AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Governed by its native token FTT, the FTX crypto offers its users an opportunity to stake the tokens and get a chance to earn rewards for staking the token.
- On Tuesday, the token was witnessing a gain of over 5% and a volume gain of over 150%.
- The 24th ranked token was trading at US$34.63 with a trading volume of US$26,03,96,768 over a day, according to CoinMarketCap.
After witnessing a prolonged spell of bearishness, the FTX (FTT) crypto seems to have reversed its trend. The FTX crypto is designed to increase demands for the token. Governed by its native token FTT, the crypto, the users get the opportunity to stake the FTT tokens and get a chance to earn rewards for staking the token.
The token on Tuesday was witnessing an upswing seeing a gain of over 5% and a volume gain of over 150%. It was one of the very few tokens that was performing well on a day when the overall market cap slumped to US$1.46 trillion from US$1.57 trillion.
Also read: 3 times Bitcoin bounced back after a dip. Is there a ray of hope?
Why is FTT token rallying?
The FTT token is rallying on the back of the news of its collaboration with the move-to-earn blockchain protocol, Stepn. Stepn is a Web3 lifestyle app with social & game elements, and it will be auctioning 9999 NFT sneakers on the FTX platform.
The money raised during the auction will be given to charity through the FTX Foundation. The FTT has been creating waves in the crypto market as well as Formula One circuit after it pocketed a deal with Mercedes-AMG PETRONAS F1 Team. Also on 9 May, the FTT protocol allowed minting option for one of five MercedesAMGF1 NFTs.
Earlier in March, the FTT token had also seen an increased interest following its license approval to operate in Dubai. The Sam Bankman-Fried led exchange got the license after complying with all the norms set by the Dubai Virtual Asset Regulatory Authority (VARA).
Also read: How long will the rally last for Idexo Token (IDO) crypto?
How is FTT crypto faring?
The 24th ranked token on Tuesday was trading at US$34.63 with a trading volume of US$26,03,96,768 over a day, according to CoinMarketCap. The FTT crypto was up by 7.13% in the last 24 hours, with a live market cap of US$4,73,61,51,017 and 13,67,69,343 FTT coins in circulation.
The gain should be heartening, considering that over the past 30 days or so, FTT has suffered losses of up to 25.2%. The losses have primarily been on the back of overall bearish sentiments prevailing in the market.
Whether the rally will last or not remains to be seen, but it has definitely given the market participants some relief. But all market participants need to be careful about the fluctuations prevailing in the market and hence must venture into the market after an in-depth study.
Risk Disclosure: Trading in cryptocurrencies involves high risks, including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies, you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
