All you need to know about FTM’s peaks and troughs after upgrades

All you need to know about FTM's peaks and troughs after upgrades

Fantom Foundation’s biweekly “Fantom General Update,” was published on 4 July. It highlighted the integration of the Chainlink Keepers and Chainlink VRF on the Fantom mainnet as a significant ecosystem upgrade in the last 14 days. Within this period, the price per FTM rose to a high of $0.31, after which the bears forced a correction.  

After a steady decline in the price of the token for most of June, were investors offered any respite in the last two weeks? Let us take a closer look. 

Price saw a high, then came tumbling

Between 20 June and 25 June, the price per FTM token rallied by 25% as the altcoin went as high as $0.31 from $0.24. However, this was followed by a price retracement that led to a fall in the coin’s price. Exchanging hands at $0.2641 per FTM coin at press time, a 16% decline was logged between 25 June and 5 July. The market capitalization reached a high of $803.28 million on 25 June. By press time, this figure had dropped to $699.26 million.

According to data from CoinMarketCap, in the last 24 hours, the price per FTM rallied by 3.62%. Currently trading at its August 2021 level, FTM is 92.34% away from its all-time high of $3.38. 

On-chain performance

Within the last two weeks, the aggregate amount of FTM tokens across all transactions that happened on the network saw a gradual decline. After marking a high of 20.84 million on 21 June, transaction volume went on to decline by 50% by press time. Quantified in USD, transaction volume dropped from $76.83 million to $39.39 million in the last two weeks.

Further, the number of unique addresses that traded the FTM grew steadily to mark a high of 744 addresses by 29 June. Since then, daily active addresses on the network has been on a decline. At press time, this stood at 397 addresses. Similarly, the count for the new addresses created on the FTM network registered a high of 329 new addresses on 2 June. At the time of writing, this stood at 144.