The Fantom price is flying as investors remain optimistic about its role in the decentralized universe. The FTM price is trading at $1.8200, which is a few points below its all-time high of $1.8600. It has risen by more than 92% from its lowest level since September this year.
Fantom is an Ethereum-killer that has been around for the past few years. The platform enables developers to build decentralized applications such as those in the DeFi industry. Data compiled by DeFi Llama shows that the number of DeFi platforms in its network has jumped to 36.
This makes it the fifth-biggest platform in the industry. In terms of total market value (TVL), apps built by Fantom have grown to more than $3.8 billion.
The most notable factor that is driving the Fantom price higher today is that the TVL of AnySwap has jumped by more than 50% in the past 24 hours to more than $1.56 billion. AnySwap is a cross-chain network that allows people to swap coins on any network.
The FTM price is also rallying because of the recent trends in cryptocurrencies, with Bitcoin soaring to more than $55,000. In most cases, altcoins like Fantom tends to rally when Bitcoin makes a parabolic move. Also, it is rising as investors continue betting on the so-called Ethereum-killers.
The four-hour chart shows that the Fantom price has been in a major bullish trend in the past few days. The FTM price is approaching its all-time high, bringing its total market capitalization to more than $4.2 billion. It is the 42nd biggest cryptocurrency in the world and there is a possibility that it will be the next big thing.
The price is above the short and longer-term moving averages while the MACD has moved above the neutral level. Therefore, the token will likely keep rising in the near term as bulls target the next key resistance level at $1.8600. A move above that resistance will see it rally to more than $2. This view will be invalidated if the price drops below the key support at $1.500. This view is in line with my previous FTM forecast for October.