The pseudonymous host of crypto outlet Coin Bureau says the strong fundamentals of one mid-cap Ethereum competitor could send it on another major rally.
In a new video, the analyst known as Guy tells his 1.55 million YouTube subscribers that FTM, the native asset for the smart contract platform Fantom, still “has a lot more room to the upside” despite its massive 18,407% gains in the past year.
“This is because Fantom’s market cap is medium-sized and its fundamentals are significantly stronger than most of the cryptocurrencies that currently outrank it.
FTM’s tokenomics are also seriously robust. All FTM coins allocated to Fantom’s early investors, founders and advisers finished vesting last November.”
FTM is trading at $2.66 at time of writing and is down more than 7% in the past week, according to CoinGecko.
Guy notes that the only FTM coins being introduced into circulation are coming from the asset’s staking rewards.
“This is happening to the tune of about 500,000 FTM per day, which is just under $1.5 million of daily sell pressure. Now, this small amount of sell pressure is being easily offset by the demand for FTM coming from the growing number of Fantom users and investors.
That said, there is likely some sell pressure coming from the Fantom Foundation’s massive developer fund, though this seems to be minimal, as any FTM awarded to devs is vested monthly over one year.”
The crypto analyst also points out that more than half of FTM’s total circulating supply is being staked.
“And I’m sure most of it is being staked for more than the bare minimum. This reduction in available supply further increases FTM’s ability to fly.
Best of all, FTM has a maximum supply of 3.175 billion, which means inflationary issuance isn’t eating away at its price action.”
Guy forecasts 100% to 200% gains for Fantom for the remainder of the current bull market, and he says it’s “very possible FTM could pump higher.”
Original Source :dailyhodl.com
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