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With the impact of the crises on the Binance exchange, FTX Token (FTT) experienced a remarkable increase of 296.17% from its price of $1.05 on October 22.
Will FTT Coin Rise?
In the past 24 hours, FTT, the local token of the FTX exchange that has fallen out of favor in the past due to the crisis, experienced a significant value and price increase of up to 45% thanks to the events and recent developments at its major competitor, Binance.
At the time of writing, FTT was trading at $4.26, indicating an impressive positive increase of 43.24% in the last 24 hours, and a 21.08% increase in the last 7 days.
The price increase in FTT also means that it has outperformed 89% of the top 100 crypto assets in the past year. Additionally, FTT remained in the positive zone for 18 days during the previous 30-day period and managed to trade above the 200-day moving average at the same time.
Despite all these price movements, it is still -95% below its all-time high of $84 at some point.
Is FTT Replacing BNBs?
The value increase is associated with positive sentiments towards FTT. In addition, the upward price movement indicates that investors are replacing Binance Coins (<a href="https://en.coin-turk.com/renowned-analyst-forecasts-significant-upswing-for-binance-coin-bnb-and-possible-market-downturns/”>BNB) with FTT after regulatory problems increased at Binance.
In response to Binance’s suspension of its operations in the US, it seems that some funds are investing in FTX Token, according to a post by Santiment on November 22.
The behavior analysis platform made the following statement:
Although many people see #Binance news as the main culprit of one of the biggest pullbacks of the year, the truth is that #altcoins have already seen declining market values. Interestingly, some traders seem to be swapping their $BNBs with @FTX_Official’s $FTTs.
Despite FTX cryptocurrency derivatives exchange filing for bankruptcy in November 2022 after the crisis and the recent legal decisions against its founder and owner, Sam Bankman-Fried, FTT seems to be experiencing a price increase in recent times.
Another development believed to be profitable for FTT is the legal process initiated against Changpeng Zhao, the former CEO of its rival Binance, who resigned after yesterday’s crisis.
