Altcoins
Fantom Outperforms Top Altcoins Among New Sonic Network Details
2024-05-18 10:40:07 ET
Fantom ($FTM) is the biggest gainer among the top 100 coins today.
This comes after the week’s positive turnaround for Bitcoin, which followed the CPI report and timely Bitcoin ETF news, which also saw major altcoins post slight gains.
As BTC reached highs above $67,000, Ethereum rose above $3,100 and Solana broke through resistance at $174.
But the biggest gainer among the top 100 cryptocurrencies by market cap this week is Fantom ($FTM). The altcoin’s price surged more than 11% in 24 hours to $0.89 on Saturday morning. Over the past week, the price of Fantom has increased by 25%.
Fantom reveals more details about Sonic Network
On May 17, the Fantom Foundation
announcement
more details on Sonic Network, a new layer 1 blockchain that will connect to Ethereum via a native layer 2 bridge.
After the
Sonic Upgrade Milestone
hit last month, this is another big development for Fantom. Notably, the Sonic Network will have its native token in the form $S.
The Sonic Chain will not only offer integration with native $ETH, but also bring users the benefits of scalability, speed and low cost.
Upon launch, Sonic Network’s total supply will match that of Fantom, allowing $FTM holders to migrate tokens to $S at a 1:1 ratio.
Although the migration will initially be bidirectional, the end of the transition period will see it become unidirectional from $FTM to $S.
$FTM Price Rises Following Sonic Upgrade News
The price of $FTM traded as low as $0.64 earlier in the week after selling pressure in the crypto market pushed most coins lower. For Fantom, the decline to weekly lows follows a rejection near the $0.75 area.
The bulls showed remarkable determination and pushed prices beyond obstacles. The bullish reversal seen over the past three days also resulted in a retest and establishment of $0.79 as a key support zone.
While the rise in Fantom price occurred as Bitcoin surged above $67,000 to boost the bulls in the market, the rise in $FTM is due to 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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Fantom Outperforms Top Altcoins Among New Sonic Network Details
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