Bitcoin, breaking the $ 50,000 mark, appears to have had a very positive impact on the upward momentum of altcoins. However, as the bullish signal wears off when BTC drops below $ 48,000, crypto market cap is down 5.29% from the previous day, to stand at $ 2.3 trillion at press time.

While altcoins like SUSHI, ROSE, NEAR and FTM are still seeing double-digit gains on the weekly chart, the highly scalable blockchain platform Fantom was hit by the recent crash and is down 4.69% over the time.

Source: Tradingview

The price of FTM quickly rebounded from the $ 1.3 region after hitting mostly lower lows in the first week of November and December, and after rising nearly 85% in the past 2 weeks, the altcoin rattled. Hope for new ATH. However, given the current decline in the larger market, will the pullback of BTC FTM push back into the former $ 1.50 region?

Organization less interested?

The FTM price skyrocketed last week, rising more than 61% as the Total Value (TVL) on the Fantom network topped $ 5.83 billion. This is the second highest weekly TVL profit (over 25%) just behind LUNA.

In particular,  TVL is just below SOL, AVAX, and LUNA at the time of writing, but with its recent spike, many are wondering if it can tear those chains down.

Source: Defilama

FTM’s TVL surge of nearly 25% over the past week is a sign of institutional interest in the altcoin, which often acts as a long-term catalyst for growth. However, the large volume of trade and the large volume of trade have declined from the high in October.

This signals the big players to be cautious as the price is still below the all-important $ 2.50 mark.

Source: IntoTheBlock

FTM needs that …

Another worrying trend for FTM is the decline in HODLer numbers since September. The HODLer sentiment and the weakening of market positions are not a good sign of the health of the network. However, as prices rise, a bullish HODLer will be key to FTM’s future rally.

Source: In the Block

In addition, the volume of trade and the number of new addresses on the network have not increased much, so FTM’s rally could be wide-ranging as the price appears to be hovering sideways around the $ 2.2 mark.

Increased TVL indicates more interest groups. However, retail euphoria will be required to initiate the rally towards unreached ATH levels.

Although the FTM could drop below $ 2 in the short term if the larger market weakens, the altcoin is likely to rise above $ 2.3 if the price is held and the support bulls rise enthusiastically.

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