Why Fantom is up 11.8 per cent as Bitcoin price dips just 0.1 per cent

Fantom joins Aptos as one of the shining stars of the cryptocurrency market over the last 24 hours, having jumped 11.8 per cent, with a 117.84 per cent increase in trading volume and £559,205,200 worth of coins traded.

The democratically governed Ethereum alternative has not seen market performance like this since May 2022, when the group launched its Snapsync update.

A recent vote by the Fantom holders to approve a new governance proposal has generated a buzz around the currency.

It will see the coin’s developers earning revenue on gas fees from their contracts, increasing the earning potential of the contract platform.

Integration with blockchain Axelar and the launch of its in-house decentralised vault has also driven up the price, with the latter providing Fantom holders the ability to support improvement and innovation projects on the ecosystem.

In the top tiers of the crypto markets, it was the token of Ethereum scaling tool Polygon MATIC that saw the strongest growth.

Also called Polygon MATIC, the coin is currently the 10th most valuable by market cap, having risen 10.6 per cent in the last 24 hours with an increase in trading volume of 160.06 per cent.

The news comes off the back of a slew of partnerships and announcements, including with Mastercard for a music spotlight initiative built on the Polygon blockchain.

Improvements to throughput, latency and efficiency are also in the near future for the blockchain thanks to the integration of upgrade Recursion, and more improvements are on the way thanks to a hardfork announced earlier this month, all of which is inspiring buyers on the coin in 2023.

Bitcoin has seen a less stellar 24 hours, although far from disastrous.

The leading cryptocurrency has dipped 0.1 per cent since yesterday, currently trading at just below the $23,000 (18586.30) mark with an 18 per cent dip in trading volume over the same period.