Fantom (CCC:FTM-USD) is surging in trading following the announcement of a $15 million investment by Singapore-based HyperChain Capital. Currently trading for 57 cents, FTM-USD is up nearly 14% in the past 24 hours.
The $15 million investment by HyperChain follows a 2018 investment of $2.5 million. Additionally, the company’s Hyperblocks subsidiary runs validators that help secure the Fantom blockchain. Per a Fantom Foundation press release, the investment “reflects HyperChain’s confidence in both Fantom core technologies and the rapid adoption of Fantom by end-users and developers.”
Fantom is an alternative to the Ethereum (CCC:ETH-USD) blockchain that uses an asynchronous Byzantine Fault Tolerant (aBFT) consensus model to validate transactions. This allows for the network to be decentralized, scalable and secure, not just two of the three. In practice, this means minimal fees and near-instantaneous transactions.
Last week, Fantom rolled out a huge network upgrade, called Go-Opera. This upgrade made transactions faster (they now take ~1 second) and improved other network efficiencies. This makes Fantom one of the fastest blockchains in the world.
Yesterday, Fantom announced a partnership with Formula 1 driver Pierre Gasly, which follows an endorsement by Mark Cuban. This follows partnerships with Clover Finance (CCC:CLV-USD) in decentralized finance (DeFi) and SuperFarm in non-fungible tokens (NFTs).
Fantom (FTM) Price Predictions
With Fantom presently trading around 57 cents, what will FTM-USD do next? Here are some Fantom (FTM) price predictions:
- Yesterday, with FTM-USD trading around 48 cents, FXStreet said a breakout above 50 cents would drive Fantom to 62 cents in the near term and support a rally as high as 72 cents. FXStreet also said 50 cents is the primary resistance level.
- Bitgur says Fantom could climb as high as 88 cents in the next month, though the price could likewise deflate to 37 cents should things take a turn for the bearish.
- Pooling the wisdom of crowds, Cryptotelegram says many on social media see FTM-USD reaching $1 by the end of the year, with some social media analysts eyeing $1.50.
- Coin Skid has a Fantom (FTM) price prediction of 55 cents by the end of May and 86 cents by the end of 2021. It sees FTM-USD climbing as high as $1.23 by the end of August 2022 and $3.53 by the start of 2025.
- Wallet Investor has a one-year forecast of 94 cents and a five-year forecast of $3.42 for Fantom.
- Trading Beasts predicts Fantom will end the year around 65 cents.
- Digital Coin Price has a Fantom (FTM) price prediction of 76 cents by the end of 2021 and $1.69 by the end of 2025.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.