Fantom’s Rally: Driven by Strategic Updates and New Testnet
Fantom’s recent surge can be attributed to several key factors:
- Strategic Updates: Sonic Labs, an incubator for Fantom, has been instrumental in driving FTM’s performance. Their updates pushed the price from a local low of $0.3574 to $0.5149. A blog post by Sonic Labs’ CTO, Andre Cronje, announcing the introduction of credit scores for digital wallets on the Sonic blockchain, further fueled FTM’s rally.
- New Testnet Launch: Fantom’s new testnet, which achieves transaction finality in just 720 milliseconds, has significantly contributed to the positive momentum. Analysts view this milestone as a major achievement for the blockchain project.
Bitcoin’s Historical September Struggles
Despite the recent market rebound, Bitcoin investors are exercising caution due to the cryptocurrency’s historical performance in September. The data reveals:
- Since 2011, Bitcoin has experienced monthly losses in September nine out of thirteen times.
- According to the New York Digital Investment Group (NYDIG), Bitcoin has an average September return of -5.9%, the most negative of all months, with a win rate of just 30%.
Macroeconomic Factors in Focus
Greg Cipolaro, NYDIG’s Head of Global Market Research, suggests that Bitcoin investors might need to focus on macroeconomic developments in the coming weeks. Key factors include:
- Inflation data
- Unemployment figures
- GDP reports
- Monetary policy decisions
These elements could serve as catalysts for Bitcoin’s future performance, as investors navigate through external economic conditions.
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