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Fantom Rises 10% As Rest of Market Stays Quiet Ahead of Bitcoin ETF Launch

Cryptocurrency Oct 18, 2021 05:00AM ET
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© Reuters. Fantom Rises 10% As Rest of Market Stays Quiet Ahead of Bitcoin ETF Launch
 
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  • The Ethereum competitor Fantom has surged 10% overnight.
  • A market-wide increase ahead of the launch of the U.S. first Bitcoin Future ETF.
  • Fantom Foundation announced the “Biggest DevCon” in Abu Dhabi, UAE.

The price of Fantom (FTM) has surged 10% overnight. Moreover, the Ethereum competitor Fantom’s rise is bucking the trend. However, other top cryptocurrencies have stagnated the following week, with a market-wide increase ahead of the US first Bitcoin Future ETF launch.

At the same time, Bitcoin increased by 10% in the past week to $60,804 but hasn’t pushed over the weekend. Meanwhile, FTM continues to blaze its path. At the time of writing, Fantom’s price is at $2.23 and still 22 cents shy of its all-time high of $2.45, and placed at rank 35 on CoinMarketCap.

On the other hand, Fantom Foundation announced the “Biggest DevCon” in Abu Dhabi, UAE, on October 25 – 29, 2021. They called all builders from each expertise level to explore, educate and spark innovation at Fantom DevCon.

Additionally, Fantom blockchain is a fast-growing platform that allows developers to create all kinds of decentralized applications (dApps). Moreover, the platform has especially become more popular among developers building decentralized finance (DeFi).

Indeed, data gathered by DeFi Llama proves that more than 40 projects have been built using Fantom. Likewise, the total value locked (TVL) has skyrocketed to more than $5.57 billion. Notably, it is a strong number considering Fantom is a relatively new platform.

Furthermore, Fantom launched back in 2018 as a directed acyclic graph blockchain (DAG), similar to Hedera Hashgraph. It saves the history of the blockchain as a graph of hashes. However, the network has experienced explosive growth since last September. As a result, FTM holders are not refusing, hoping they’re onto an Ethereum killer.

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Fantom Rises 10% As Rest of Market Stays Quiet Ahead of Bitcoin ETF Launch
 

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