- Daily, the number of FTM whales transactions has increased.
- The market has become more volatile since the price rally.
Daily whale transaction count Fantom [FTM] has risen to its highest level in the last year, indicating growing interest from large investors, according to Santiment’s data.
On 7th March, according to the data provider on-chain, the total number of FTMs that exceeded $100,000 was 147. This is the highest it has been since the 31st January 2022.
On the 4th of March, 10 FTMs valued at more than $1 million were registered, which is the highest since 15th Febuary 2023.
AMBCrypto discovered that the total FTM amount held by whales increased in recent weeks. Data from the on-chain showed that the number of FTM whales who hold between 100,000 and 1,00,000 FTM coins increased by 3% in the past month.
As a point of reference, the investor cohort consisted on March 1st, 2003 of 362 different addresses. At the time this article was written, 374 addressees were included in it.
FTM reacts positively
The price of an asset is strongly correlated with the whale buying activity. FTM has seen a significant price increase as a result of increased whale buying.
The altcoin was trading at $0.81 as of press time. Its value has increased by 115% in the last month. CoinMarketCap’s data.
AMBCrypto has found that FTM whales’ increased activity pushed the daily trading volume of AMBCrypto to its highest level in two years on 7th march. Santiment data shows that the coin’s total trading volume was $558 million.
FTM’s stock price has doubled over the last 24 hours as a result of the spike in trading.
FTM’s price movement assessed on a one-day chart revealed the demand for the altcoin amongst the spot market participants.
FTM’s Relative Strength Index and Money Flow Index were respectively 75.74 and 83.63 at the time of press. These values indicate that buying activity was greater than selling activity.
The market volatility has increased due to FTM’s price increase of 100% in the past month. In the last few months, key volatility markers have increased significantly. This indicates that FTM’s prices are still susceptible to big swings.
Read more Fantom’s [FTM] Price Prediction 2023-24
FTM, for example, had an Average True Range (ATR) of 0.07 at the time of writing. This measure measures market volatility through calculating the range between low and high prices over a specific period. It has increased by 2500% since the beginning of March.
Similarly, the coin’s Chaikin Volatility index, which measures a difference between the asset’s high and the low price over a period of time, has increased 392% since 1st March, signaling an increase in volatility.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com