FTX News: FTT Price Doubles; Other Affected Coins Rally
We have some amazing news to report today on the FTX Exchange. The price of FTT, the native token of the platform, has seen a huge jump by doubling its value in just 24 hours! This rise has caused several other coins and tokens, considered related to the exchange, to join in on a huge rally.
FTT is the governance token for the FTX Exchange and was launched in June 2019. After experiencing a slow and steady rise during these past several months, the FTT token began performing positively this past week. This newfound surge of interest has been noted for several related tokens.
In particular, assets such as Algorand (ALGO), Chainlink (LINK), Ethereum Classic (ETC), Synthetix Network Token (SNX) and Yearn Finance (YFI) have all seen much higher trading volumes over the last 24 hours than they had seen in recent days. All five of these coins had recently experienced enough buying activity that they jumped up in price significantly.
The FTT token itself increased more than twofold within a single day. Before this surge, it had been trading at around $2 per token, only to jump up to $4 per token shortly after. There’s no indication whether this is an isolated event or one that will be recurring as these altcoins become more popular.
Overall, this news has been well-received by investors who have since jumped onto their bandwagon. Many have speculated about their future performance and seem bullish about it—especially those who’ve already bet on them before noticing this surge.