Fantom is a scalable and safe smart contract platform for building decentralized financial (DeFi) applications. It intends to solve the transaction speed restrictions that plague earlier blockchain systems running smart contracts.
The Fantom Foundation, founded in 2018, is responsible for the open-source platform’s development. Ahn Byung Ik, a South Korean computer scientist, established it. Currently, the foundation is directed by CEO and CIO Michael Kong, who is supported by a team of engineers, scientists, and designers with experience in full-stack blockchain development.
Opera, the Fantom mainnet, became live in December 2019. To support smart contracts, Fantom employs Lachesis, a novel consensus method. It’s an Asynchronous Byzantine Fault Tolerance (aBFT) consensus protocol, which the business says is quicker and less expensive than prior technologies while maintaining essential security requirements. The blockchain’s consensus layer may be linked to any distributed ledger.
The Opera mainnet applies Ethereum Virtual Machine (EVM) that allows developers to migrate their Ethereum (ETH)-based decentralized apps to Fantom. According to the Fantom Foundation website, “its modular design enables for full customization of blockchains for digital assets, with distinct attributes adapted to each use-case.”
Fantom comes in three varieties:
- The Opera FTM token operates on the Fantom mainnet.
- An ERC-20 FTM token runs on the Ethereum blockchain.
- A BEP-2 FTM token runs on the Binance Chain and allows transactions on the Binance decentralized exchange (DEX).
The FTM cryptocurrency is utilized for staking, and lets holders vote on network decisions.
Fantom Price Prediction | Introduction
The Fantom Foundation has announced several collaborations and partnerships. Companies may use Fantom’s plug-and-play feature to create permissioned/private blockchain networks. It offers them worldwide expansion, an extensive network of users, dApps (Decentralized Applications), and ongoing development and improvements.
Enterprise Fantom refers to a predefined set of standards and Fantom technical analysis requirements designed to facilitate enterprise adoption of blockchain technology.
After 2021 Fantom’s fantastic contribution to the blockchain by rolling out a massive update called Go-Opera was revealed, which sped up multiplication transactions and enhanced other forms of network efficiency, and Mark Cuban showed its support for Fantom, expectations for 2022 have also increased.
In 2022, Fantom has risen to prominence through excellent collaborations, such as with Formula 1 driver Pierre Gasly, Chainlink, Ramp Network, and others.
Fantom Price Prediction: Technical Analysis
The FTM price launched in 2021 at $0.017 and soared to $0.872 in February. After a slight decline, it rose to $0.957 in May before rapidly dropping to $0.263 when cryptocurrency markets crashed.
The FTM price bottomed out around $0.153 in July before recovering strongly in August. Following the pattern of the larger cryptocurrency markets, the price rose to $1.93 on September 9 and fell to $0.951 on September 21. FTM price then surged to an all-time high of $3.48 on October 28. Following the November market sell-off, FTM concluded 2021 at $2.25, an increase of more than 13,000% for the year.
The price of FTM dropped below $1 on April 25, 2022, reaching a low of $0.9896. It continued to fall, reaching a low of $0.1961 on June 13 when the market was shaken by reports that the Celsius (CEL) crypto lending platform had suspended withdrawals. Since then, there has been some comeback, and it was valued at roughly $0.2285 on September 30, 2022.
As of November 28, 2022, there are 2.55 billion FTM in circulation currently, reflecting the complete supply. The coin now has a market valuation of $500 million, making it the #71 largest cryptocurrency by that parameter. Below is an outline of FTM price performance in the past six months.
|Month||Open Price||Closing Price||Month High|
The source of the historical data can be checked here.
Fantom Price Prediction: Market Opinions
WalletInvestor anticipates Fantom’s price to fall to $0.0552 by December 2023 in their Fantom price predictions for 2023.
On the other hand, PricePrediction.net and TradingBeast predict that the Fantom price will increase in 2023. PricePrediction.net predicts that the Fantom price will ascend in the future, reaching $0.31 on November 5, 2022. TradingBeast continues to forecast a Fantom price increase, projecting prices of roughly $0.293238 in 2023.
Coinpedia.org states that if the circumstances favor Fantom’s vision, efforts such as reward programs, network benefits, and community position could hasten protocol adoption, thereby attracting additional investors. As a result, the price may rise to its maximum yearly closing goal of $1.068.
On the contrary, if things go wrong and the digital asset is subjected to harsh criticism and FUD, the altcoin’s price would finish at its anticipated low of $0.518. All in all, the digital coin’s potential average price may be $0.73.
Fantom Price Forecast for December – January
There are differing views on Fantom price predictions for the end of 2022. TradingBeast predicts an increase to $0.293891 by the end of the year, while PricePrediction.net predicts $0.22. Other analysts, such as WalletInvestor, are more pessimistic about Fantom’s future price, citing figures as low as $0.0150 in December. The Fantom crypto price prediction from algorithm-based forecasting site WalletInvestor estimated that the coin’s value could fall to $0.0140 in 2023.
Fantom Price Forecast for 2023
Cryptopolitan.com predicts that the price of Fantom for 2023 to be around an average of $0.30, with a maximum of $0.33 and a low of $0.29. This prediction isn’t so optimistic, given the latest events related to the fallout of the FTX Exchange, which affected many cryptocurrencies, including FTM.
The Fantom price is expected to fall as low as $0.30 in 2023 according to priceprediction.net. According to their estimates, the FTM price might reach a high of $0.36, with an average expected price of $0.31.
Cryptocurrency Experts and Influencers
Technewscrypto.com predicts that if the downward price action calms down entirely and the trend reverses, Fantom (FTM) might reach $3 by 2023.
Ryan Matta, a famous crypto influencer, predicts that the Fantom cryptocurrency will be worth $2.50 by 2025. Here is his realistic price prediction on FTM.
Latest News about Fantom
According to an article published on November 4, 2022, by coinjournal.net, Fantom had the best performance among the top 100 cryptocurrencies by market cap on that day following a critical integration.
FTM, the Fantom blockchain’s native token, increased by more than 18% in 24 hours. The currency outperformed the other major cryptocurrencies after gaining over 20% on that day. The event came after the Fantom Foundation revealed that Fantom has been incorporated into Ramp Network. Ramp is a startup that creates a critical infrastructure that connects cryptocurrency to the global financial network.
According to the Fantom team, Ramp users should anticipate rapid and dependable transaction resolution. The Fantom Foundation revealed that Fantom builders could connect to the Ramp SDK with just a few lines of code.
The rebound in FTM came as the larger cryptocurrency market recovered from a fall earlier the same week. The overall market cap of cryptocurrency was at $1.03 trillion on November 4, 2022, up more than 2% from the previous week.
But the rebound was short-lived, as the FTX exchange crashed, devastating the entire market. Now, on November 28, 2022, three weeks after the crash of FTX, the overall market cap of cryptocurrency is at $819 billion.
What Is Fantom?
Fantom is a smart-contract platform that is secure, high-performance, EVM-compatible, and scalable. Fantom Opera, Fantom’s mainnet deployment, is based on Fantom’s consensus process, Lachesis. Fantom is a Layer 1 blockchain technology that is asynchronous, leaderless, and fault-tolerant byzantine.
Fantom can provide rapid transaction speeds, cheap deterministic finality, and transaction costs, thanks to Lachesis. The project achieves this by staying decentralized, permissionless, and open-source.
How to Buy Fantom?
A self-custody wallet is required to purchase Fantom. They are available on browser extensions and mobile apps. They include Coinbase, Kriptomat, Kraken, Bit2me, and more.
As part of setting up your crypto wallet, you will need to choose a username. This username lets other wallet users easily send you crypto. You can then purchase Fantom after creating your profile successfully.
What Is Fantom Used For?
Fantom is all about decentralized applications. The set of technologies and tools enables the incorporation of smart contracts into applications. The Fantom platform is designed to run smart contracts rapidly and cheaply, allowing dApps to realize their full potential.
Fantom Price Prediction: Verdict
The above analysis shows that Fantom (FTM) estimates are somewhat conflicting. There is no unanimous agreement on whether future FTM price fluctuations will be good or negative.
Indeed, potential future development depends on various things, including announcements, new technological solutions developed by Fantom projects, the crypto ecosystem in general, legal status, and so on.