History of FTT Cryptocurrency Price Changes

Last Updated: 2 days ago by BrodNeil

FTX is a popular crypto exchange used by both beginner and advanced traders. The platform offers advanced financial instruments for such a popular trading method as futures derivatives trading through its FTX token, which acts as collateral in futures contracts.

Crypto futures trading is speculation on the future crypto asset’s rate documented in a contract where the price and the date are specified. When the contract’s period expires, a trader must fulfil commitments to the contract, that is, to buy or sell crypto assets at a pre-agreed price.

This financial instrument is profitable only in the case the trader knows how to predict assets price. It requires thorough asset analysis:

• technical research (analysing crypto price, chart, finding historical indicators and patterns, etc.);
• fundamental analysis (research of the economy globally and the external factors that can affect the crypto market trends);
• quantitive analysis (based on the data received from the tho previous analysis, a trader calculates indicators).

All these help to understand if it is worth investing in the asset and wish futures option to pick – long or short, where long means selling crypto at a higher price in the future, and short means buying assets at a lower rate in the future.

FTT Price and its History

As of October 2022, the FTT USDT pair is traded at $22.48. USDT is a stablecoin pegged to a dollar, so this pair shows the FTT price in the dollar equivalent.

In 1029, the FTT price reached its all-time low of $0.83, then slightly increased to $2.14. In 2020, the FTX token demonstrated a 169% growth and reached $5.77. In 2021, the price soared to $61.28, which was a sharp increase by 952%. Then when the entire crypto market switched to the bearish trend, the FTT price dropped to $22.79.

In 2022, the token rate reached $46.73, and after the whole market collapsed, it again fell to $33.48. In June 2022, the price declined to $21.15, and since then, the price has been stagnant.

What happened with the FTX Token?

On November 2nd, CoinDesk released a report that had a seismic impact on the entire crypto market. According to the report, Alameda held FTT tokens worth $5.81 billion, a substantial portion of the company’s total assets ($14.6 billion). This is not typical since a company should not hold the majority of its own tokens, but rather a variety of other companies’ and project currencies. However, it’s important to note that FTX exchange is a subsidiary of Alameda.

This news prompted a massive outflow of funds from the FTX exchange, resulting in the FTX token plummeting from $22 to $1.33 by December 1st.

Look for more information about the FTT crypto on the WhiteBIT blog, investigate charts, and analyse the asset on your own to make a correct decision on buying this token.