ranges not seen since April 2022, as the next TradingView chart reveals.

This rise of FTM is especially notable given the overall context of the cryptocurrency market, the place most cash have been down as a result of decline of bitcoin (BTC) in current days. Nonetheless, FTM has proven energy by staying towards the tide and document a month-to-month enhance that exceeds 200%.

FTM market capitalization now stands at $3.2 billion. Within the rating of the highest 100 cryptocurrencies, FTM is ranked forty second, based on CoinMarketCap knowledge.

One thing to spotlight as of late is that Fantom shouldn’t be a cryptocurrency primarily based on a meme. Allow us to do not forget that up to now in March, memecoins have had an important enhance, particularly people who stay within the Solana community, as reported by CriptoNoticias.

One of many causes that drove the rise in FTM was the announcement that Coinbase Worldwide, the model of the trade for non-US buyers, will add Fantom to its perpetual futures market on March 28.

Moreover, FTM's development was supported by the Fantom community's progress towards transitioning to its new mainnet, Fantom Sonic, scheduled for spring (within the northern hemisphere) 2024. Fantom Sonic represents an enchancment, with out the necessity for forking, providing larger effectivity and performance via the Fantom Digital Machine (FVM), database storage known as Carmen, and the optimized Lachesis consensus mechanism.

Fantom Sonic deployment is underway, with node upgrades and closed testing demonstrating a most theoretical throughput of two,000 transactions per second (TPS) with very quick completion instances. These technological advances might proceed to drive the value of FTM because the time approaches to carry the Fantom Sonic mainnet into operation.

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