Fantom (FTM) Soars 10% on Strong Momentum - Is It Still a Buy?

Fantom ($FTM) has outperformed all other Layer 1 tokens this week and risen 10% amidst a flurry of recent activity on the network, with FTM trading at $0.80 at the time of writing.c Crypto’s two biggest coins, also Layer 1 coins, couldn’t keep the pace over the seven days. Bitcoin ($BTC) grew 5% over the […]

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In Detail:

Fantom (FTM) has recorded impressive gains this week, rising by 10% while outperforming all other Layer 1 tokens. At the time of writing, FTM is trading at $0.80, showing strong momentum despite the sluggish performance of the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), which only managed to grow by 5% over the same period.

The surge in Fantom's price can be linked to a series of recent announcements and achievements on the network. Most notably, a new Artificial Intelligence (AI) project built on the Fantom Opera mainnet has successfully raised $2 million in seed funding, drawing significant attention to the platform.

Fantom is a scalable, secure, and customizable directed acyclic graph (DAG) smart contract platform designed to solve the limitations of older blockchain technologies, such as slower speeds, poor scalability, and high gas fees. Due to its DAG structure, Fantom doesn't suffer from the centralization concerns typically associated with other DAG-based projects. Instead, it delivers lightning-fast finality and low transaction fees, making it highly appealing for various use cases, including DeFi, gaming, metaverses, and IoT applications.

In addition to the successful AI project fundraiser, Fantom recently announced the completion of a major upgrade to its v2.0 Go-Opera version. This update introduces improvements to the protocol's consensus mechanism, improves network speed, and adds enhanced privacy features, reinforcing Fantom's reputation as a reliable and adaptable platform.

Another factor contributing to Fantom's recent growth is its active developer ecosystem and vibrant community. Fantom has witnessed a consistent increase in the number of developers joining its platform, drawn by the network's ease of use, affordability, and compatibility with the Ethereum Virtual Machine (EVM). As a result, Fantom hosts a wide variety of decentralized applications (dApps) and enjoys strong support from its userbase.

Financial institutions and corporations have taken notice of Fantom's progress, integrating the platform into their operations. Several large-scale partners, such as Chainlink, Band Protocol, Orion Protocol, and AllianceBlock, have formed strategic alliances with Fantom, adding credibility and increasing exposure for the Layer 1 solution.

Considering Fantom's technical advantages, recent accomplishments, and expanding ecosystem, it appears that the network still holds promise for investors looking to get involved in Layer 1 projects. While the 10% surge in FTM's price may deter some potential buyers, the fundamentals supporting Fantom indicate that further growth could be possible. As with any investment, interested parties should perform their due diligence and consider their risk appetite before deciding to buy Fantom or any other cryptocurrency.