Ethereum Rival That’s Soared 160% in Just One Month May Be in Early Days of Massive Rally, According to Crypto Analytics Firm
A leading crypto analytics firm is suggesting that Fantom (FTM), a top Ethereum (ETH) rival, is only in the beginning stages of a major rally.
Smart contract platform Fantom is trading for $0.635 at time of writing, up 27% in the last 24 hours, and up over 164% since 2023 began.
Leading crypto analytics firm Santiment says FTM has more than just short-term strength – they see promising long-term signs in FTM’s recent movements, as well.
“If you dipped your toes in Fantom at the beginning of 2023, your portfolio has certainly thanked you. Up +164% thus far on the year, the dormant coin movement & rising whale transactions are good long-term signs.”
In a deeper dive on their Santiment Insights blog, the analytics firm finds more positive news for FTM holders in a metric called the “mean dollar invested age.”
“Another great sign that this rally still has some legs is the fact that its mean dollar invested age, which measures the average age of investment for Fantom, dipped considerably lower during the second half of February. This is a great sign that dormant coins have been moving at a healthy pace into this price rise.”
Santiment says a short to mid-term retracement could be in store, but zooming out, FTM’s massive 2023 rally may just be getting started.
“But on a long-term perspective, especially due to its huge dormant coin movement the last couple of weeks, we see some upside that this could be a nice year for the coin.”
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The post Ethereum Rival That’s Soared 160% in Just One Month May Be in Early Days of Massive Rally, According to Crypto Analytics Firm appeared first on The Daily Hodl.
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Author: Daily Hodl Staff
