FTX Token (FTT) has led the pack of top-gaining cryptocurrencies over the last 24 hours, surging over 18% to rank first on CoinMarketCap’s gainers list.
This impressive performance comes as the broader crypto market consolidates after a period of sustained bullish momentum.
Meanwhile, the new project, Bitcoin ETF Token (BTCETF), continues to make headlines during its presale phase, recently hitting the $1.9 million funding milestone.
In the past day, the FTT token has staged an impressive rally, hitting the $4.14 level and becoming the top gainer on CoinMarketCap.
This surge comes from several market events driving renewed interest in FTT.
Following Binance’s $4.3 billion legal settlement with US regulators, there has been a noticeable uptick in crypto market activity.
At the same time, the ten largest FTT wallets have accumulated $12.8 million worth of tokens.
There is also speculation about “FTX 2.0” reopening after the collapsed exchange and Alameda Research liquidated their assets and transferred funds – possibly setting the stage for FTX to restart operations next year.
According to CoinGecko, the community’s sentiment toward FTX Token has flipped to bullish, with more than 55% of users “feeling good” about FTT’s prospects.
From a technical perspective, FTT’s price has risen 235% in the past month and broken key resistance levels.
Whether FTT can sustain this bullish momentum remains to be seen, but the technical and on-chain signals look positive for now.
FTT is the native token of the now-defunct FTX cryptocurrency exchange, formerly run by Sam Bankman-Fried.
Launched in May 2019, FTT soared to an all-time high of $85 in September 2021 before plunging in the following years.
The collapse of FTX in November 2022 was a seismic moment for FTT, causing the token to lose over 95% of its value in a matter of days.
With FTX’s shutdown, FTT now lacks concrete use cases, contributing to its stagnating value over the past 12 months.
Despite its limited utility, trading interest in FTT soared in October, fueled by optimistic comments from SEC Chair Gary Gensler and speculation about an FTX revival.
As such, traders are now accumulating FTT and speculating on the re-launch of the FTX exchange.
It’s impossible to say whether the exchange will actually reopen, so the token’s ongoing rally seems driven mainly by hype and hope rather than fundamentals.
While FTX Token grabs headlines, another crypto project, Bitcoin ETF Token (BTCETF), has been steadily building momentum and recently hit the $1.9 million funding milestone in its presale.
BTCETF aims to allow speculation on the impacts of a possible spot Bitcoin ETF approval and listing.
The token has a deflationary design that will see 25% of the total supply burned in 5% increments based on achieving key ETF approval milestones.
This planned supply reduction is intended to reward early adopters and potentially build value for long-term holders.
Once the presale ends and BTCETF is listed on decentralized exchanges, a 5% tax will be applied to all transactions to drive further deflation through token burning.
As optimism builds around eventually seeing a spot Bitcoin ETF listed in the US, the Bitcoin ETF Token could attract increased attention from investors seeking speculative exposure to this potential catalyst.
In recent weeks, over 2,700 people have followed the project on Twitter, while Bitcoin ETF Token’s Telegram community has grown to 3,300 people.
Bitcoin ETF Token was even featured in a YouTube video from Connor Kenny, who highlighted the project’s novel concept and deflationary tokenomics.
As awareness spreads, Bitcoin ETF Token seems poised to capitalize on the buzz around a potential spot BTC ETF launch.
Those interested in the presale can buy BTCETF tokens for $0.006 at btcetftoken.com.
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