Binance, the world’s largest exchange by trading volume, recently announced a new addition for its auto-investing feature. The exchange decided to add support for Fantom’s native cryptocurrency, the FTM token.
With FTM supported, users will be able to automatically use a dollar-cost averaging strategy when investing in the token.
Binance users will be able to use auto-investing to automate their crypto investments and earn a positive income simultaneously. The feature has been quite popular among the exchange’s users ever since it was launched a few months ago, in November 2021. The feature came as part of the platform’s Binance Earn suite, and when it launched, it only supported 3 cryptocurrencies — Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) itself, the exchange’s native cryptocurrency.
However, the platform saw a lot of demand for additional cryptocurrencies over the past several months, which is why it proceeded to add a number of new tokens. Since November, the auto-investing feature added support for some of the most popular coins in the industry, including Cardano (ADA), Solana (SOL), Terra (LUNA), Algorand (ALGO), and Litecoin (LTC), among others. As of yesterday, February 17th, that list also includes Fantom (FTM).
Fantom’s DeFi TVL exceeds BSC
Commenting on the popularity of the feature, Binance added that, by the end of 2021, the exchange saw over 100,000 auto-invest plans. The total trading volume that the feature had seen exceeded $10 million, signaling great levels of adoption.
Interestingly enough, Fantom also surpassed Binance’s secondary blockchain, Binance Smart Chain (BSC). The exchange created this blockchain in 2020, after the DeFi sector exploded, intending it to become its own major development platform, something like Binance’s version of Ethereum.
While BSC did provoke a great amount of interest, it still has some way to go before it becomes the most dominant project. Fantom surpassed in terms of TVL in DeFi protocols about a month ago. According to available data, on January 24th, Fantom’s DeFi protocols held a total of $11.73 billion in TVL.
Despite the fact that the token is usually traded on decentralized exchanges (DEXes) there are a few centralized platforms among the top-ranking exchanges that also offer it. That includes Binance itself, which holds nearly half (48.96%) share. Following that is OKEx with 20.81%, while the remaining share is split between DigiFinex, KuCoin, and HitBTC.
Fantom’s reaction to the listing
Following the announcement of its listing on February 17th, Fantom’s price briefly surged to the resistance at $2.15. Unfortunately, the token’s price was immediately rejected, causing it to correct to a support at $1.9.
Despite the coin’s excellent performance in 2021 which took it from $0.01 on January 1st, 2021, to the all-time high at $3.48 on October 28th, FTM price did not perform so well in 2022. It started the year with a price of $2.32, and for the first week of January, it even surged to $3.14.
After reaching this level on January 5th, the token corrected to a support at $2.20 by January 8th, only to skyrocket again and reach the price of $3.30 around January 17th. This is worth noting, as FTM price was surging while all other crypto prices were crashing, and only about a week after reaching this height, the project’s DeFi sector exceeded BSC’s TVL, as mentioned previously.
After that, however, the bearish market impacted Fantom, as well, causing it to crash to a support at $1.9, which managed to hold it from sinking further thus far. The token spent the last several weeks mostly fluctuating between this support and a resistance at $2.20, occasionally venturing beyond it, but never for very long, and its value would usually drop back down even if it did go further up.
To learn more about this token visit our Investing in Fantom guide.
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