FTX Token (FTT) Emerged as a Top Performer in the Cryptocurrency Market on the Way to Tuesday Morning

The asset linked to the now-defunct FTX exchange rallied by over 13% from a $3.17 low to a $3.58 high in the last 24 hours.

FTX Token (FTT) price soared on Tuesday, continuing its strong performance in 2024. The asset linked to the defunct FTX exchange rallied by over 13% from a $3.17 low to a $3.58 high in the last 24 hours.

As of 9:00 AM UTC, FTT retained its price in the $3.45 range, keeping its one-day gain at more than 8%. Meanwhile, the token’s value was 8% lower than the previous week, but the one-month and one-year charts remained subtly up by over 4% and 26%, respectively.

Along the way, FTT experienced a 48% spike in trading volume as $57.67 million worth of its supply moved across wallet addresses. The latest developments propelled FTT’s 328.89 million token supply to a market cap of $1.13 billion.

It should be noted, however, that FTX Token has already lost over 95% of its value from its all-time high of $85.02 in 2021.

FTX Token (FTT) rallies had more to do with the progress of the FTX case than BTC price movements. Source: CoinGecko

Reason for the FTT Rally: FTX Bankruptcy Updates, SBF Pardon Speculation, and More

FTX, once a powerhouse in the cryptocurrency industry, is now a bad memory that the crypto community wants to bury. Despite that, its native token, FTT, has surprisingly outperformed many other crypto assets in 2024.

While Bitcoin (BTC) price movements have significantly steered optimism over the crypto sector, FTT’s rallies had more to do with the progress of the FTX case. It also tended to move at every positive development concerning the defunct exchange’s repayments to disgruntled customers and creditors.

The FTX bankruptcy proceeding is already on its final legs this month. The repayments of the dissolved company to clients also started last week. According to the latest updates, the remaining dues of FTX to its creditors are valued at around $14.7 billion to $16.5 billion.

The bankrupted firm managed to raise the funds via asset sales, and analysts expect that around 98% of its creditors will get back roughly 119% of the value of their investments.

Meanwhile, in related news, there’s ongoing speculation over a potential presidential pardon for FTX co-founder and ex-CEO Sam Bankman-Fried (SBF). The crypto personality is currently serving a 25-year sentence for multiple fraud and money laundering charges.

Being a major donor of President Joe Biden’s Democratic Party during its heyday in the 2020 election, Tesla CEO Elon Musk said it would come as a surprise if the outgoing US leader doesn’t pardon SBF before his term ends.

The Biden administration notably commuted the sentences of SBF’s former cohorts, Ryan Salame and Caroline Ellison, a couple of weeks ago.