You don’t have to be called Dogecoin or Shiba Inu to experience explosive growth. The Fantom blockchain, which competes with Ethereum, has experienced explosive growth since August.
Some cryptocurrencies stood out, however. This is particularly the case with Fantom, a rival blockchain from Ethereum. Yes, one more, alongside Cardano or Solana, to name only the first in capitalization.
Explosion of the FTM price since August
Fantom (FTM), however, has experienced tremendous growth in recent months. A few figures are enough to measure its full extent. On July 21, the FTM token was trading at $ 0.1741.
A month later, its value was already over 50 cents. During an explosive August for altcoins, Fantom’s rise was set to accelerate further. In September, the token chained the ATH.
On September 9, its value reached over $ 1.6. With the exception of the same coins, few crypto-assets had accustomed investors to such rapid advances. But until the beginning of October, FTM would then experience a phase of correction, followed by a cycle of consolidation.
This period is now over. Indeed, since October 6, the price of Fantom soars once again to new historic highs at more than 2 dollars a token. In a sluggish market, FTM even offered itself a 10% surge on October 17.
On the 18th of the month at 9:10 am, the token shows almost zero growth, but a few points of increase over 7 days. The crypto-asset is currently highly sought after by investors. According to CoinMarketCap, the 24-hour transaction volume has jumped by more than 60%.
New ATH over $ 2.45 in the short term
Given the history of the FTM, token holders can expect a new phase of cryptocurrency’s rise. At $ 2.23, it is already just a stone’s throw from its last ATH ($ 2.45).
Over one year, investors are already realizing a very fruitful capital gain anyway. Since January 1, the price of the FTM has gained around 13,000%. A performance for a token on the market since 2018.
Blockchain billed as an Ethereum-killer, Fantom exploits its own consensus, Lachesis. This is a variation of the Proof-of-Stake consensus, which Ethereum is striving to migrate to.
Thanks to the support of smart contracts, Fantom benefits from special attention. This functionality allows it to offer value-added services, such as DeFi or NFT.
In mid-August, Fantom integrated with Chainlink’s oracles, making it easier to host secure DeFi protocols on the blockchain. This development clearly contributes to the rise of the FTM.
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Ethereum and Dogecoin Primed for Breakouts As Crypto Markets Gear Up for Bullish December, According to Analyst Justin Bennett
Crypto analyst Justin Bennett says that December could bring rallies to the digital asset markets, with Ethereum (ETH) and Dogecoin (DOGE) potentially at the forefront.
The analyst tells his 91,000 Twitter followers that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, is flashing a bullish signal for the crypto markets.
A weaker DXY often signals higher prices for many assets. Bennett notes that DXY may have just had a failed breakout, and could now be facing downward momentum.
“DXY looks good for a crypto rally heading into December.
Friday’s close back inside this channel indicates weakness. Now for a close below 95.80.
Bennett also has his eye on the chart for the total market cap of crypto (TOTAL). According to him, TOTAL is nearing the end of a large bullish descending wedge. He also notes a divergence between the rising relative strength index (RSI) and the downward price movement. A rising RSI during a downtrend is often interpreted as a hint of a bullish reversal.
“TOTAL falling wedge and bullish divergence developing on the intraday charts.
Something to keep an eye on.”
Looking at Ethereum, the analyst says that next month looks good for the world’s second-largest crypto. Bennett says ETH is “poised to do well in December,” and could already be jostling for a breakout, as long as it sees more volume.
“ETH approaching a breakout level.
Just add volume.”
Also joining the rallies, according to Bennett, is leading memecoin Dogecoin (DOGE). He says DOGE is in the middle of a breakout, with its first key resistance at $0.25, and a final resistance level at all-time highs above $0.75.
“DOGE is breaking out.”
Should Ethereum investors really prepare for a ‘$6000’ December
Ethereum hasn’t had a great time in November. Dropping by more than 9% at one point, the asset continued to decline over the course of the month.
However, the overall view might not be as bad as it seems on the surface. In fact, Ethereum has registered a 0.5% ROI for the month, which means investors would not have lost much even if they had invested towards the beginning of November.
Now, in this article, we will highlight a couple of factors that might suggest patience being rewarded for ETH investors during the last month of 2021. At press time, Ethereum’s market cap had recovered above $500 billion, having appreciated by 7% on the charts.
One of the primary observations seen over the past 30 days is that Ethereum continued to find support between $3800 and $4000. After hitting $4400 in late October, it tested that range again before rising higher on the charts. However, the 2nd half of November led to strong corrections and on 26 November, a significant collapse took place. This range was tested again and now, over the last 30 days, the same price zone has been tested 5 times.
Speculations lead one to believe that Ether may undergo corrections beyond this level after it struggled just above $4000 over the last few days. However, over the last 24 hours, ETH recovered back above $4300.
Now, immediate corrections concerns might have been put to bed and another positive trait can be observed.
Ethereum and its larger plans for December?
Ether’s price chart in the short-term might indicate chaos, but the long-term chart seemed to imply dynamic bullishness. This may lead to a strong December. The asset’s movement has formed a Cup and Handle pattern over the past few months. Keeping a base resistance of $4000, the pattern underwent a positive breakout during the beginning of November.
Now, in the grand scheme of things, the last few weeks of correction were a testing phase down to $4000.
Finally, Ether closed above $4000 yesterday on the weekly chart, emphasizing the presence of long-term bulls in the chart. Hence, technically, if the cup and handle pattern sees a positive turnaround, Ethereum should be expecting a 50% chance of testing a new high at $6000-$6200 over the course of December.
On the question of identifying on-chain proficiency, ETH’s MVRV ratio suggested a buying opportunity. With the value dropping down to zero, it was a sign that selling pressure has more or less fallen for the altcoin. Historically, this has been a good period to buy based on the MVRV, and the overall market is set up in that direction as well.
Bitcoin, Ethereum and Two Smart Contract Competitors Are the Winners Among Institutional Investors, According to Crypto Asset Manager CoinShares
Leading digital asset manager CoinShares says institutional investors have a strong appetite for Bitcoin (BTC) and three leading smart contract platforms.
According to the firm, the overall crypto market correction has left investors hungry for more.
“Digital asset investment products saw inflows of US$306m last week suggesting [a] continued appetite for digital assets.”
As usual, BTC led all digital assets in terms of capital inflows, this time in the wake of a new exchange-traded product (ETP) set to launch on the Deutsche Borse exchange.
“Bitcoin saw the largest inflows in 5 weeks totaling US$247m following the launch of another investment product in Europe. This brings the 11 week run of inflows to US$2.7bn.”
BTC is trading at $58,475 at time of writing, up nearly 6% on the day.
The leading smart contract platform Ethereum (ETH) concluded a strong month of inflows with a week totaling over $23 million.
“Ethereum saw inflows totaling US$23m last week, marking its 5th consecutive week of inflows.”
This week’s big winners in inflows relative to assets under management (AuM) also include the scalable smart contract platform Solana (SOL) and the interoperable blockchain Polkadot, which is designed to support multiple layer-1 smart contract protocols.
“In terms of inflows relative to AuM, Polkadot and Solana continue to be the winners, with inflows representing 8.6% (US$11.5m) and 5.9% (US$14.6m) of AuM respectively last week.”
Ethereum is currently trading at $4,453.79, up 7.5% in the last 24 hours. SOL and DOT are trading at $211.48 and $36.82, respectively, at time of writing.