FTX Token (FTT): Should Swing Traders Go Long?

While writing this blog, the FTX Token changed hands at $27.54, following a 1.54% spike over the past 24 hours. The altcoin offers multiple utilities and enjoys backing from a leading centralized exchange within the cryptocurrency space. Investors may ask, could FTT be a secure long-term bet?

Evaluating the Answer

There’s the possibility that FTX Token could be a lucrative investment in the long run. Remember, FTX has printed high market capitalization dominance within the past few days. FTX’s transaction value sees upsides regardless of the volatility surrounding the token. That shows more investors are interested in the project.

Another thing supporting the FTX bet might be the multiple utilities for token holders. For instance, FTT users pay fewer trading fees. Also, they can utilize the coil as collateral against bets and stake the tokens to access yield.

Though the alternative token has witnessed some optimism, the FTX token has also encountered criticism. Santiment data reveals the positive and negative sentiment for the altcoin. One of the reasons behind the criticism came from Celsius’ short squeeze community, who presented their grievances again the FTX Token.

Moreover, the community’s view against zk money contributes to the mentioned resentment. Nevertheless, things have not been all ugly for the alternative token. Reports show FTX noted a more than 1000% revenue growth in 2021 alone.

To the Moon?

FTX performed remarkably well against its rivals despite the bear markets. Though FTT is yet to witness such growth, the altcoin enjoys support from a leading exchange. That’s why it remains a safer bet for individuals interested in cheap and secure tokens for the long term.

Meanwhile, the crypto market battled bearish tendencies during this publication. Bears have dragged prices lower amidst upside attempts. While publishing this post, the global cryptocurrency market cap hovered at $1.04 trillion, gaining 2.04% within the last day.

Most assets have remained relatively flat over the past 24 hours, recording slight uptrends early on Thursday. For instance, Bitcoin gained 0.92% to change hands at $21,468.39. However, the crypto spectrum remains shaky, and declines might showcase.

Stay tuned for the latest crypto updates.