Do you believe you can become a millionaire by investing in cryptocurrencies? Many people have achieved that, and there is no reason why you shouldn't aspire to achieve the same. Even if you don't have thousands of dollars to invest at the moment, you can invest what you have and expect a significant return in ten years.
Obviously, it is possible to become really rich in ten years if you build the right cryptocurrency investment portfolio. However, to do that, you need to know the right coins to buy. So, can Fantom make you rich in ten years? That’s a tricky question, and we will try to answer it in the most logical manner.
Like other cryptocurrencies, Fantom has made some people rich already. There is a good chance that it can make you rich in ten years. But, there is no guarantee that your investment in Fantom will yield huge profits in ten years. Cryptocurrency trading/investing is a risky undertaking, so you need to be careful when choosing a coin to invest in.
To determine whether the chances of your Fantom investment becoming a lot more valuable in ten years will be high, we will discuss the cryptocurrency properly here.
Before we probe deeper, it is important to state that we will not provide "absolute" investment advice. Rather, we will discuss the most important things that will help you make a sound decision about investing in Fantom. Therefore, it is really important that you read every aspect of this post carefully.
- What Is Fantom?
- A Brief History of Fantom
- What Is Special About Fantom?
- More About Fantom Token (FTM)
- Can Fantom Make You Rich In Ten Years?
- Price History of Fantom
- Recent Performance and Current Position of Fantom
- Fantom Price Predictions
- Major Reasons to Invest In Fantom
- Why You Should Think Twice Before Investing In Fantom
- Should You Play The Long-Term Game With Fantom?
What Is Fantom?
According to its official website, Fantom is an advanced blockchain project that provides a platform to build customized decentralized applications (DApps) and non-fungible tokens (NFT).
Fantom can also be described as a cryptocurrency platform that provides decentralized finance (DeFi) services to developers using its unique consensus algorithm. Talking about uniqueness, Fantom is a directed acyclic graph (DAG) smart contract platform.
Fantom is one of the emerging stars in the DeFi sector. Unlike most platforms that depend fully on Ethereum, Fantom offers advanced smart contracts. In fact, it takes the best aspects of Ethereum’s smart contracts and adds interesting and helpful features. Fantom smart contracts can monitor the accuracy of transactions, generate evidence base on behaviour, and also execute pre-programmed instructions proficiently.
Fantom addresses some critical problems in both the general cryptocurrency scene and smart contracts in particular, especially transaction speed. Developers claim they’ve been able to reduce transaction time on the platform to just under two seconds.
Like other cryptocurrency platforms, Fantom has a native currency. This in-house token is also called Fantom and trades under the ticker symbol “FTM”. In addition to serving as an investment vehicle, the token also helps to solve some of the problems the platform was designed to solve.
It is important to also state here that the Fantom token (FTM) is the primary asset we are considering here. It is the coin you will need to buy to invest in Fantom. For the purpose of this blog, we will use Fantom, the Fantom token, and FTM interchangeably here.
A Brief History of Fantom
Fantom is a relatively new cryptocurrency, which is why it is understandable that it is not yet as popular as some of the earliest coins. The project started with the creation of the Fantom Foundation in 2018 by Dr Ahn Byung Ik, a South Korean computer scientist.
It took a while for the Fantom Foundation to launch a blockchain. The Fantom blockchain (mainnet) eventually went live in December 2019. The network architecture was originally intended to serve as a viable solution to the blockchain trilemma by providing smart contracts that balance scalability, security, and decentralization.
Over the past years, the Fantom Foundation has been able to attract several capable hands to build the infrastructure and take the platform to where it is supposed to be. The official website of the platform states that its team comprises specialist engineers, scientists, researchers, designers, and entrepreneurs. As a true distributed network, Fantom’s employees are drawn from different parts of the world.
What Is Special About Fantom?
Fantom is not the first or only cryptocurrency platform that seeks to take advantage of the growing decentralized finance sector. However, it has distinguished itself from the rest in many ways.
One of the impressive things Fantom did was to build its own consensus mechanism from the scratch. The mechanism, which is called Lachesis, has been touted to have a much higher capacity than the traditional proof-of-stake algorithm. It can finalize transactions in less than two seconds and provides better security than contemporary crypto platforms.
In the smart contract sub-sector, Ethereum has always been the de-facto platform for developers. Fantom is one of the new ones challenging the status quo. In many regards, it has matched Ethereum as a reliable platform for developers who want to deploy decentralized solutions. It has a very lofty ambition of "granting compatibility between all transaction bodies around the world."
The Fantom token is another wonderful aspect of the project. The in-house Proof-of-Stake token forms the backbone of transactions within the network. It allows fee collection and facilitates staking activities, with accompanying rewards. It can also be used outside of the Fantom blockchain for trading/investing activities.
Read Also: How to Stake Fantom
More About Fantom Token (FTM)
As hinted earlier, the star of the show in this post is the Fantom token, which trades under the ticker symbol “FTM.” We’ve also stated that FTM is a proof-of-Stake (POS) token. You also need to know that it exists in several incarnations.
Though Fantom was built as a standard blockchain, it is compatible with Ethereum. This implies that users of the platform can purchase an ERC-20 standard FTM, which will be automatically converted to native FTM after it arrives in their wallets. There is another version of the coin available on the Binance Chain which uses the BEP2 standard. This version can also be converted to native FTM.
It is important to note that only the native FTM tokens can be used on the Fantom OPERA mainnet. The other versions are used for transactions and can automatically be converted to the standard version. While trading/investing, there is no need to bother so much about the different incarnations. You should only worry about buying from the right source.
Can Fantom Make You Rich In Ten Years?
If you are wondering whether investing in Fantom can make you rich in ten years, this is the part you need to pay serious attention to. The cryptocurrency space is a tricky place, especially when it comes to making and losing money. It is very challenging to expressly state that a particular coin can make you rich in ten years.
Don’t get it wrong, it is possible that Fantom can make you rich in ten years. But there is also a decent chance that long-term Fantom investment can lead to serious loss. This is the reality of most cryptocurrencies.
Though it is very difficult to predict what the future truly holds for Fantom, there are few ways to determine whether it is a viable long-term investment. At this point, we are going to discuss the relevant “past” of the coin, consider its “current realities”, and then look at “predictions” from reliable, sources.
Price History of Fantom
Fantom has come a long way from the day it was made available on major exchanges as a digital currency. According to historical data from Coingecko, the coin was trading for $0.0139878 per token as of October 30th, 2018. It dropped considerably afterwards, closing 2018 at $0.00672615.
Fantom started 2019 on a negative note. By the second day of January, it was trading for $0.00329 per token. It improved a little as the months went by, reaching $0.0164879 by the last week of May 2019. It fluctuated significantly throughout the year and went down to about $0.00985 in the second week of December. It eventually finished 2019 at $0.01143221.
The beginning of 2020 was decent for Fantom as it traded for an average of $0.01038270 in the first two weeks of the year. By February, the price started going down, reaching $0.009342 by February 23rd. It will eventually reach an all-time low of $0.001935 on March 13, 2020.
After hitting rock-bottom in March 2020, Fantom struggled to gain value until the last quarter of the year. By September 6th, it has reached $0.03047. It fluctuated significantly between October and December. Eventually, FTM finished the year at $0.01639727.
2021 has been a spectacular year for Fantom. The coin started the year at about $0.017148 and by January 30th, it has reached $0.128568. February was a lot better as the coin climbed steadily to reach $0.517976 by February 27th. March and April saw the coin fluctuate significantly, but the beginning of May saw the coin reach $0.781640. By May 9th, Fantom sold for $0.819974 before everything went downhill. By May 23rd, Fantom was down to $0.293583.
Chekc Out: Hot Cryptocurrency Price Predictions
Recent Performance and Current Position of Fantom
As of August 27, 2021, Fantom was still wallowing at $0.444367 per token. It started climbing dramatically, and by the first day of September, the coin opened at $0.7161 and reached a new height of $0.9632. By September 4th, the coin reached the $1 mark, selling for $1.19 per token.
September, so far, has been an awesome month for Fantom. It reached an all-time high of $1.93 on September 9th, 202. It was a few cents away from reaching $2, and it appears the coin is ready to surprise investors further in months to come. By the end of October Fantom reached its current all-time high $3.48.
At the time of writing this piece, Fantom was trading for $2.10 per token. It had a 24-hour low figure of $1.93 and a high of $2.15. The trading volume in the last 24-hour was $932,328,971.
Fantom had a market capitalization of $5,342,879,855 at the time of writing this post. This market capitalization makes it the #49 ranked cryptocurrency in the world. However, the fully diluted market capitalization is $6,665,462,369.
There are currently 2.55 billion FTM in circulation. This is about 80% of the 3,175,000,000 maximum supply of the coin.
Fantom Price Predictions
It is safe to say that Fantom has surprised everyone in the last few weeks. However, what we are seeing now had been predicted by a few authority websites some time ago.
Wallet Investor has always been positive about Fantom. According to their predictions, the Fantom coin will be worth worth about $18.7 in the next five years.
Digital Coin Price is also positive about the future of Fantom. They also predict that Fantom (FTM) will reach $3.15 in 2022, $3.02 in 2023, and $3.74 in 2024. In the next five years, they predict that Fantom will be worth around $6.4. They also predict that the coin will reach $9.19 in 2029.
Price Prediction is also confident that Fantom will gain significant value in years to come. In fact, they have some of the most bullish predictions for the coin. They project that Fantom will have a maximum of $2.44 in 2022. In 2023, they predict that the value of Fantom will reach the $4 mark price. The experts also predict maximum value of $10.48 in 2026 and $49.52 in 2030.
Major Reasons To Invest In Fantom
From what we have covered so far, you should know whether Fantom is a good investment option for you. Here, we are going to support the information we have already with a few reasons why Fantom may be a good digital coin to add to your cryptocurrency portfolio.
Looking for some reasons to trust your instinct and invest in Fantom? Here are major reasons to do so:
Fantom Has Built a Reliable Blockchain from Scratch
The Fantom Foundation decided to create a blockchain of their own from the scratch, and from all indications, they have done really well in this regard. Fantom has become a trusted platform for building customized decentralized applications and non-fungible tokens.
Fantom Has A Team Full Of Specialists
One of the reasons the Fantom platform came out the way it did is because the Foundation has a strong team of specialists pulling the strings behind the scene. The excellent team will likely do more in the future to improve the infrastructure and solve more problems.
Fantom As a Platform Is Highly Secure
Security is a factor you should never disregard when it comes to online investment. Luckily, Fantom’s validator nodes form a global, trustless, and leaderless Proof-of-Stake network. It is a highly secure platform and the chances of it being compromised are very slim.
It Is Highly Scalable
Scalability has always been a critical issue in the cryptocurrency space. Many of the latest crypto platforms are highly scalable, but a few can be compared to what Fantom offers. It can process thousands of transactions per second.
It Is Compatible With Ethereum
Though it has a blockchain that matches Ethereum in many regards, Fantom is also compatible with Ethereum. This opens room to several other opportunities as the platform allows users to deploy and run their Ethereum dApps on Fantom. It also works seamlessly with ERC-20 tokens.
It Offers Advanced Smart Contracts
One of the reasons developers are becoming really interested in Fantom is because of its advanced smart contracts capabilities. As mentioned already, it takes the best aspects of Ethereum’s smart contracts and includes additional features to improve the experience of users.
It Is Flexible and Applicable Across Multiple Industries
Many of the newest cryptocurrency platforms focus on solving problems within a specific industry. While Fantom leans toward decentralized finance, it is applicable across different industries. Like Ethereum, it allows developers to develop apps and assets that can be used in different industries.
Fantom FTM Is Highly Rated and Has Performed Well
The Fantom token (FTM) has struggled like many other cryptocurrencies, but it is highly rated by informed industry players. Looking at FTM’s past performance, you may not find anything spectacular. However, it has picked up in recent times, and there are good chances that it will perform even better in the future.
It Is Possible To Stake Fantom and Earn Rewards
Buying and selling FTM is not the only way to earn from investing in the token. Regular cryptocurrency traders and investors can also stake their Fantom FTM and earn rewards for their staking activities. This is one of the best ways to earn passive income in cryptocurrency investing.
Fantom Is Still Cheap
Fantom is currently trading for a little over $1. The token is a highly valuable coin, though many people are yet to realize that. Buying now that FTM is cheap increases your chances of earning bigger profits when the price rises further.
Why You Should Think Twice Before Investing In Fantom
From what we’ve discussed so far, it is easy to conclude that Fantom is an incredible cryptocurrency that will yield huge profits in the future. However, you should know that the cryptocurrency scene is always full of surprises.
While there are so many reasons you may want to invest in Fantom, there are facts that can make you think twice before investing in the coin. Here are the major ones we must let you know now:
Fantom Is Volatile, Just Like Other Cryptocurrencies
The historical price data of Fantom shows that it is as volatile as any other cryptocurrency in the market. Volatility brings uncertainty to the crypto market, which is why it is easy to lose money while trying to make profits from trading/investing. If you can’t deal with the extreme volatility that characterizes the market, then you must think twice before investing.
Fantom Is A Relatively New Cryptocurrency, Hence Unpredictable
Many people find it very difficult to trust new cryptocurrencies, and there are concrete reasons for that. Fantom is relatively new (less than four years). Though the chances of failure are very slim, nobody can really tell for certain what the fate of Fantom will be in five years’ time.
Fantom Is Yet To Scratch the Surface of Decentralized Finance
Many people who will choose to invest in Fantom will do so because of the fast-growing DeFi subsector. Though Fantom is a bona fide member of the sector, it is yet to win enough people over to be considered a mainstream platform. Ethereum will most likely continue to dominate the industry for years to come.
Should You Play The Long-Term Game With Fantom?
If you are wondering whether Fantom can make you rich in ten years, then you are considering a long-term investment. Is this the right thing to do at this time?
Invest for the long-term game with Fantom can be highly rewarding in the future. From what we have discussed so far, you can tell that Fantom is a solid network with a robust infrastructure to support a lot of activities in the DeFi sector.
The Fantom Foundation has built a reliable blockchain from scratch that offers advanced smart contracts capabilities. The platform has been attracting several developers recently, and it is having a remarkable impact on the value of the token. The trend will definitely boost the value of the coin even further. Security is another important factor that makes Fantom attractive.
In all, Fantom appears like a cryptocurrency for the future. There is a good chance that it will become a lot more valuable in the future and return huge profits to investors who will take advantage of its cheap price now. FTM is also a decent coin for long-term investment because you can stake it and earn passive income without selling.
Though there are lots of reasons to play the long-term game with Fantom, it is advisable that you play safely. As you know, it is a new crypto and has shown signs of serious volatility. A lot can happen in ten years, but you should never put all your eggs in one basket. Fantom should only be one of the coins in your long-term plans. Diversification is key.