Fantom Has Strong Recovery Potential
Fantom (FTM) is rising by 4.0% to $0.4400 this week, outperforming the market. Bitcoin (BTC) has added 1.7% to $57,420. However, it is unclear how long this recovery could last. BTC is consolidating below the crucial level of $60,000. The pressure from defunct Mt. Gox BTC payouts and German government BTC sales is waning. Large investors are trying to support BTC at current levels.
Fantom has its own news to support the altcoin. The Sonic update sent it up by 163% in March. The Fantom Foundation recently announced a $120 million fund to drive the development of the Sonic blockchain. If BTC hadn't lost 15.0% in June-July, the altcoin could be trading well above $0.6000-0.8000. This highlights a strong recovery potential for FTM, but it is unlikely to materialize while BTC remains below $60,000.
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