CRYPTOCURRENCY Fantom is being touted as a newer, better version of rival coin Ethereum – here’s what you need to know about it.
Fantom has performed strongly and its value has gone up in recent weeks.
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The price of the coin reached a new high last month of $3.47 – that’s up from just $0.016 at the start of the year.
The price has since eased off slightly to $3.07 but some experts are predicting it has further to run.
According to CoinMarketCap, the coin is up 6.35% in the past 24 hours and has a market cap of $7.82 billion.
The furore around Fantom comes from the fact that some experts think it could go on to become a bigger, better version of Ethereum.
Ethereum is the second-largest cryptocurrency behind Bitcoin, so this would be no mean feat.
What is Fantom?
Fantom was founded by a South Korean computer scientist in 2018.
It is a blockchain platform and can run what are known as smart contracts.
These are programs that allow blockchains to run more advanced transactions than just sending cryptocurrency from one person to another.
According to the Motley Fool, smart contracts are used in establishing ownership of non-fungible tokens (NFTs) and decentralised finance (DeFi).
Ethereum was the first cryptocurrency to offer smart contracts, but Fantom is not the only rival out there and others are now promising to do the same thing faster and cheaper.
Fantom can be bought on a number of crypto exchanges.
That’s particularly good for investors as it should mean it is easier to buy and sell than some cryptocurrencies.
Predicting what price a cryptocurrency can reach is very speculative, and they have a habit of rising and falling sharply.
There was recent speculation over whether Solana could hit $300 or if IoTex could reach a value of $1.
Recently, the price of Bitcoin crashed wiping hundreds of billions from cryptocurrency markets and there have been predictions Shiba Inu…
