With cryptocurrency markets showing resilience, Bitcoin maintains its stronghold at $73,000, with other digital currencies also witnessing notable growth. A particular altcoin, currently the center of discussions, is seeing a reduction in its supply on trading platforms, a trend that stimulates market confidence. This phenomenon, representing a departure from the typical high inflation scenario, is contributing to an uptick in pricing.
Supply Decrease Boosts FTM Coin’s Value
FTM Coin’s presence on exchanges has been diminishing since early March. From an initial supply of 655 million coins at the start of the month, it has dropped to 643 million. This decrease aligns with a substantial price appreciation from about $0.50 to $0.82. The dwindling supply signals a shift of assets into more secure cold wallets, indicating that investors are favoring long-term holdings over immediate sales, thus fueling a price rise. Concurrently, the decrease in readily available supply for sale contributes to a higher spot price on exchanges.
Investor Profitability and Price Outlook
Currently, around 43% of FTM Coin holders are enjoying profits, although this figure is relatively lower compared to other cryptocurrencies such as BNB and BTC, where 95-99% of investors are in the green. This disparity underscores FTM Coin’s relatively modest price gains among its peers. The IOMAP chart suggests strong support at $0.80 and notable buying activity between $0.85 and $0.95, indicating potential selling pressure before the coin can achieve the $1 milestone.
The weekly chart analysis shows that closing above $0.88 could signal a climb towards $1.06 and $1.25 targets. With Bitcoin’s steady performance and high-value altcoins like BNB Coin aiming for all-time high zones, FTM Coin is expected to reach these levels in the foreseeable future.
Despite not surpassing its early 2022 peak, FTM Coin, which has an all-time high region at $3.5, could achieve a new milestone with closures above the previous peak of $1.67.