This crypto turned $ 1,000 into almost $ 100,000 in 9 months

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If you had bought a Fantom Crypto Smart Contract (FTM) for $ 1,000 at the start of the year, it would be worth $ 98,108 today, a return on your investment of over $ 97,000.

On January 1, your $ 1,000 investment would have earned you 59,102 FTM tokens worth 0.01692 each. Yesterday those tokens were worth $ 1.66 each, according to CoinMarketCap, which represents mind-blowing returns.

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How the other pieces stack up

To put Fantom’s growth in context, here are the performances of the other major cryptocurrencies since the start of the year.

  • Bitcoin (BTC): Your $ 1,000 would be worth $ 1,600 today.
  • Ethereum (ETH): Your $ 1,000 would be worth $ 4,646 today.
  • Cardano (ADA): Your $ 1,000 would be worth $ 13,892 today.
  • Solana (SOL): Your $ 1,000 would be worth $ 124,636 today.
  • Dogecoin (DOGE): Your $ 1,000 would be worth $ 53,963 today.

Like the coins above, Fantom is available from several leading cryptocurrency exchanges.

What Fantom does

Fantom is a smart contract cryptocurrency platform that, like many Ethereum aspirants, promises fast transactions and low costs.

Ethereum was the first cryptocurrency to offer smart contracts and was a game-changer for the blockchain. Smart contracts are tiny pieces of code that live on the blockchain and allow it to run applications and even other cryptocurrencies.

This capability powers much of the Decentralized Finance (DeFi) industry which eliminates middlemen from a multitude of financial transactions. Smart contracts, for example, mean that an insurance broker can pay automatically when certain conditions are met, with no need for anyone to file a claim.

Fantom’s price spike reflects extraordinary investor interest in next-generation smart contract platforms. He also made some big announcements, such as the launch of Rarity, a game in which players can create and redeem Non-Fungible Tokens (NFTs). The trade in NFTs, which are a type of digital collectible, is also booming right now. NFTs use smart contracts to store property information, making each one unique, and NFT games are a popular industry.

The dangers of the “what ifs” in investing

It can be fun playing the “what if” game, but life doesn’t work that way. We would all be millionaires if we had bought Bitcoin, Ethereum, or Amazon in the early days. One of the factors behind huge cryptocurrency gains is the desire of investors to get involved in this nascent technology early on. Just like at the start of the internet, people are afraid of missing out on the next big thing.

But with over 11,000 cryptocurrencies on the market, it takes time, patience, luck, and maybe even a touch of genius to sort through the options and pick one that could turn $ 1,000 into 100. $ 000 in less than a year. That, and a great tolerance for risk.

Keep in mind that over 2,000 cryptocurrencies have already failed. If you had put $ 1,000 into any of them, you would have wasted all of your money. And if you had bought Fantom’s $ 1,000 when it first peaked in May, you would have seen it lose over 80% in two months before bouncing back again. This is one of the reasons why it is better to take a long term investment approach.

Crypto investing can be volatile and speculative. You can generate stratospheric returns on a coin like Fantom, but there is no guarantee. In addition, the market is unpredictable and relatively unregulated. For example, no one could have known that Elon Musk (other than maybe Musk himself) would adopt Dogecoin as his personal pet coin and push the joke coin into the mainstream. And the lack of regulation means we can’t always trust the information these projects publish about themselves.

Choose the winners

As retail investors, the best way to pick potential winners is to learn as much as possible about the industry and then try to learn more. Take a leaf from billionaire investor Mark Cuban’s book – he says he spends several hours every day learning about crypto.

The more knowledge we have, the more we can monitor trends and identify promising coins before they take the plunge. It also helps us know which experts are worth listening to, research the fundamentals of a coin, understand white papers, and keep up with blockchain technology developments.

We have only seen a fraction of what the blockchain might be able to achieve. Fast smart contract platforms like Fantom could powering a host of practical applications that weren’t possible on Ethereum. For example, there is huge potential in supply chain management, healthcare and governance.

If the cryptocurrency industry continues to grow, there is a good chance that savvy investors can generate healthy returns over the long term. At the same time, heavy regulation, a change in market sentiment, or some other big crypto hack could all sway the industry. Unfortunately, no one has a crystal ball. And trying to pick the next Fantom is kind of like pinning the ghost in the machine.


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