FTT, the native token for the FTX exchange, has gained 2.5% in the last 24 hours. At the time of writing, FTT was trading at $26.19. FTT is up 15% over the past week amid last week’s bull run across the broader crypto market.
FTT price analysis
In the last 24 hours, the broader cryptocurrency market has gained by around 1%, which is still above the $1 trillion level. This performance has prevented some cryptocurrencies from correcting after last week’s major rally.
Most coins in the top 50 largest cryptocurrencies by market cap are trading in the green zone today. FTX ranks as the 25th largest cryptocurrency, according to CoinGecko, with a market capitalization of $3.49 billion.
In the last 24 hours, FTT has traded between $25.50 and $26.44, indicating low volatility. FTT, like most cryptocurrencies, has dropped significantly this year following a recession across the broader market, and it is currently down 68% from its all-time highs.
The Relative Strength Index (RSI) for FTT is currently at 23, indicating a neutral zone between the token being overbought and oversold. Therefore, FTX’s current gains will likely be sustained if the buying pressure is high. The broader market is green, and if the Federal Reserve relaxes its hawkish stance this week, a rally across the market could see FTX soaring past $26.
FTX currently ranks as the third-largest exchange by trading volumes, with volumes of $1.76 billion according to CoinGecko ranking. The trading volumes have increased 47% over the past 24 hours, a notable gain that could explain why FTT is trading in the green today.
Cryptocurrency exchanges usually report high trading volumes during bull and bear markets. These volumes tend to drop when the market consolidates and crypto prices move sideways. The recent bull run saw volumes spike on exchanges, and native tokens for most exchanges created an uptrend.
The crypto trading ecosystem is quite large and growing by the day. The growth of the space is positive for cryptocurrency exchanges such as FTX, which are moving to new markets by the day. FTX announced expanding its operations and services to the United Arab Emirates.
FTX is officially live in the UAE!
As the first licensed crypto exchange in the UAE, we're super excited to expand our operations and grow FTX's presence in the region. pic.twitter.com/X683ADUNWR
— FTX_MENA (@FTX_MENA) October 31, 2022
FTX has also uniquely positioned itself in the derivatives market. Its diverse business activities have allowed the exchange to have a positive cash balance amid the ongoing bear market that has left several crypto businesses bankrupt. FTX has bailed out several troubled firms, such as Voyager and BlockFi.
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