- The cryptocurrency market staged a comeback this week.
- Fantom’s (FTM) 43.73% rally caught investors’ attention.
- BTC investors are cautious despite the flagship crypto’s rebound.
The cryptocurrency market has shown signs of life this week, with Bitcoin surging 10.74% and surpassing the $58,000 mark. However, it is Fantom (FTM) that is stealing the spotlight with a remarkable 43.73% rally, reaching $0.5149 on Tuesday.
Fantom’s Rally: Driven by Strategic Updates and New Testnet
Analysts attribute Fantom’s recent surge to strategic updates from Sonic Labs, a Fantom incubator. These updates highlighted FTM’s strong performance, pushing its price from a local low of $0.3574 to $0.5149. A recent blog post by Sonic Labs’ CTO, Andre Cronje, announcing plans to introduce credit scores for digital wallets on the Sonic blockchain, further fueled FTM’s rally.
Additionally, Fantom’s launch of a new testnet, achieving transaction finality in a mere 720 milliseconds, has added to the positive momentum. Analysts view this as a significant achievement for the blockchain project.
Bitcoin’s Historical September Struggles
Despite the recent market rebound, Bitcoin investors remain cautious about its short-term prospects. Historical data shows that Bitcoin tends to struggle in September, as the final quarter of the year approaches.
Read also: Crypto Market Crash: Why BTC, ETH, BNB, XRP Prices Are Plunging
Since 2011, Bitcoin has recorded monthly losses in September nine out of thirteen times. According to the New York Digital Investment Group (NYDIG), the leading cryptocurrency has an average September return of -5.9%, the most negative of all months, with a win rate of just 30%.
Macroeconomic Factors in Focus
Greg Cipolaro, NYDIG’s Head of Global Market Research, echoes these concerns. He believes Bitcoin investors could rely on a few catalysts external to crypto in the coming weeks, specifically focusing on macroeconomic developments. Cipolaro highlighted inflation data, unemployment figures, GDP, and monetary decisions as the catalysts investors could rely on for Bitcoin forecasts.
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