Ethereum has rallied over the past few days after weeks of sluggish price action. Now, Fantom and NEAR are soaring.
The two Layer 1 networks have jumped in market value today as the crypto market starts to show signs of life.
Fantom and NEAR Rally
Fantom and NEAR are benefiting from the cryptocurrency market’s recent revival.
The two Layer 1 networks have surged today following a wave of renewed interest in the digital assets space. According to data from CoinGecko, Fantom’s FTM token is trading at $0.32 after a 13.5% rise, while NEAR has hit $4.37 after gaining 9% in market value. The jump follows a Monday surge that saw the global cryptocurrency market reclaim $1 trillion and a weekend of bullish price action led by Ethereum. The top Layer 1 blockchain started to gain pace late last week after Ethereum Foundation member Tim Beiko hinted at a September 19 launch date for the network’s “Merge” to Proof-of-Stake, then posted a 12% rally Saturday. ETH has continued to rise ahead of BTC, currently trading at $1,530. According to CoinGecko data, it’s up 39.3% in the past week.
When ETH surges, liquidity tends to flow to other Layer 1 networks shortly after as traders look for the next potential asset to see an uptick, which may explain why FTM and NEAR are outperforming today. Both Fantom and NEAR are Proof-of-Stake blockchains that offer similar use cases to Ethereum, leveraging the smart contract technology that makes DeFi and other token-based activities possible. They saw a huge rise in adoption in 2021 as several so-called “alternative Layer 1” networks boomed, helped by the high costs of processing transactions on Ethereum (during the market peak last year, putting capital to work in DeFi or minting NFTs on Ethereum would typically set users back hundreds of dollars, while a similar activity on another Layer 1 network would come in at a fraction of the cost). However, both FTM and NEAR were hard hit as the crypto market tanked late last year and into 2022.
Even after today’s rally, both Fantom and NEAR have some way to go to return to their peaks. FTM is 90.7% down from its October 2021 all-time high, while NEAR is 78.6% short of its January 2022 top.
Disclosure: At the time of writing, the author of this piece owned NEAR, ETH, and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Ethereum Jumps 12% as the Merge Draws Nearer
The rally comes two days after Tim Beiko suggested a tentative September 19 launch date for Ethereum’s long-awaited Merge to Proof-of-Stake. Ethereum Rallies Amid Merge Hype Ethereum is breaking out. …
Ethereum Leads Bitcoin Into a Bullish Breakout
Bitcoin looks like it wants to catch up with Ethereum after the number two crypto’s bullish price action over the past three days. While ETH has outperformed BTC, the top…
Polygon, Fantom Users Targeted in Ankr Gateway Hack
The hack produced a popup window that encouraged Polygon and Fantom users to enter their wallet seed phrase. Hackers Compromise Gateways to Polygon, Fantom Two Ankr RPC gateways for accessing…