FTX FTT/USD is a crypto derivatives exchange where users can buy a wide variety of cryptocurrencies and sell them and gain access to index futures with low fees and up to 101x leverage.
The FTX Token (FTT) is the utility token on the exchange which is used to reduce trading fees or serve as collateral against futures positions.
The LedgerX partnership as a catalyst for growth
On August 31, FTX US announced that they are acquiring LedgerX in order to offer CFTC-regulated crypto derivatives to the US market.
This comes after a long line of new partnerships and purchasing naming rights. It has also become the official crypto exchange to sponsor Major League Baseball.
LedgerX is an exchange for digital currency futures as well as options, and it is a US Commodity Futures Trading Commission regulated design contract market (DCM), as well as derivatives clearing organization (DCO) and a (swap execution facility (SEF).
Should you buy FTX Token (FTT)?
On September 3, FTX Token (FTT) had a value of $64.85.
To get a perspective of what kind of value point this is, we will be going over it’s all-time high value as well as its performance in August.
FTT saw its all-time high on September 2 at a value of $69.97. This made it just 8% higher in value than on September 3.
FTT’s lowest price point was on August 2, where the value was at $34.47.
Its highest point was achieved on August 13, where it had a value of $54.01. Here, we can see that the price has increased by 56% throughout the month. According to data from IntoTheBlock, FTX Token (FTT) saw total exchange inflows of $346.33 million and total exchange outflows of $386.62 million in the last seven days.
Furthermore, it saw 11,34K in total addresses as its 30-day average, with its high being at 13.01K addresses and its low being at 9.96K addresses.
With the LedgerX partnership, we can see an increase in the activity and requirement of the FTX token, which could lead to an increase in its circulating supply.
Based on all of this data, we can expect the token to get to the $70.36 price by the end of September, which makes it a good buying decision.
The post Why buy FTX Token after its partnership with LedgerX and what we can expect in September appeared first on Invezz.
from Market Analysis – Invezz