FTX Token (FTT) Is Surging, but Will It Make a Difference?
This morning finds the FTX Token (FTT) climbing 10.85% to $1.45 (FTT/USD). That may seem like a lot, but is it enough to combat the massive loss the coin experienced in the first week of November when the price fell significantly.
What Happened to FTX Token?
The biggest news story in crypto recently has been that Binance bought out its direct competitors FTX Token, which also served as a cryptocurrency exchange platform. This tanked the price of the FTT coin, causing it to freefall from around $22 to $2.40, about a 90% loss.
Since then, we have seen plenty of activity from FTT, but to make up that massive loss of value seems to be an insurmountable task. In fact, the coin has dropped further since then, reaching a low of $1.24 on November 21st.
How low and how significant is that price point? That is as low as the coin has reached all year, and the high for the year was back in March, when it achieved a rate of $52.92. In fact, it has been a while since FTX Token has dropped so low- all the way back in 2020. Many investors have given up hope that the coin will ever get back to where it was before the drop, around the $22 mark.
Will It Recover?
It seems unlikely that FTX Token will make a full recovery. It has fallen further since the initial drop, and even though the coin has had good days like today, the overall trajectory not allowing it to break above $1.60 at the moment.
Only short-term investors are making a profit off of FTX for now, and even they are having trouble finding opportunity to make back their money. The coin may very well improve over time, so those who are looking for a potential investment opportunity should consider buying in at this historic low rate. However, investors should also be wary that the coin may be permanently broken. Interest might have died off so much for the coin that it may never make much of a profit for its investors again.
What has happened with FTX Token is basically unprecedented, so it is hard to say what will happen to it, but the coin is currently volatile and the outlook for it is grim.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals