Crypto market stabilises as Fantom keeps pumping
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Phew! It looks like the crypto bull market is intact.
Bitcoin and Ethereum had been edging higher over the past 24 hours, as of 1.49pm AEDT, and most altcoins were posting gains.
BTC was trading for $US50,733 ($64,120), up 0.7 per cent from the same time yesterday, while ETH was changing hands for $1,637 ($2,073), up 0.4 per cent.
A two-day correction at the start of the week that saw Bitcoin’s value drop from over $US58,000 to under $US46,000 prompted some jitters that the crypto bull market would be short-lived, but positive sentiment seems to have returned.
Of the top 100 crypto assets by market capitalisation, 45 had posted gains in the past 24 hours and 50 had notched losses, according to Coingecko. (Another five were flat).
But just one coin had declined by double-digits: ZKSWap (ZKS), a decentralised exchange built on Ethereum. It was down 35 per cent after hitting an all-time high of $11.24 around noon.
Ten coins were up by over 10 per cent, with data storage blockchain protocol Arweave (AR) the top performer, up 60.6 per cent in the past 24 hours to $US12.55. A few hours ago it had also hit an all-time high, of $US14.02.
Top 100 coins Stacks (STX), Fantom (FTM), Bitmax Token (BTMX) and Thor Chain (RUNE) had all also hit all-times in the past 24 hours, according to Coingecko.
Fantom has exploded from just under US3c in late January to US67c on Thursday – up nearly 13-fold in the past 30 days and by a mind-boggling 74-fold in the past year.
The token is now ranked as No. 48 on Coinmarketcap, with a market capitalisation of $US1.7 billion.
Recent enthusiasm seems driven by creating a “bridge” to the Ethereum platform for token swaps.
Cross-chain bridge between Ethereum and Fantom (and other chains) launching soon.
Finally Ethereum users will be able to enjoy fast and cheap transactions.
On Fantom transactions:
– are confirmed in 1-2 seconds
– cost a fraction of a cent
A whole new UX for DeFi is coming. https://t.co/lmihE5rJHd
— Fantom Foundation (@FantomFDN) February 21, 2021
— Mel 🅕 (@mdaxcrypto) February 18, 2021
— Marko (@Marko_orca) February 21, 2021