FTT Price Analysis
The prominent crypto derivatives exchange platform FTX’s native token FTT is printing massive gains. It stands first amongst exchange tokens today as it achieves a new ATH and is still on a uptrend.
FTT is currently trading at $ 68.93 up from just over $50 24 hours earlier and well above its previous all-time high of roughly $63. The exchange token has gained slightly over 15% in the last 24 hours and 39.3% in the last seven days.
Looking ahead, the price analysis is bright. FTX should continue to find buyers as long as it remains over $63.20. If the price fails to hold May’s high, it may retreat to the next level of support, which is about $53.00.
Reasons Behind the FTT Price surge
The dramatic price increase today follows the announcement earlier this week. FTX.US, FTX International’s American subsidiary, had purchased Ledger Holdings Inc., the parent company of the LedgerX crypto derivatives exchange, for an undisclosed sum.
Also, FTX has experienced substantial recent growth in the spot trading category. Both worldwide and in the United States, aided in part by a series of regulatory roadblocks that Binance, the major player in the crypto spot trading market, has encountered.
Regulators from all across the world have pressured Binance to stop offering derivatives in Germany, Italy, the Netherlands, and Hong Kong, among other places.
FTX is also one of the world’s best-funded exchanges. The corporation just raised $900 million from investors, valuing it at more than $18 billion.
In terms of volume, the firm is the sixth largest exchange. As the market recovered, the company’s volume surged by more than 7% to more over $3 billion in the last 24 hours.