Is It Too Late to Buy Fantom? FTM Price Blasts Up 10% as New AI Project Raises $2 Million
Fantom ($FTM) has outperformed all other Layer 1 tokens this week and risen 10% amidst a flurry of recent activity on the network, with FTM trading at $0.80 at the time of writing.c
Crypto’s two biggest coins, also Layer 1 coins, couldn’t keep the pace over the seven days.
Bitcoin ($BTC) grew 5% over the week to trade at $66,234 while Ethereum (ETH remains virtually unchanged at around $3,020.
The main reason investors are piling into Fantom right now is anticipation for the network’s new Sonic upgrade. Sonic will boost the network’s throughput from current levels of between 1.5 to 2.5 transactions per second to 2,000 tps.
Fantom says the network will be upgraded once the new software hits two thirds of the validator nodes. As of today, 25 of 60 nodes have upgraded to Sonic.
On Fantom’s chart for the last three months, we can see a marked decline since mid-March, in line with Bitcoin’s fall from a recent all-time high set that time.
For the last month, FTM has been caught in a narrow price range of between $0.60 and $0.80 so today’s price could be the first sign of a breakout.
It’s supported by a stable Relative Strength Index (RSI) of 54.
With the weekend coming up, it’s important to see how the price plays out over the weekend for some insight into how the week will unfold.
Investing in a Layer 1 token is essentially betting on a network and all the projects sitting on it.
Investors who recognize the technical capabilities of Fantom or Ethereum are more confident in these blockchains as robust platforms for DeFi applications, compared to those who invest without such knowledge.
Both Fantom and Ethereum are made to scale and are constantly optimizing.
However, Layer 1 tokens can have more subdued rallies, since they’re a bet on
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