The FTX token (FTT) has increased for five days in a row as the discussion surrounding the revival of the insolvent FTX derivatives market has recently gained attention. According to information from CoinMarketCap at the time of writing, FTT is now trading at $1.75, up 37.33% over the previous day. Compared to this time last year, the token’s growth rate has already soared to 79.89%.
Growing FTX2.0 sentiment
Due to the increasing interest in the digital currency caused by any hypothetical exchange restart, many investors believe that FTT is now selling at a discount.
The trading platform’s present leadership is working very hard to see that this objective of relaunching the exchange is realised. Potential partners that could be interested in supporting the reboot mission have been contacted. Notably, the way the exchange collapsed in November made many individuals lose faith in centralised exchanges as well.
Through effective service delivery, product rebranding, improved security, and increased accountability for all prospective consumers, CEO John Ray III hopes to reverse the trend and rebuild confidence. The exchange’s leadership made a point of highlighting the fact that they had recovered more than $7 billion in user cash, which would be used to pay back some of the platform’s creditors.
Regaining lost value
Despite the fact that FTT is currently experiencing extraordinary growth, revising its all-time high (ATH) may be a requirement that is currently too ambitious to consider. The FTT token traded at an ATH of $85.02 during its peak, representing a decline of more than 97% from its current price.
Many tokens suffer from the same fate, but FTX’s price fall has a more notable source, and there is rising optimism that the currency will eventually recover part or all of its losses.
