As the Fantom (FTM) price climbs to new monthly highs, investors are asking whether it might be too late to buy Fantom.
Last at $0.8744, FTM is up 35% in the past seven days according to CoinMarketCap.
A seemingly sudden shift in the SEC’s position on Ethereum ETFs has injected positive momentum into market this week.
Fidelity, Vaneck, Invesco, Ark 21Shares and Franklin all filed amended 19B-4 applications on Tuesday.
That comes one day after rumors emerged that the SEC might approve spot Ethereum ETFs as soon as this week.
That helped launch FTM nearly as high as $1.0 on Monday, with the price having since dropped around 5%.
While not in as much focus this week, macro is also more of a tailwind these days.
US jobs and CPI inflation data this month helped bolster bets for Fed rate cuts this year. Tomorrow’s Fed minutes release shouldn’t threaten that narrative too much.
When financial markets move to price in easier financial conditions, this tends to bolster crypto.
And high-beta altcoins like Fantom are especially sensitive to changes in financial conditions.
Fantom also recently kickstarted an exciting upgrade to integrate its innovative Sonic technology.
Well, investors jumping in now will have missed the bottom of the recent price dip by a large margin.
But that doesn’t mean its too late to buy Fantom.
FTM remains nearly 30% below its 2024 highs. So investors can, at the very least, rest assured that they aren’t buying the market right at its recent peak.
Nor is the Fantom price anywhere near its long-term peak.
FTM briefly surpassed $3.70 in 2021, so it is still trading at a 75% discount versus its record highs.
If FTM can break to the north of its 2021 highs this cycle, investors could still bag 5x gains.
In that sense, it definitely isn’t too late to buy Fantom
