Key Takeaways

• FTM’s price was hit following a mass sell-off of cryptos on the Multichain system following a hack.
• The coin, which supports an ecosystem of decentralized applications, has struggled since it reached an all-time high in October 2021.
• Can Fantom get better, or will it fall victim to fear, uncertainty, and doubt?

The Fantom cryptocurrency has gone through a rather interesting few months. In July, it lost more 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.

The platform’s co-founder, Andre Cronje, admitted that the news was frustrating.

He told the system’s community forum : “Multichain was a big blow, we had a lot of assurances from the team around the server decentralization, access, and geolocation distribution. Don’t trust, verify (saying this to myself).

“We are exploring all options at this point, working with relevant organizations to try and recover assets. Beyond that also looking into other backstops or helping recovery, even using foundation treasury. Until we have more data we just can’t give any hard confirmations. We won’t leave this as is though, we will do everything in our power to make everyone whole.”

In August, it was alleged  that Chinese police had not told investigators about charges against Multichain bosses.

CCN reached out to Fantom for commentary, but did not receive a reply at the time of publishing.

Fantom’s tough summer 

The news came after FTM had made some progress since crashing in the middle of June.

The Fantom blockchain platform, which aims to give people the chance to create their own decentralized applications quickly and cheaply, has been around for more than four years now, with its FTM coin peaking in the autumn of 2021.

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 August 24 2023.

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 August 24 2023. 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. 

First, CoinCodex  said things would get better in its short-term Fantom price prediction. It said the coin would climb to $0.2564 by August 29, and then reach $0.2147 by September 23. The site’s technical analysis was, however, bearish, with 22 indicators sending discouraging signals and just nine forecasting bullishly. 

Fantom Price Prediction for 2023

DigitalCoinPrice  said Fantom should overcome its recent difficulties to trade at $0.43 this year. PricePrediction.net  had it coming in at $0.27. Meanwhile, Bitnation  thought FTM could reach $0.3138 by the end of the year.

Fantom Price Prediction for 2025

Bitnation and DigitalCoinPrice both argued Fantom would get to $0.73 in 2025. PricePrediction.net thought it would stand at $0.63 in two years time.

Fantom Forecast for 2030

Moving forward to a long-term Fantom price prediction, PricePrediction.net said it would get to $3.86. Bitnation thought it would be worth $1.78 and DigitalcoinPrice had FTM trade at $2.15 at the start of the next decade. 

Fantom price analysis

The price of FANTOM has declined since early February. Its high saw it finish a recovery which started on June 13 2023 when it was worth around $0.20. 

That price served as a bottom level for the FTM price between May and July 2021, with it rising by more than 1,500% to reach its record price in October 2021.  

It fell back to around $0.20 in November last year before climbing in February. Since it is back there again, we might expect a significant price surge to take place soon. 

That idea is backed by how the price has behaved recently. If we look at the chart above, we can see there are five waves of price movements in the trendline. This suggests that a recovery can happen. 

Not only that, but the Relative Strength Index (RSI) indicator said it was oversold on August 17. It is recovered from that, which hints that there could be an upturn ahead. 

It is possible that FTM could reach $0.41 soon. If it does, there is no reason why it can’t go further.

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 April and June 2023, Fantom had

• 43,559 average daily active addresses, down year-on-year from 52,639 and quarter-on-quarter from 53,223.
• 277,634 average daily transactions, down from 839,115 year-on-year and 395,114 quarter-on-quarter.
• An average market cap of $900 million, up year-on-year from $600 million but down from $1.3 billion quarter-on-quarter.
• Quarterly revenue of $992,240, down from $5.39 million year-on-year but up from $815,206 quarter-on-quarter.

Advantages of Fantom

Messari said that Fantom

• Saw the LayerZero messaging protocol deliver new users.
• Had a strong, detailed, and long-serving roadmap.
• Experienced a rise in NFT sales throughout the quarter.

Disadvantages of Fantom

Messari also said that Fantom

• Was struggling to keep people interested in the system.
• Suffered due to the United States Securities and Exchange Commission suing the Coinbase and Binance exchanges.
• 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

 

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 Crypto.com’s announcement that it 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.

At that time, there were 2.8 billion FTM in circulation out of a total supply of 3.175 billion. This gave the coin a market cap of about $588 million, making it the 59th-largest crypto by that metric.  

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.

The news of its price drop following the Multichain sell-off might also give investors some pause for thought, although, in fairness, it is not impossible that it could recover at some point. 

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

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.

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

The Fantom  blockchain platform was founded in 2018 by South Korean computer scientist Ahn Byunh Ik and South African tech expert Andre Cronje. It is designed to serve as a system where people can create their own decentralized applications (DApps). 

Fantom 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. 

 

FAQs 

How many Fantom are there?

On August 24 2023, there were 2.8 billion FTM in circulation out of a total supply of 3.175 billion. 

Will Fantom reach $10?

It might do, but if it does, it won’t be for a while. Prediction sites don’t think it will hit double figures by the end of 2032.

Keep in mind that its 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. 

Further reading

Optimism Price Prediction 2023: Layer 2 Token Swells in Cancun Anticipation

Conflux Price Prediction 2023: Can CFX Recover from Severe Losses?

GateToken Price Prediction 2023: Has Burning Helped GT Price?

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.