Fantom Surges Past Leading Cryptos with 40% Monthly Gain

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

Data shows FTM climbed from $0.26 on August 5 to an intraday high of $0.53 on September 16, resulting in a whopping 103% increase. In comparison, Bitcoin dropped 4% and Ethereum fell by 12.6% in the same period.

The total crypto market cap shrank by 2.5% to $2.02 trillion. FTM's rally has made it one of the top gainers among the top 100 cryptocurrencies by market cap, according to Mister Crypto, a trader who attributes this to 'a lot of development behind the scenes.'

The upcoming Sonic upgrade is the key driver behind FTM's surge, with its planned launch in late 2024 set to supercharge Fantom's network performance. The upgrade introduces a new Fantom Virtual Machine, an optimized consensus mechanism, and improved storage.