Connor BrookeFantom emerged as one of the best altcoins looking to rival Ethereum in 2021, as this ‘layer-1’ network proved itself to be much faster and more cost-effective. Put simply, Fantom is a blockchain with smart contract capabilities, enabling developers to construct decentralized applications (dApps) that operate in numerous sectors of the market – most notably, the DeFi sector.
Fantom Price History
Fantom’s mainnet went live in December 2019, although the network’s native token, FTM, was available to purchase a few months prior. After the mainnet was launched, FTM didn’t see much uptake, with the Fantom price ranging between $0.0008 and $0.056 for over a year. However, this all changed in January 2021, when the Fantom coin price surged by over 7,700% in a matter of months.
After hitting a high of $0.9576 in May 2021, FTM’s value plummeted, which was a trend experienced by many altcoins at the time. This price decrease was short-lived, as Fantom began picking up steam and rocketed by 1,797% between July 2021 and October 2021. According to CoinMarketCap, this resulted in the Fantom crypto price reaching an all-time high of $3.48.
At this point, Fantom had already become a popular alternative to other layer-1 networks, such as Ethereum, Solana, and Avalanche. Much of this was due to Fantom’s innovative consensus mechanism, which was derived from the ‘Proof-of-Stake’ algorithms used by other networks. Furthermore, since Fantom is compatible with the Ethereum Virtual Machine (EVM), dApp developers were able to port their platforms over to Fantom’s blockchain.
After a brief pullback, FTM rallied again in January 2022. As the Fantom price chart above shows, FTM nearly breached October 2021’s all-time highs yet fell just short. A high of $3.37 was reached on January 17th 2022, which marked the beginning of a severe downtrend.
In June 2022, the FTM price hit its current 2022 low of $0.194 – which coincided with Bitcoin crashing to $17,600, and Ethereum to $881. Since then BTC and ETH recovered alongside the total crypto market cap, so that level may have marked the Fantom bottom for 2022.
Fantom Price Prediction
Now that you’re up to speed on the coin’s history, let’s touch on our Fantom price prediction for the months ahead to help you consider whether to buy Fantom. There’s no doubt that Fantom has been affected by the broader sell-off within the crypto market, although the price does seem to have created a minor support level around the $0.3000 region.
If we see a bullish rejection from this area, the first price target would be the minor resistance level at $0.8700 – a 135% increase from today’s price. Assuming FTM broke past this area, there’s a clear path back to April’s highs of $1.67, which would represent returns of 350% if you invested today.
Read more in our FTM price prediction post.
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This article was written for Business 2 Community by Connor Brooke.
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