FTX crypto exchange'south native utility token, FTT, reached a new record high on Monday a week after it agreed to acquire LedgerX, a United States-based crypto derivative platform, for an undisclosed sum.

On Monday, the FTT/USD exchange charge per unit surged 16.37% to $73.99 in a market-wide rally that saw other summit coins mail similar just dwarfed cost rallies. Additionally, the pair's intraday climb coincided with gains among top exchange tokens, with Binance Coin (BNB) rising 2.3% and Uniswap's UNI recording 3.v% profits on a 24-hour adapted timeframe.

24-hour performance of the top 10 crypto substitution tokens. Source: Messari

LedgerX acquisition

The news of FTX'southward Ledger conquering served as the primary bullish backdrop backside FTT's rally.

On Aug. 31, the crypto commutation revealed that it wants to offer a broad array of crypto-based asset classes in the U.S. via its regional fly, FTX.United states of america. Equally a result, its acquisition of LedgerX, a U.S.-regulated crypto derivatives exchange and clearinghouse for retail and institutional investors, would hateful broader market exposure for FTX services.

FTT jumped 34.42% in response to the LedgerX news on Wednesday. After, the cryptocurrency entered a consolidation phase, simply to resume its uptrend on Monday, rise up to 16.37%. In total, its month-to-appointment gains came out to be a little over 50%.

FTT/USD four-hour toll chart. Source: TradingView

FTX Bitcoin OI already well-nigh previous record high

In detail, FTT provides its holders an opportunity to earn trading fee discounts and over-the-counter rebates on the FTX commutation. Token holders tin as well utilize FTT every bit collateral for futures positions. Meanwhile, institutions that want to buy a white-characterization version of FTX's OTC portal and futures exchange can practice so past using FTT.

Therefore, FTX'due south network growth tends to directly correlate with FTT'southward toll operation. The relationship was visible in the contempo rally, as the Bitcoin Futures Open Interest on the FTX exchange recovered to $two.96 billion on Monday. At its highest, the OI was $iii.02 billion on April thirteen, 2022.

FTX BTC Futures Open up Interest. Source: Bybt

Additionally, FTX's Bitcoin OI recovered toward its all-time highs faster than any other crypto derivatives exchange. For instance, Binance'southward Bitcoin OI reached $4.83 billion, with its best level at $5.27 billion, per data provided by Bybt.

Technical outlook

FTT's latest bull run has pushed it into a price discovery mode.

FTT/USD daily price chart. Source: TradingView

The FTT/USD rate underwent a half-dozen% correction after topping out at $73.99 on Mon, signaling turn a profit-taking among daytraders.

Related: Expanding ecosystem and LedgerX acquisition transport FTX Token (FTT) to a new ATH

At present, the pair looks at maintaining back up almost $61.03 to retest its current all-time high for a bullish breakout. Should that happen, the next resistance target volition appear at roughly $85, as per the Fibonacci retracement setup in the chart above.

Meanwhile, a continued sell-off would risk pushing FTT/USD to around $52.48, a level also near the 20-day exponential moving average (20-twenty-four hour period EMA; the greenish moving ridge).

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