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Will Fantom [FTM]’s bullish streak of Q3 follow the altcoin as we enter Q4

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Source: Unsplash


Fantom, the scalable blockchain platform, in its latest general update, intimated its users of the growth registered on its network. According to the update, in the last three months, Fantom saw an average daily transactions count of 820,000.

With new addresses registering on the network during Q3, unique wallet addresses on Fantom stood at a total of 3.5 million. It further added that all transactions completed on the network during the quarter cost a daily average gas fee of 146 billion FTM, representing a 9% jump from what was registered in Q2.

FTM during the quarter

Also impacted by the collapse of Terra in May, FTM spent the entirety of the trading month that followed chasing lows. Dropping by 40% in June, FTM started Q3 at an index price of $0.25.

The first month of Q3 was marked by a significant recovery in the cryptocurrency market. The price of Bitcoin [BTC], rose by 17%. Likewise, leading altcoin, Ethereum [ETH], registered a 57% growth in its price in the 31-day period. Not left behind, the price of FTM rallied as well in July. The altcoin closed the trading month at $0.32, having gone up by 28% within that period.

The altcoin continued on an uptrend to log a price high of $0.4091 on 14 August, after which it since embarked on a decline. According to data from CoinMarketCap, exchanging hands at $0.2347 at press time, the price per FTM was down by 73%. 

At its current price level, FTM traded below the price position it started the quarter at. 

Source: CoinMarketCap

FTM on the chain

As FTM’s price touched various highs and lows in the last three months, key holders of the asset reacted differently. While the count of holders of 1,000 to 10,000 FTM coins increased in the last three months, those that held between 10,000 to 100,000 FTM coins took to distribution in the past 88 days. 

Furthermore, the July rally caused the count of addresses holding between 1,000,000 to 10,000,000 to clinch a high of 130 addresses. Additionally, FTM’s price fell, and the number of addresses also stood at 126 addresses by press time.

Source: Santiment

As for daily active addresses on the network during the quarter, the highest daily count within the three-month period was 1,118 addresses on 21 July. The number of unique addresses that traded FTM daily since fell steadily.

At press time, this was 98. With severe price fluctuations during the quarter, a sizeable number of FTM holders registered losses. The 90-day Market Value to Realized Value (MVRV) posted a negative value of -18.18%.

Source: Santiment

With the Mean Dollar Invested Age (MDIA) on a continued uptrend during the quarter, there has been some dormancy on the FTM network in the last 88 days.

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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