Fantom Soars 40% in Month: Sonic Upgrade Drives Surge

Fantom (FTM) has experienced an impressive price surge of 40% over the past month, outperforming major cryptocurrencies like Bitcoin and Ethereum. The cryptocurrency reached a high of $0.51 on September 16, marking a significant rebound since August 6 when it was trading at $0.26.

Data shows that FTM climbed from $0.26 on August 5 to an intraday high of $0.53 on September 16, resulting in a whopping 103% increase. This performance is striking when compared to the broader market, with Bitcoin dropping 4% and Ethereum falling by 12.6% in the same period.

Crypto trader 'Mister Crypto' attributes FTM's rally to 'a lot of development behind the scenes,' specifically mentioning the upcoming Sonic upgrade as a major contributor. The upgrade is set to supercharge Fantom's network performance, introducing a new Fantom Virtual Machine, an optimized consensus mechanism, and improved storage.

The Sonic upgrade aims to boost transaction speed from 30 to over 2,000 per second, reduce finality time to about one second, and slash storage needs by up to 90%. This will make node operation cheaper and more accessible. Additionally, the upgrade is fully compatible with existing Ethereum tools and contracts.