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Fantom Price Prediction 2024: FTM Rises, Can It Keep Going?

Last Updated 4 days ago
Peter Henn
Last Updated 4 days ago

Key Takeaways

  • FTM’s price recovered after a series of hacks.
  • The coin, which supports an ecosystem of decentralized applications, has struggled since it reached an all-time high in October 2021.
  • FTM dropped in April and early May but regained some strength recently.
  • One Fantom price prediction says it can reach $2.25 next year.

Fantom made a recovery in late 2023 as a bouyant market helped it fight back from a low after it suffered from two major hacks in just a few months.

 In July, it lost more than 10% in 24 hours following a sell-off of more than $130 million worth of assets on the Multichain cross-blockchain network prompted by a hack. Meanwhile, on October 17 hackers  stole more than $550,000 worth of crypto.

In early 2024, Fantom announced that it was reducing the minimum staking requirements for validators from 500,000 FTM to 50,000 FTM. In March, the token reached its best price since April 2022.

The rally was down, at least in part, to the launch of the Sonic upgrade. This aims to handle 2,000 transactions per second, as well as reducing storage requirements.

Fantom CEO Michael Kong said : “We remain very excited, and with the backing and encouragement of the largest token holders, stakers, and projects on Fantom, we’re fully committed to this evolution.”

Fantom did not respond to a request for comment

On March 26, 2024, FTM was worth about $0.7997.

But what is Fantom (FTM)? How does Fantom work? Let’s see what we can find out, and also take a look at some of the Fantom Price Predictions that were being made as of May 17, 2024.

Fantom Coin Price Prediction 

With that all out of the way, let’s look at some of the Fantom price predictions being made as of May 17, 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice. 

2024 2025 2030
Prediction #1 $1.79 $2.12 $6.03
Prediction #2 $1.19 $1.72 $10.66
Prediction #3 $1.45 $2.25 $7.07

First, CoinCodex  said things would get better before getting worse in its short-term Fantom price prediction. It said the coin would climb to $1.04 on May 22 before slipping to $0.83 by June 16. The site’s technical analysis was, however, bullish, with 29 indicators sending encouraging signals and just three forecasting bearishly

Fantom Price Prediction for 2024

DigitalCoinPrice  said Fantom should trade at $1.79 this year. PricePrediction.net  had it coming in at $1.19. Meanwhile, Bitnation  thought FTM could reach $1.45 in 2024.

Fantom Price Prediction for 2025

DigitalCoinPrice argued Fantom would get to $2.12 in 2025. PricePrediction.net thought it would stand at $1.72 then. Bitnation said FTM would be worth $2.25 next year. 

Fantom Price Prediction for 2030

Moving forward to a long-term Fantom price prediction, PricePrediction.net said it would get to $10.66 in 2030. Bitnation thought the crypto would be worth $7.07 then. DigitalCoinPrice’s FTM price prediction had it trade at $6.03 at the start of the next decade. 

Google Gemini AI Price Prediction for Fantom (as of May 17)

Google’s Gemini AI platform gave the following price prediction for Fantom on May 17. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next three months)

  • Expected price: $0.9180
  • Factors to Consider:
    • The overall cryptocurrency market sentiment can significantly impact FTM’s price.
    • Developments within the Fantom ecosystem, such as new partnerships or protocol upgrades, could influence its price.
    • Unforeseen events can also play a role, so staying informed about crypto news is essential.

Medium Term (Next six months)

  • Expected price: $0.84
  • Reasons:
    • Market Sentiment: Changelly highlights a bullish sentiment surrounding FTM, but you can find the latest Fear & Greed Index to gauge broader market feeling.
    • Technical Analysis: Studying price charts and technical indicators might provide clues about future price movements.

Long Term (Next five years)

  • Expected price: $2.29
  • Reasons:
    • These are just predictions, and the actual price could be much higher or lower.
    • The cryptocurrency market is influenced by various factors like regulations, adoption, technological advancements, and overall economic conditions.
    • It’s crucial to do your own research before making any investment decisions.

Recent Updates from Fantom

On March 25, 2024, Fantom launched Sonic, that “will be used to create a new best-in-class shared (decentralized) sequencer for L1 and L2 chains, capable of 180M daily transactions at sub-second finality, and serve as the foundation to relaunch Fantom as an entirely new community-centric brand,” the company said .

Advantages and Disadvantages of Fantom

Blockchain analytics company Messari recently released its quarterly report on Fantom . It outlined some key advantages and disadvantages of the blockchain.

It said that between January and March 2024, Fantom had:

  • Fantom had a quarterly growth across many key metrics in the first quarter,including market cap up by 101%, average daily active addresses increased by 24%, DeFi TVL in USD up by 59%, stablecoin market cap risen by 39%, and average daily DEX volume up by 64%.
  • Total staked FTM increased 17% quarter-over-quarter to 1.3 billion. Eligible supply staked also increased 16% on a quarterly basis to 44.6%.
  • In March, Fantom’s monthly DEX volume eclipsed $1 billion for the first time in the past year.
  • On March 25, Fantom Foundation CEO Michael Kong announced the preliminary launch plans for Sonic.

Advantages of Fantom

Messari said that

  • With the impending upgrade to Opera and the launch of a new chain, 2024 is shaping up to be the most important year for Fantom yet.
  • Despite some hardships during the bear market, Fantom ended the first quarter with a strong foundation for success.
  • Namely, the establishment of a canonical stablecoin (Wormhole USDC) and the plan for a canonical bridge to Ethereum will help prevent Fantom from repeating past mistakes.

Disadvantages of Fantom

Messari also said that

  • Fantom was struggling to keep people interested in the system.
  • Had struggled due to concerns about Multichain.

FTM Price History

Let’s now take a look at some of the highlights and lowlights of the Fantom price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Fantom price prediction. 

When FTM first came onto the open market in 2019, it was worth around $0.10. It pretty much hovered around that level for the next two years or so, before the Crypto Spring of early 2021 saw it shoot up to more than $0.90 in May.

Although there was some decline over the following months, it recovered in August, went past the dollar in September and reached an all-time high of $3.48 on October 28 2021.

After that, it fell down and it closed the year at $2.25, which represented an annual growth of more than 13,000%.  

2022 served as a bit of a corrective to FTM’s hopes. A series of market crashes saw it fall below the dollar in May, and the collapse of the FTX exchange in November meant it closed the year at $0.1997, having lost about 95% over the course of the year.

Fantom in 2023 and 2024

Fantom price history
Fantom price in 2023 and 2024. | Credit: CoinMarketCap

FTM initially rallied in 2023, as a buoyant market saw it hit $0.6533 on February 3, but it slid down. The news that the United States Securities and Exchange Commission (SEC) was suing the Binance and Coinbase exchanges damaged the coin. Following the announcement that Crypto.com (CRO) was suspending its US institutional arm on June 10, it sank to $0.2214.

Although it made something of a recovery in late June and early July, the Multichain selloff saw it fall more than 12.5% from $0.3073 on 6 July to about $0.2613 the following day. 

Since then, there has been more of a decline. FTM crashed to $0.1913 on August 18 before trading at around $0.21 on August 24. The crypto continued to drop over the next two months reaching a low of $0.1725 on October 18. After that, Fantom was able to make a recovery and it closed the year at $0.4614. That meant it rose more than 130% throughout 2023.

In early March 2024, FTM rallied and, on March 4, it was worth about $0.677. There was further growth later on in the month thanks to Sonic and, on March 26, 2024, it was worth about $1.15. It then dropped, reaching $0.7997 on May 17, 2024.

At that time, there were 2.8 billion FTM in circulation out of a total supply of 3.2 billion. This gave the coin a market cap of about $2.2 billion, making it the 52th largest crypto by that metric.

Fantom Historical Price Data

Period Fantom Price
May 17, 2024 $0.7997
May 10, 2024 $0.7282
April 17, 2024 $0.6673
February 17, 2024 $0.4082
May 17, 2023 $0.3711
Launch price (November 3, 2018) $0.02158
All-time high (October 26, 2021) $3.0403
All-time low (May 29, 2020) $0.005726

Fantom Price Analysis

Fantom Price Analysis
FTM could reach a new all-time high later this year | Credit: Nikola Lazic/TradingView

FTM began a new bull cycle after reaching a low of $0.17 on October 18, 2023. It hit its yearly peak of $1.20 on March 22. A downturn followed, with Fantom dropping 55% to a low of $0.56 on April 13. 

We saw a three-wave move after a five-wave uptrend, suggesting Fantom’s price could have been in a corrective stage. With a 38% increase from April 13 to a high of nearly $0.80 on April 21, this assumption has proven true. 

The fact that the price broke above the descending trendline confirms the starting uptrend. On May 17, the price reached $0.84, a higher high than the April 22 one. 

A further rise is expected, with $0.90 its next target. However, should the price continue moving up, this will indicate it is likely headed to a new all-time high, above $1.20, later in 2024. 

Is Fantom a Good Investment?

It is hard to say. It is worth pointing out that Fantom has been around for quite a long time now, and has failed to make use of its, undoubtedly interesting, technology to become one of the bigger players.

On one hand, Fantom has some potential to grow, with a blockchain that offers more speed and flexibility for DApp developers. On the other hand, it has fallen victim to hacks recently. 

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in FTM.

Will Fantom go up or down?

No one can really tell right now. While the Fantom crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Fantom?

Before you decide whether or not to invest in Fantom, you will have to do your own research, not only on FTM, but on other, related, coins and tokens such as Cardano (ADA) or EOS. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who are the Founders of Fantom?

South Korean computer scientist Ahn Byung Ik  and South African tech expert Andre Cronje founded Fantom  in 2018. Ik holds a PhD from Yonsei University. Cronje , meanwhile, also founded the Yearn crypto platform and studied law at Stellenbosch University in South Africa.

Who Owns the Most Fantom (FTM)?

On May 17, 2024, a wallet linked to Fantom held more 1.4 billion FTM.

Richest Fantom Wallet Addresses

As of May 17, 2024, the five wallets with the most Fantom tokens were

  • 0xfc00face00000000000000000000000000000000. This wallet held 1,411,338,887 FTM, or 80.02% of the supply.
  • 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 122,172,171 FTM, or 6.93% of the supply.
  • 0x21be370d5312f44cb42ce377bc9b8a0cef1a4c83. This wallet held 114,228,161 FTM, or 6.48% of the supply.
  • 0x4bf2c267dbc2077b747b68582965c85e15736104. This wallet held 89,555,254 FTM, or 5.08% of the supply.
  • 0xd6216fc19db775df9774a6e33526131da7d19a2c. This wallet held 47,978,746 FTM, or 2.72% of the supply.

Fact Box

Supply and distribution Figures
Maximum supply 3,175,000,000
Circulating supply (as of May 17, 2024) 2,803,634,836 (88.30% of total supply)
Holder distribution Top 10 holders owned 99% of supply, as of May 17, 2024

From the Whitepaper

In its technical documentation, or whitepaper , Fantom says it is designed to be a faster, more efficient, form of blockchain. It aims to achieve this by using a form of Proof-of-Stake called Lachesis.

It says: “Built on our novel Lachesis protocol, Fantom’s Opera platform is a public, leaderless, asynchronous BFT blockchain, with guaranteed deterministic finality.”

Fantom (FTM) Explained

Fantom is designed to serve as a system where people can create their own decentralized applications (DApps). 

The system claims to be faster, with a system that allows individual computers, or nodes, on the network to verify transactions rather than having them all clustered together. 

Fantom is supported by its eponymous crypto, known by the ticker handle FTM. 

How Fantom Works

Fantom uses a program called Lachesis, which helps its nodes operate. The code means that the overall size of the system is smaller, which, in turn, means it is, at least in theory, quicker. 

The overall system uses a Proof-of-Stake (PoS) consensus mechanism, which means that people are selected to add blocks to the blockchain-based on how much FTM they hold. 

In terms of the FTM coin, people who hold it are able to vote on changes to the network, and it is also used to pay people who operate nodes. FTM can also be bought, sold, and traded on exchanges.

It is worth pointing out that FTM comes in three forms. As well as the main FTM coin, there are two FTM tokens, one based on Ethereum (ETH) and the other on Binance (BNB). However, for clarity’s sake, we are talking about the Fantom coin. 

Fantom Attention Tracker

Fantom Google search volume
Fantom Google search volume. | Credit: Google

Here is a chart for Fantom Google search volume for the past 90 days. This represents how many times the term “Fantom” has been Googled over the previous 90 days. 

FAQs

How many Fantom are there?

As of May 17, 2024, there were 2.8 billion FTM in circulation out of a total supply of 3.2 billion.

Will Fantom Reach $10?

It might do, but if it does, it won’t be for a while. PricePrediction.net says FTM can reach double figures in 2030.

Keep in mind that Fantom’s best-ever price is $3.48, which it reached in late October 2021.

What is Fantom used for?

FTM rewards people who operate the computers, or nodes, that help run the Fantom blockchain. People can buy, sell, and trade it on exchanges. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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