Fantom traded uneventfully in the last week. FTM traded in the range of 0.180 to 0.195. That might change this week.
Bitcoin Spark (BTCS) is emerging in the cryptocurrency market. It could challenge the established Fantom. It has unique features that are appealing to the crypto segment. BTCS is introducing Proof of Process (PoP). PoP takes the best of both worlds from Proof of Work and Proof of Stake. This would democratize BTCS mining.
Fantom still has its appeal. It has scalability and transaction speed, the latter of which offers efficient transaction processing. In effect, FTM is appealing in the DeFi sector. 360,000 is a typical daily trading volume for Fantom.
Vulnerabilities
In August, a multichain hack caused Fantom-based SpiritSwap to shut down. The Multichain team closed the cross-chain protocol when it could not reach CEO Zhaojun.
Prediction for the Week
FTM lost ~5% last week, -3.5% in the month, and -65% in the last six months. It is nowhere near the five-fold (470.94%) return in five years. Expect Fantom prices to attempt to break down below the 0.1806 low in November 2022. That would set up a re-test to prices not seen since Jan. 2021. Back then, FTM traded at 0.1280.
