What’s Driving FTT Up?
The crypto market has seen a lot of volatility, with Bitcoin and Ether making significant price movements. FTT, the native token of the now-defunct crypto exchange FTX, has been one of the best performers. According to CoinGecko’s data, FTT’s value has risen by over 20% in the past 24 hours and an impressive 310% on a monthly basis.
FTT’s remarkable surge began in November and can be attributed to the overall positive market sentiment at the time. Bitcoin reached a yearly high of almost $38,000, while Ether exceeded the $2,100 level.
Another factor behind the rise in FTT’s price could be the rumors of FTX’s potential revival. SEC Chairman Gary Gensler hinted that a legal comeback for FTX could be possible, causing speculation in the market.
The Binance Drama
FTT’s surge could also be linked to the recent troubles of Binance, the world’s largest crypto exchange. Binance settled money-laundering charges with the US DOJ, agreeing to pay a $4.3 billion fine, and its ex-CEO Changpeng Zhao resigned. These events caused a slight market correction, with Binance Coin (BNB) dropping by around 7% in the past week, currently trading at approximately $235.
Hot Take: FTT’s Rapid Ascent
FTT, the token of the defunct FTX exchange, has experienced substantial growth, perhaps influenced by the overall bullish trend in the crypto market. Speculation about FTX’s potential revival and the turmoil at Binance could also be driving FTT’s price surge, highlighting how both corporate and industry-specific events can have a significant impact on individual crypto tokens.
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