Cryptocurrency

Is going long on FTX token a safer bet for swing traders

The FTX token, on the time of writing, was buying and selling at $27.54 and witnessed a spike of 1.54% within the final 24 hours.

The token gives a bunch of utilities and is backed by one of many largest centralized exchanges within the crypto house. Now, as an investor, you may ask- Could this token be a protected bet within the long time period?

Looking for a solution

There is a risk that it could be a good funding for the long run. This is as a result of FTX, particularly in the previous few days, has been exhibiting excessive market cap dominance.

Source: Messari

Despite volatility across the transaction worth of the FTX token, the metric is at the moment on the rise.

This merely signifies that extra traders have an interest on this token. 

1661375704 455 Is going long on FTX token a safer bet for

Source: Santiment

Another optimistic affect of shopping for the FTX token might be that many utilities are granted to the token holders.

Token holders need to pay diminished buying and selling charges. They may also use the token as collateral in opposition to their bets. And, customers can stake their tokens for a yield as properly.

Even although there have been some positives of the FTX token, there was some degree of criticism as properly. The damaging and optimistic sentiments are depicted within the chart given under. 

1661375705 248 Is going long on FTX token a safer bet for

Source: Santiment

One of the primary causes for the criticism was truly from the Celsius quick squeeze neighborhood that has voiced their grievances in opposition to FTX.

Furthermore, a motive for the resentment in opposition to the FTX neighborhood is their stance against zk money. However, issues haven’t been all that unhealthy for the FTX workforce.

FTX is reported to have grown over 1000% in revenue solely in 2021.

To the moon?

Even in a bear market, FTX has managed to carry out outrageously properly in opposition to its rivals.

Even although the FTX token hasn’t seen related progress, the value does have the backing of one of many largest exchanges on this planet. And, it might be thought-about as a protected bet for somebody seeking to purchase a low cost and protected asset for the long time period.

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