FTX Token has recorded some massive gains recently which brought crypto into the limelight. Commonly abbreviated as FTT is a utility token for the popular centralized derivative crypto exchange, FTX. No doubt FTT tokens are not less than any blessing for the FTX exchange holders, but does it make any sense to buy FTT tokens if you are not an FTX customer?
FTT price rally showcased immense strength throughout the year 2021 with less consolidation and more volatility. Currently, rising above the trend line, FTT price showcased a huge tendency to surge high, probably beyond the current ATH to hit a 3-digit figure very soon. However, certain important levels are yet to be tested, and once cleared, the FTT bull run has a chance to resume quickly.
Introduction to FTX Token(FTT)-In Brief
FTT is a utility token of a cryptocurrency exchange FTX, which offers wide options for the traders like industry-first derivatives, options, volatility products, and leveraged tokens. Founded by Sam Bankman- Fried and Gary Wang in 2019, FTX is backed by Alameda Research which is a $100million AUM quantitative cryptocurrency trading firm. The FTT token is often described as the backbone of the exchange.
The team behind the FTX constitutes some of the biggest cryptocurrency traders who have found some notable issues with the prominent cryptocurrency exchanges over time and hence came together to launch their own. The exchange claims to be away from the crowd by providing unique features like clawback prevention, a centralized collateral pool, and universal stablecoin settlement.
The FTT crypto price remained largely elevated ever since the beginning of 2021 and despite multiple setbacks, recovered quickly. The asset no doubt underwent a huge slash amid the May 2021 crash, yet was able to recover quickly and smashed the highs above $80 from around $24 within a very short period. And hence, currently ranked 31 in the cryptocurrency ranking lists, the FTT price showcases a huge tendency to go parabolic and hit a 3-digit figure very soon.
How Does FTX Token Work?
As mentioned above, the FTT token is a utility token of the crypto exchange FTX. The users who trade on FTX exchange can utilize their FTT tokens to earn discounts on the trading fees. Along with lower trading fees, the user also enjoys tighter spreads for the OTC( Over the Counter). Moreover, the asset can also be used as collateral for future positions which in turn increases the demand and value for itself.
As the derivative markets are highly volatile than the spot markets, and hence the leverage sometimes is pretty risky. And hence FTT tokens act as leveraged tokens for those who wish to create leverage. Moreover, FTX is the best option for the users who carry out the OTC and future trades within the centralized ecosystem to minimize the risks.
The more you hold the FTT tokens, the more discounts you get on trading fees and FTX OTC.
Will FTT Price Hit $1000 in 2022?
FTT price as mentioned before had a gigantic rally throughout the year 2022 with a huge spike despite all the odds. The asset recovered well after each price slash, manifesting huge strength within the rally. The price after reaching its highs around $85 plunged more than 43% and maintained a decent consolidation for a month later. Woefully, the asset yet again began dropping and lost another 34% of its value to end the yearly trade for 2021.
The asset further remained swinging within a very narrow range and the recent sell-off which was pretty massive compelled the price to drop beneath the trend line for the first time. Yet the asset, after trending below the levels for a couple of days, successfully surged above the trend line and is on the verge to test one of the crucial resistance levels at 200-day MA in HTF.
Currently, the FTT crypto price is showcasing immense bullish momentum that could assist the price rally to break above the downtrend and achieve levels beyond the ATH. Moreover, the technicals also suggest a notable uptrend may be well set in place for the asset that may assist the price to hit a 3-digit target much before the end of Q1 2022. And with some price variations, the FTT price could also achieve a $1000 milestone by the end of the year.
|Year||Potential High||Potential Low|
|2022||$250 to $280||$115 to $110|
|2023||$390 to $415||$275 to $300|
|Next 5 Years||$800 to $1050||$500 to $550|
Factors Impacting FTT Price Today
FTX-Very Hard to Replicate
The FTX exchange is built in such a manner that it is very hard to replicate its functions. It is the very first exchange to offer the USDT future and leverage tokens that are in huge demand. Besides that, the exchange liquidity ratio is pretty high and the development cycle is also very fast. Moreover, Alameda being an integral part of the secondary markets, the partnerships with top exchanges, trading firms, OTC desks may be in line along with the collaborations with USDC & TUSD.
FTX Revenue Model
FTX offers a lucrative revenue model through exchange fees, trading fees from volume generated by leveraged tokens and listing fees.
FTX Insurance Fund
As the derivative and the futures markets are pretty risky, FTX offers an insurance fund that provides a net gain in case of large market movements instead of having clawbacks. This portion of the gain will be socialized among the holders.
Huge Pool of Benefits
The FTX platform offers lower trading fees and earns interest, staking FTT tokens. The platform also offers advanced order types to protect user accounts that include stop-loss limit orders, trailing stop and take profit.
Where & How to Buy FTX Token(FTT)
FTT token gained huge attention during its bull run and besides being widely available on FTX exchange, it is available for trade on popular platforms including CoinDCX. We are the leading cryptocurrency platform in India with a huge user base. Trading on CoinDCX is much easier and the fees are also pretty affordable which makes us stand away from the crowd.
To start with, you need to just download the CoinDCX mobile App on your smartphone and register with the details required. And done, fund your wallet and start trading!!
CoinDCX App is shortly getting upgraded to CoinDCX Pro with loaded advanced features like faster order placement, unlimited access to charts, etc with a brand new design. Download the App now and unlock the world of smooth trades at a single touch.
Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information, or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment, or tax advice by the reader. The calculations, data, risk-return formulations, performance, or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors, or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.