Fantom's Price Surge: FTM Outpaces Bitcoin and Ethereum 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. This performance stands out when compared to the overall crypto market cap, which shrank by 2.5% to $2.02 trillion.

The upcoming Sonic upgrade is seen as a key driver behind FTM's rally. The upgrade aims to supercharge Fantom's network performance, introducing a new virtual machine, optimized consensus mechanism, and improved storage. Sonic's launch is planned for late 2024 and promises to boost transaction speed from 30 to over 2,000 per second.