The Crypto Market has witnessed significant movements amid key events that have impacted the value of digital assets, including the FTT token.
The FTX token (FTT) has emerged as a leading player, recording impressive growth in its value in a relatively short period.
Over the past 30 days, FTT has seen an extraordinary rise of 296.17%, reaching a value of $4.10 at the time of writing.
This growth has been driven by an increase of up to 45% in the span of 24 hours, along with a 21.08% increase in the last week.
📊 Although many see the #Binance news as the main culprit for one of the biggest retraces of the year, the fact of the matter is that #altcoins had already seeing shrinking market caps. Interestingly, it appears some traders are swapping their $BNB for @FTX_Official's $FTT. 🤔 pic.twitter.com/4eWvWp5kOc
— Santiment (@santimentfeed) November 22, 2023
Despite these advances, it is notable that FTT is still significantly below its all-time high of $84 according to data from CoinMarketCap.
It is worth remembering that FTT is the official crypto of FTX, a cryptocurrency exchange platform, which faced great financial difficulties and a bankruptcy situation.
In addition, its CEO, Sam Bankman-Fried, faced legal charges for multiple crimes, for which he was found guilty and is already serving his sentence.
FTT ‘s Notable Rise Is Closely Linked to Circumstances Surrounding Binance
The resignation of its CEO, Changpeng Zhao, and the discontinuation of operations in the United States have created a landscape of regulatory uncertainty.
This has led some investors to make strategic moves, opting to exchange their Binance Coin (BNB) holdings for FTX Official’s token (FTT).
Additionally, it is notable that FTT has outperformed 89% of the top 100 crypto assets in the last year, showing relative strength amid a volatile market.
Analysis of market behavior has also revealed that the retraction in the prices of “altcoins” is not solely due to the news about Binance, but that reductions in their market capitalizations were already being observed previously.