FTX’s token FTT made headlines today as it unexpectedly rose by over 70% in a matter of hours. It comes as a surprise to many who saw FTT crash by 80% in just two days back in November of last year, which sent shockwaves through the market.
However, it’s worth noting that the token has made a surprising turn and rose in a single day after five months. The most significant thing to see is its trading volume, which went up by a staggering 1868%, with the market cap also increasing by 70% in the last 24 hours.
According to CoinMarketcap’s data, FTT reached a daily high of $2.72 from a low of $1.32 earlier today. Well, the token has since stopped its gain and fell down in the evening, currently trading at $2.12, erasing all of its gains in the last 24 hours and turning red by a loss of 1.37%.
Despite the current dip, the weekly chart for FTT is still showing significant gains, with an increase of approximately 65.29% in the last seven days. Many in the market are now watching closely to see if FTT can continue to sustain this growth and recover fully from its November crash.
As per the FTT price forecast, FTX Token has witnessed a surge of 76.27% in the past month. It is expected that the value of FTX Token will soar by 118.18% by the end of April, and its price may touch approximately $4.61. The current market indicators suggest a bullish trend, and the fear & greed index is showing a high level of fear at 27.15.
FTX Token FTT Price Driving Factor
FTX’s token price rise can be attributed to that Sullivan & Cromwell, the attorneys representing collapsed cryptocurrency exchange FTX, today said that the exchange may reopen at some point in the future as it navigates bankruptcy.
One option being considered is allowing creditors to convert a portion of their holdings into a stake in a re-opened exchange. However, restarting FTX would require significant capital, and there is internal debate over whether that capital should come from the FTX estate’s capital or third-party capital.
The FTX attorneys also reported that they had recovered $7.3 billion in liquid assets from the exchange, up from January’s $1.9 billion tally, but that an equity distribution is still far away.