Fantom (FTM) has staged a remarkable comeback, having overcome major resistance at $0.64 after days of recovery. Over the last seven days, the cryptocurrency has seen a surge of 30%, marking a noteworthy shift in the market.
FTM experienced a low point in May 2022, with its price plummeting to $0.20 amid the market turmoil caused by the TerraUSD crash.
Despite attempts at recovery, rising global inflation and the FTX exchange collapse proved too much for the cryptocurrency. By early November, FTM hit a new low, reaching a value of $0.1635.
Fantom (FTM) has shown signs of resurgence starting in January, sparking optimism among investors in its ecosystem. The cryptocurrency has experienced a meteoric rise of 200% over the course of just 30 days, leading some to believe that the next bull market has arrived, as per CoinGecko’s data.
Its trading volume has seen a significant increase of 20%, a growth hailed as a bullish sign in the market. Additionally, this spike in volume is seen as a sign that investors are eagerly accumulating the cryptocurrency, positioning themselves for the next rally, which is expected to take the price to $0.80 or $1.
However, excitement is building as the market waits to see where Fantom’s recovery will take it next. Currently, according to the data from CoinMarketcap, the token is trading at $0.6423, with a 6% rise in the last 24 hours.
Fantom Toward Developments With Ambitious Roadmap
Fantom is set to narrow its focus on the decentralized application (dApp) ecosystem in 2023. Co-founder and architect Andre Cronje is returning to the project with a roadmap aimed at making FTM highly competitive.
Cronje aims to deliver “the highest throughput blockchain available” for a secure settlement layer for all decentralized activity. The new roadmap will emphasize gas monetization for revenue generation, with dApps sharing revenue based on gas usage.
Gas subsidies will make user onboarding seamless and eliminate the need for a wallet and prior knowledge of FTM or gas fees. The Fantom Virtual Machine will be updated with new middleware to reach the physical limitations of the hardware.
The consensus engine will have “true finality” and reach consensus in 700ms-900ms, making the system synchronous for dApp development.
However, work on the roadmap has already begun, with the team focusing on making the life of dApp developers easier. The features being developed by Cronje are set to revolutionize the dApp ecosystem and drive growth in the space.
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