Fantom remains among the top 10 purchased after Bitcoin
According to data from CoinMarketCap, Fantom price is outperforming amid a sea of red seen across the broader crypto market. At press time, FTM was trading at $1.55, up 9% on the day.
The cryptocurrency market is struggling to recover after the European Parliament voted in favor of prohibiting anonymous crypto transactions. Nearly all the cryptocurrencies in the top 100 were losing value at press time, mostly recording losses between 4% and 11%.
Here are three potential reasons why the price of the Fantom has increased
The three potential reasons could include positive ecosystem news, whale purchases, and favorable technical structure.
Positive ecosystem news
Fantom Foundation recently announced a new 335 million FTM Incentive Program in partnership with Gitcoin Grants. Aside from this, the upcoming Fantom protocol upgrades, Aave v3 deployments and other positive news likely contributed.
In recent updates, three major upgrades will be rolled out in the short term to further improve the Fantom network. Fantom has also announced the sponsorship of F1 and F2 drivers Pietro and Enzo Fittipaldi. As part of the sponsorship, the Fantom logo will feature on Pietro’s European Le Mans suit and helmet, 24 Hours of Le Mans and Enzo’s Formula 2™ suit and helmet throughout the 2022 racing season. track, the brothers will also work with Fantom to introduce Fantom GameFi to their many fans.
Leading money market Aave v3 also went live on Fantom just recently. Alpha Homora V2, the largest multi-chain lending and leveraged yield farming protocol, also recently launched on Fantom.
whale buys
According to Whalestats, Fantom remains among the top 10 bought after Bitcoin by the top 100 FTM whales.
Favorable technicals
Fantom (FTM) fell in the previous weeks following the exit of developers Andre Cronje and Anton Nell. Andre Cronje, the developer of Yearn.Finance announced that he was calling it quits, together with developer Anton Nell. This caused the FTM price to reach oversold conditions, leading to a strong rebound after key support was met.
After rebounding from a low near the key $1 support level on March 14, Fantom has been steadily rising. Beginning March 21, the #42 cryptocurrency displayed bullish action to mark seven consecutive days in the green. The resulting surge for Fantom prompted the price to hit highs of $1.57 on April 1.
