Fantom (FTM) a layer-1 protocol focused on fast and cost-efficient transaction execution, recently experienced a remarkable 30% increase in its token value within a single day.
Fantom saw a sharp rebound from lows of $0.637 on May 15, as the crypto markets rallied on softer-than-expected U.S. inflation data. The surge sustained until press time, with Fantom reaching intraday highs of $0.834.
At the time of writing, FTM was up 26.21% in the last 24 hours to $0.828. Its 24 hour trading volume has also risen 315% to come in at $497 million.
FTM/USD Daily Chart, Courtesy: TradingView
This surge is not just a random spike but the result of specific developments within the Fantom ecosystem and the broader crypto market.
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Fantom's surge might be rooted in tangible improvements to its network infrastructure. The platform has been diligently working on upgrades that would enhance the scalability of the network.
On May 14, Fantom Introduced the Opera Upgrade Dashboard, as validators on Opera upgrade their nodes to be powered by Sonic tech.
One of Fantom's key projects for 2024 is to upgrade the Opera chain with the newest Sonic technology.
This upgrade aims to improve the scalability of the network through two new implementations: Fantom Virtual Machine (FVM) and a new storage system for Fantom’s Opera chain. Ultimately, this upgrade aims to make Fantom one of the highest-performing monolithic blockchains.
As previously stated, Fantom's leap was not in isolation. The broader momentum on the crypto markets, particularly the upswing in Bitcoin's value, has had an impact on a variety of cryptocurrencies, including FTM.
Bitcoin rose alongside the markets on Wednesday as the April consumer price index indicated that inflation fell from the previous month. The cryptocurrency's price has risen by 6% to $66,243, according to CoinMarketCap - its biggest day of gains since March 25.