Fantom (FTM), the native digital token of the Fantom project, has rallied to an impressive 45% over the last 24 hours. The crypto was trading at $0.5882 at press time.
FTM previously hit $0.7652, advancing almost 260% in just seven days. The decentralized smart contract platform continued its strong climb to the tune of 50% on Tuesday, despite a temporary network glitch that saw the blockchain halt generating blocks for around seven hours.
The crypto’s surge seems to be the effect of the news of the blockchain’s wallet integration to the Binance exchange. The crypto exchange has also allowed deposits and withdrawals for digital assets.
According to data by Cointelegraph, Fantom made it to the top 100 in the market cap rankings two months ago — eventually registering a robust 5,000% performance that gathered more steam in late February. In fact, FTM’s price has traded around 800% higher at one point for the month, before a pullback occurred.
FTM 600% explosion
FTM’s bull run mellowed since then, but its value against the U.S. currency still stands 3,435% higher compared to values from early January.
Fantom price was trading more than 470% in February. This is after the crypto ballooned to nearly 600% in the previous month. As of Feb. 27, FTM price action is up 5%, though it was trading more than 20% higher at one point earlier in the day, according to Invezz.
The FTM momentum’s main reason is its new cross-chain functionality with the Ethereum blockchain. While Ethereum is the most used network in the crypto arena, transaction costs have hit record peaks because of heavy traffic on the network.
“Ethereum Killer”
FTM is planning to offer lower fees than its Ethereum rival, coming at a time when the price of GAS is making DEXs like Uniswap (UNI) very costly to use. Hence, the crypto community is labeling FTM as an “Ethereum killer,” according to Beincrypto.
As a result, users sought alternative blockchains with affordable fees to execute their transactions. Users on the Ethereum network are now able to transfer their cypto to Fantom and enjoy faster and cheaper transactions, as per Benzinga.
Meanwhile, billionaire investor Mark Cuban — owner of the NBA’s Dallas Mavericks basketball team — has endorsed the Fantom ecosystem in his latest comments on the crypto market.
Image courtesy of Cointelegraph News/YouTube Screenshot
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Source: https://bitcoinerx.com/blockchain/ethereum-killer-fantom-ftm-rallies-45-in-last-24-hours/
