Key Points
- FTX Token (FTT) experiences a 35.6% increase in value over 24 hours, with its market cap rising to $710 million.
- The FTT Relative Strength Index (RSI) has risen from 57 to 62, indicating high price volatility.
FTX Token (FTT) has seen a significant upswing in the past day, following news that FTX customers may be fully compensated. Over the course of 24 hours, FTT’s value has risen by 35.6%, with the token now trading at $2.16. This surge has boosted the asset’s market cap to $710 million, making it the 108th-largest cryptocurrency.
FTT Hits Six-Week High
The FTT price reached a six-week high of $2.27 at around 05:00 UTC, a level that was last seen in mid-March.
Data from Santiment reveals that the FTT Relative Strength Index (RSI) has increased from 57 to 62 over the past 24 hours. This rising RSI suggests that the token is currently overheated and that we can expect high price volatility. An RSI below 50 could potentially lead to a gradual price rise for FTT.
It’s worth noting that the FTX Token currently has no utility, but it could still be used to compensate creditors. A recent report indicates that the FTX exchange has billions of dollars more than required to cover the losses it caused to over two million customers in November 2022.
FTT Active Addresses and Exchange Inflow Increase
Santiment data shows that FTT has 95 active addresses in the past 24 hours. This is a significant increase from 61 daily active addresses over the past two days, suggesting potential whale activity and manipulation.
Additionally, the daily exchange inflow of FTT has risen by 75% in the past 24 hours, reaching 302,950 tokens. This sudden increase could lead some investors and traders to seek short-term profits.
According to Santiment, 230 million out of the 328.8 million FTT circulating supply is currently in profit.
