Altcoins
Fantom Outperforms Top Altcoins Among New Sonic Network Details
2024-05-18 10:40:07 ET
Fantom ($FTM) is the highest gaining coin among the top 100 coins today.
This comes after the week’s positive reversal for Bitcoin, which followed the CPI report and Bitcoin ETF news, and also saw major altcoins make slight gains.
While BTC rose to highs above $67,000, Ethereum surged to above $3,100 and Solana breached the resistance at $174.
But the one that has gained the most among the top 100 cryptocurrencies by market capitalization this week is Fantom ($FTM). The price of the altcoin increased by more than 11% in 24 hours, reaching $0.89 early Saturday. Over the past week, Fantom’s price has increased by 25%.
Fantom reveals more details about Sonic Network
On May 17th the Fantom Foundation
announced
more details on Sonic Network, a new Layer-1 blockchain that will connect to Ethereum via native layer-2 bridge.
After
Sonic Update Milestone
hit last month, this is another big development for Fantom. Notably, Sonic Network will have its native token as $S.
The Sonic Chain will not only offer native $ETH integration, but also bring the benefits of scalability, speed, and low cost to users.
At launch, Sonic Network’s total supply will match that of Fantom, allowing $FTM holders to migrate tokens to $S at a 1:1 ratio.
While the migration will be bidirectional initially, it will become unidirectional from $FTM to $S at the end of the transition period.
$FTM Price Rises Following Sonic Update News
The price of $FTM traded as low as $0.64 earlier in the week, after sell-off pressure in the cryptocurrency market pushed most coins lower. For Fantom, declines towards weekly lows followed a rejection near the $0.75 area.
The bulls showed remarkable resolve and pushed prices over the hurdle. The bullish reversal observed in the last three days also led to the retest and the creation of $0.79 as a key support zone.
While Fantom’s price jump came as Bitcoin broke above $67,000 to spur bulls across the market, the $FTM surge has its momentum until the highlighted development.
This new bullish sentiment around Fantom and the ecosystem could catalyze further upward movement for the $FTM price. A move to $1 could strengthen the bulls’ resolve.
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