Fantom price is showing a classic bullish trading pattern that could continue its monthly double-digit gains.
Price Phantom (
FTM
tickers down
$0.51 has risen 25% in seven days to $0.51 on September 16. This is part of a recovery that began on August 6 and has seen the price rise more than 40% in the last 30 days.
Data from Cointelegraph Markets Pro and TradingView shows that FTM has risen from a low of $0.26 on August 5, rising 103% to an intraday high of $0.53 on September 16.
For comparison, Bitcoin (
BTC
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$57,974
) has fallen 4% over the past 30 days, while Ether (
Ethereum
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2286 US dollars
) fell 12.6% over the same period. The total cryptocurrency market capitalization has also fallen 2.5% over the past month, to $2.02 trillion.
Thus, FTM's performance over the past 30 days has shown that it has become one of the growth leaders among the top 100 cryptocurrencies by market capitalization over a monthly period.
Commenting on the recent rise in FTM price, anonymous crypto trader and investor Mister Crypto attributed Fantom's performance to "a lot of hidden developments."
Mr. Crypto added:
"I believe that eventually it will lead to significant growth. It may take some time, but I think it will happen eventually."
Perhaps the most notable new feature in Fantom is the Sonic update, which is expected to significantly improve network performance by introducing a new Fantom Virtual Machine (FVM), an optimized Lachesis consensus engine, and a Carmen database store.
Sonic is scheduled to be released in November or December 2024.
After this upgrade, the Fantom blockchain will be able to process over 2,000 transactions per second (TPS) with a completion time of approximately one second. This will be a significant improvement over the current 30 TPS.
The closed testnet with simulated traffic demonstrated a maximum theoretical throughput of 2,000 transactions per second (TPS) with a completion time of 729 milliseconds, marking a major milestone in the development of the blockchain.