It’s a turbulent year for the crypto market, with huge crashes and major negative news coming from all sides.
The latest reveal was that the famous FTX exchange collapsed and filed for bankruptcy.
But what does this mean for its native FTT token? While it’s still available on other platforms, think twice before trading it.
For example, if you have Conflux, you’ll easily find a CFX to FTT exchange. However, is going through with the deal a smart idea?
Conflux Network: Quick Overview
Conflux is an L1 blockchain, so it doesn’t rely on any other networks.
With its headquarters in China, this platform is among the rare major crypto projects in Asia.
Many projects already exist on the Conflux blockchain. That includes DeFi apps, NFTs, exchanges, and wallets.
Thanks to the Tree-Graph consensus algorithm, Conflux can reach impressive transaction speeds. It uses a PoW consensus for security and comes with integrated staking features.
Scrutinizing CFX Price
CFX has a market cap set at $49.6 million, and the coin value is only around $0.02.
Conflux doesn’t have a long history since it became available for trading in November 2020.
The starting price was $0.083. Things started well, and CFX seemed promising.
It had so much potential that it reached a peak value of $1.7 in March 2021. But from there, the coin faces frequent price drops with occasional corrections.
Even while the crypto market was in good shape, CFX had value issues. It had a significant jump in September 2021 but kept going downhill from there. Today, the coin’s price is four times lower than the opening price.
FTT Token: Quick Overview
FTT is a cryptocurrency created to support the FTX ecosystem. Having this token on the exchange meant you had the right to lower trading fees, free rebates, etc.
Staking tokens to get bonuses and voting on critical governance issues was also another benefit of owning FTT.
But after the FTX collapsed, it’s hard to foresee what could happen with the token next.
Scrutinizing FTT Price
The value of FTX Token in December 2022 is approximately $0.9. It puts the coin out of the top 200 in the crypto rankings, although its market cap is $300 million.
FTT entered the market in August 2020, with the opening price set at $1.7. It used the positive crypto trend to gain value during the coming months.
FTX Token was successful in 2021 and reached an all-time high in September 2021. Its value was at an incredible $85.02!
But a market and token downfall begin from there. After several huge crashes, the value went down from $25 to around $2. Today, FTT is only worth half the opening price.
Analyzing Experts’ Opinions To Assess The Profitability Of The Pair
It’s hard to offer an accurate assessment since it comes down to a single factor.
That’s whether the FTX exchange has the chance of bouncing back to its previous state.
If it does, there’s no doubt that FTT has a huge potential, and you should go through with the trade. But if it doesn’t, it’s hard to see any future for FTT.
CFX’s perspective seems steadier, although it could take until 2024 for major progress.
Similar to the entire market, Conflux will look to maintain its value in 2023. But if the market rebounds, the price could start going up.
CFX and FTT haven’t been enjoying the best times lately. Both coins lost most of the peak values they had in 2021.
For now, it’s a huge risk to go with this trade. It’s best to wait at least until the FTX exchange releases definite news about a comeback.
In the meantime, you can find other exciting trading pairs. Converting BNB to MATIC is a great opportunity, and you’ll find other great trading pairs at reputable exchanges.
Remember to pick platforms that guarantee fixed rates and keep your anonymity at a maximum level!