$FTM

30% Surge in 24 Hours — What’s Driving the Surge?

On May 15, Fantom rebounded sharply from a low of $0.637 as the cryptocurrency market rebounded following weak U.S. inflation data. Fantom’s surge has continued to reach an intraday high of $0.834 until press time.  

This surge is not just a random surge, but the result of specific developments within the Fantom ecosystem and the wider crypto market.

Fantom’s surge may stem from tangible improvements in its network infrastructure. The platform has been working hard on upgrades that will enhance the network’s scalability.   On May 14, Fantom launched the Opera Upgrade Dashboard, where validators on Opera upgraded their nodes to be powered by Sonic technology. One of Fantom’s key projects for 2024 is to upgrade the Opera chain using the latest Sonic technology.   The upgrade aims to improve the scalability of the network through two new implementations: the Fantom Virtual Machine (FVM) and a new storage system for the Fantom Opera chain. Ultimately, the upgrade is designed to make Fantom one of the highest performing blockchains overall. As mentioned earlier, Fantom’s leap forward is not isolated. The broader momentum of the crypto market, and the rise in the value of Bitcoin in particular, has had an impact on multiple cryptocurrencies, including FTM. On Wednesday, Bitcoin rose along with the market as the April consumer price index showed a drop in inflation from the previous month. The cryptocurrency’s price has risen 6% to $66,243, the biggest one-day gain since March 25, according to CoinMarketCap.