xrp crypto news

This Ethereum Competitor Is Gearing Up for Major Rally, According to Coin Bureau

This Ethereum Competitor Is Gearing Up for Major Rally, According to Coin Bureau
Written by publisher team

The pseudonymous host of cryptocurrency outlet Coin Bureau says that the strong fundamentals of one of the average Ethereum competitors could send it another big rally.

In a new video, an analyst known as Guy tells his 1.55 million YouTube subscribers that FTM, the original asset of the Fantom smart contract platform, “still has much more room to go upside” despite its massive gain of 18407% in the past year.

Guy says,

“This is because the market capitalization of Fantom is mid-sized and its fundamentals are much stronger than most of the cryptocurrencies that currently outperform it.

FTM tokens are also seriously powerful. All FTM coins intended for Fantom’s investors, founders, and early advisors expired last November.”

The FTM is trading at $2.66 at the time of writing and has fallen more than 7% in the past week, according to CoinGecko.

Jay notes that the only FTM coins ever put into circulation come from existing staking rewards.

“This is happening around 500,000 FTMs per day, which is just under $1.5 million of daily selling pressure. Now, that tiny amount of selling pressure is easily offset by the demand for FTMs coming in from the growing number of Fantom users and investors.

However, there is likely to be some selling pressure coming from the Fantom Foundation’s massive developer fund, although this appears to be minimal, as any FTM is given to developers per month over the course of one year.”

The cryptocurrency analyst also notes that more than half of the total circulating supply of the FTM is being speculated.

“And I’m sure most of it is being overexposed. This reduction in the available supplies increases the FTM’s ability to fly.

Best of all, the FTM has a maximum supply of 3.175 billion, which means that the inflationary issuance does not eliminate its price movement.”

Jay expects 100% to 200% gains for Fantom for the rest of the current bull market, and says it’s “very likely that the FTM will pump higher.”

I

Check price action

Don’t miss out – sign up to get encrypted email alerts delivered straight to your inbox

Follow us TwitterAnd Facebook and Telegram

Browse The Daily Hoodle Mix

nbsp

Check out the latest news headlines

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock / Design Projects / monkographic

About the author

publisher team

Leave a Comment