The price of FTX Token (FTT) has spiked 36% over the last 24 hours to $34.17, likely fueled by drama around rival exchange Binance.
FTT is the native token of the FTX cryptocurrency derivatives exchange. Despite FTX filing for bankruptcy on November 11, 2022, the FTT price is rallying.
Santiment speculates this upside momentum comes from traders swapping their Binance Coin (BNB) for FTT after regulatory troubles mounted for Binance last week. With Binance ceasing US operations, some funds appear to be rotating into FTX Token.
Over the past 24 hours, FTT has seen $285 million in trading volume – a 338.68% surge. This heavy trading activity indicates strong interest in FTT and is likely driving the price higher.
Though FTX collapsed in spectacular fashion just weeks ago, the troubles of dominant industry player Binance seem to be reviving interest among traders for smaller exchanges like FTX.
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With market leader Binance on the backfoot, traders could be betting on platforms like FTX gaining market share in the coming months despite its bankruptcy filing. For now, the momentum in the FTT price suggests the token remains actively traded as Binance uncertainty shakes up the crypto exchange landscape.
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