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Highlights
- FTT, which is a utility token of FTX exchange, offers futures as well as leveraged tokens to individuals.
- FTT token aims to reduce trading fees on the exchange and can also be used as a collateral against futures positions.
- According to CoinMarketCap, the FTT is trading at $76.13 with a 24-hour trading volume of $3,05,71,71,876.
FTX (FTT) started September with a bang. After FTX acquired US-based crypto derivatives platform LedgerX for an undisclosed amount, there has been an upward movement for the cryptocurrency. In fact, the prices have soared by 50% and have been going strong along with Solano in the past few weeks.
FTT, which is a utility token of FTX exchange, offers futures as well as leveraged tokens on to individuals. Founded by Sam Bankman Fried, FTT token aims to reduce trading fees on the exchange and can also be used as a collateral against futures positions. It helps the investors to stake and earn interest, besides the users get an opportunity to win NFTs in the process.
Why LedgerX acquisition matters?
The LedgerX acquisition has resulted in institutional investors running for the cryptocurrency as it gives better exposure for the FTX services. Besides, the FTX network’s growth tends to trigger the FTT prices as it allows the holders to have the luxury of low transaction fees, it gives them better cost saving opportunities.
The cryptocurrency is backed by leading trading and liquidity company Almeda Research and is designed by crypto professionals. FTX targets the issues faced by derivatives exchanges that of tedious trading processes, poor liquidity etc and helps it to structure it.
Should you go for FTT?
FTT is ranked 22 on CoinMarketCap as per Market Cap and has grown strongly in the last few weeks. According to CoinMarketCap, the FTT is trading at US $76.13 with a 24-hour trading volume of US $3,05,71,71,876. At the time of writing (BST 1:45 pm), ATA was up by 7.59% in the last 24 hours largely due to the volume spike of 142%. FTT currently has a live market cap of US $7,18,24,30,904. It has a circulating supply of 9,43,46,958 FTT coins.
FTT seems to be a strong token going forward backed by a robust infrastructure and strong acquisitions. The token has been ranked high on the investors list in September and is looking good to take the momentum through. With several big names like National Football League quarterback Tom Brady and his wife Gisele Bundchen joining the FTX trading platform, it is safe to say that the interests have gone up further.
Conclusion
With FTT strong performance in September so far, FTT is expected to perform well in the long run. With a clear business plan backed by a strong protocol, it is one of the upcoming cryptos to watch out for in the near future.
