If you have never heard of FTT[1] before, you’re not alone. With Bitcoin[2], Ethereum[3], and other altcoins[4] dominating the space, many tokens are barely able to make a mark. FTT, however, has seen some compelling figures of late.
FTX Token [FFT], the exchange token of the cryptocurrency derivatives platform FTX, might be one of the most profitable altcoins in the crypto-market right now. This is not opinion or speculation, but the extrapolation of on-chain data. Here’s a lowdown on FTT, where it stands, and what kind of gains it might bring.
How is FTT really faring
Let’s talk about the price first. FTT was trading at $42, at press time, after hiking by 71%[5] in a recent rally. In fact, its latest bout of appreciation has been greater than Bitcoin’s (45.8%) and Ethereum’s (67%). What’s more, the token is up by 1,188%[6] in one year too.
But, this is where it gets interesting. FTT holders, on average, are some of the most profitable investors at the moment. Consider this – The average balance on every address currently comes up to $1.2 million.
FTT’s average balance on addresses | Source: Intotheblock – AMBCrypto[7]
This, despite the fact that the network has just 29k addresses in all. This is an important factor since low addresses with a high value of transactions produce such figures. Presently, the network only conducts a meager average of 400 transactions[8] on a daily basis. However, the value of every such transaction is $148,000[9], plus or minus a couple of thousand dollars.
With respect to the value of the token itself, it’s not surprising that FTT owns Bitcoin, Ethereum, and
