Most crypto assets made stark recoveries following the May 9 crash, with the likes of Fantom still battling to escape downside trends. Nevertheless, enthusiasts should beware the latest actions by Fantom investors contribute to the alt’s delayed move to normalcy.
Fantom (FTM) Loses Ground?
FTM saw a swift decline before launching recoveries. However, the altcoin plummeted once more after a 43.11% surge.
While publishing this content, FTM traded near $0.38, 6.88% down within the past 24 hours. That followed a panic selling wave that tracked the crash and erased over $50 million.
Investors have sold their holdings since May 9, leading to a 127 million Fantom entering exchanges at this publication.
For now, it seems FTM holders have decided to sell the tokens. Market players who invested in Fantom for returns appear motivated to sell, considering the current market state.
Meanwhile, Fantom holders have conducted most transactions at a loss since October last year, exceeding expectations. Moreover, the transfer in losses reaches the $48 million high at some point following the latest crash.
Meanwhile, investors’ actions remain justified as the asset’s market value declines toward lifetime lows. What would you expect from individuals who invested to reap profits amidst such conditions? Sell.
Nevertheless, such development discourages new trade. However, newbies might take this as security as the alternative token might unveil rampant losses in the long term.
Notably, Fantom’s network-wide supply remained predominantly in losses since March started, with volumes hitting the 62 million FTM highs at some point.
Generally, any new investor would concentrate on potential returns from the investment. According to FTM’s risk-adjusted profits, the outcomes aren’t impressive enough to lure new market players.
The Sharpe Ration reading at -3.55 confirms that FTM needs more time before returning to normalcy.
Fantom’s bearish bias matched the downturn mode in the overall crypto world. Bears seem undefeated as they canceled all upward endeavors within no time.
The global crypto valuation lost 3.17% within the previous day to $1.21 trillion. Also, BTC remains within the $30,000 level. Bitcoin trades at $29,087.67, dropping 1.36% within the past day.
Stay around for upcoming developments in the crypto world.
Editorial credit: Dennis Diatel / shutterstock.com