FTX Token (FTT) has continued its upward trajectory over the weekend, gaining another 15% to reach its highest level in a year.
FTT has been rallying nonstop since early November on speculation that the collapsed FTX exchange could make a comeback with an “FTX 2.0” relaunch at some point.
While FTT grabs headlines, investors are also paying attention to the presale for Bitcoin ETF Token (BTCETF), which aims to provide exposure to the ongoing spot crypto ETF narrative.
FTX Token Surges on Speculation of FTX Exchange Relaunch
FTT is now hovering around the $5.07 level, representing a massive 369% rise in the past 30 days.
There are two critical drivers behind FTT’s ongoing price pump, with the first being speculation that the collapsed FTX exchange could be set to relaunch.
Comments from SEC chair Gary Gensler about operating within the law fueled rumors that FTX might reboot under new leadership, aiming to rebuild trust by making proper disclosures and not misusing customer funds.
This speculation of a potential FTX relaunch has significantly boosted demand for FTT.
Secondly, FTT soared after FTX’s bankruptcy estate obtained court approval to sell trust assets worth around $873 million.
These assets include shares in Grayscale and Bitwise crypto funds.
The approval to liquidate these holdings is seen as positive since it will help repay creditors from FTX’s 2022 collapse – lifting investor sentiment around FTT.
Between the rumors of an FTX relaunch and the green light to sell assets, FTT has benefited from two important catalysts helping drive its ongoing price rally.
The Rise & Fall of FTT – An Overview
FTT is best known for its dramatic price collapse in 2022, which came at the same time as the drama around the FTX exchange and Sam Bankman-Fried began to unfold.
FTT’s value dropped from $22.00 to $5.50 in a single day in November 2022, wiping out over $2 billion in market cap.
The situation soon deteriorated further, as FTX filed for bankruptcy later that month amid allegations of mishandled customer funds, prompting a complete collapse of FTT.
Throughout most of 2023, FTT hovered around the $1.00 level, with trading volumes remaining low and investor confidence severely shaken.
However, recent weeks have seen FTT claw back some losses thanks to speculation about the FTX exchange potentially relaunching.
According to CoinMarketCap, spot trading volume for FTT hit $293 million in the past 24 hours, making it the 32nd most-traded cryptocurrency globally.
Although FTT’s value is still 93% below 2021’s all-time high, the recent surge in trading volume and price indicates a growing interest from some investors who may be bullish on the token’s future.
BTCETF Token Gains Presale Traction Amid Anticipation of SEC Spot ETF Approval
Alongside FTX Token, another altcoin that’s been attracting attention from investors is Bitcoin ETF Token (BTCETF).
This brand-new cryptocurrency aims to capitalize on anticipation around a spot Bitcoin ETF being launched by aligning its tokenomics to crucial milestones in the approval process.
BTCETF incorporates a deflationary mechanism designed to increase scarcity and reward long-term holders.
For example, each time a significant approval milestone is reached, 5% of BTCETF’s total supply will be burned.
There’s also a 5% tax on transactions, which decreases by 1% with every milestone achieved, incentivizing holders to keep their tokens.
Bitcoin ETF Token is in a highly-publicized presale, which allows early adopters to buy BTCETF at a discount relative to its expected exchange listing price.
The presale has already raised over $2.4 million since launching in early November – and with the hard cap set at just $4.9 million, there’s a growing belief that it could sell out before the deadline.
Crypto analysts are now taking note of the buzz around Bitcoin ETF Token, with YouTuber Connor Kenny reviewing it in a recent video, hinting that it could be the next altcoin to explode.
BTCETF has even been ranked first on ICOBench.com and CoinSniper.com, two websites that track and rate new cryptocurrency projects.
These endorsements from prominent analysts and high rankings on respected ICO sites lend credibility to BTCETF – positioning it as one of the most-watched new cryptos in the final weeks of 2023.
Visit Bitcoin ETF Token Presale
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
The project in the above article is not related to Bitcoin or to a Bitcoin ETF. It’s a completely different token.
Readers are also advised to read CryptoPotato’s full disclaimer.
The post FTX Token Jumps Another 15% as Analyst Identifies This Token as the Next Altcoin to Explode appeared first on CryptoPotato.
