Analysis

Ethereum Rival That’s Soared 160% in Just One Month May Be in Early Days of Massive Rally, According to Crypto Analytics Firm

A number one crypto analytics agency is suggesting that Fantom (FTM), a prime Ethereum (ETH) rival, is simply to start with levels of a serious rally.

Good contract platform Fantom is buying and selling for $0.635 at time of writing, up 27% within the final 24 hours, and up over 164% since 2023 started.

Main crypto analytics agency Santiment says FTM has extra than simply short-term energy – they see promising long-term indicators in FTM’s current actions, as effectively.

“In case you dipped your toes in Fantom at the start of 2023, your portfolio has actually thanked you. Up +164% to this point on the yr, the dormant coin motion & rising whale transactions are good long-term indicators.”

Supply: Santiment/Twitter

In a deeper dive on their Santiment Insights blog, the analytics agency finds extra constructive information for FTM holders in a metric referred to as the “imply greenback invested age.”

“One other nice signal that this rally nonetheless has some legs is the truth that its imply greenback invested age, which measures the common age of funding for Fantom, dipped significantly decrease through the second half of February. This can be a nice signal that dormant cash have been shifting at a wholesome tempo into this worth rise.”

Supply: Santiment Insights

Santiment says a brief to mid-term retracement might be in retailer, however zooming out, FTM’s huge 2023 rally may be getting began.

“However on a long-term perspective, particularly attributable to its large dormant coin motion the final couple of weeks, we see some upside that this might be a pleasant yr for the coin.”

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