Top 3 winners after the ‘FTX crash bottom’
It's been a year since the FTX exchange went down – an event that now seems to be the bottom of the rising Bitcoin (BTC), which rose roughly 120% a year ago.
In the year The FTX crash in November 2022 wiped nearly $300 billion off the market cap and affected several cryptocurrencies. The most affected are tokens with deep financial ties to FTX, including Solana (SOL), Serum (SRM), and the exchange's native FTX Token (FTT).
But a year later, things have improved for BTC and most other cryptocurrencies affected by the FTX crash.
In the year Here are the top gainers (from the top 30 by market capitalization) that would have made the biggest gains if they bought in November 2022.
Solana rallied 660% below the FTX crash.
After the FTX crash, Solana's price dropped more than 50% to $8. The sell-off was mainly due to FTX and its sister company Alameda Research holding 55 million SOL, fueling fears of a dump to plug the fracking wells.
However, buying SOL a year ago would have yielded over 660% profit today.
Solana's gains stemmed mainly from the contrarian sentiment in the crypto market, led by the prospect of approval of a fund sold on a Bitcoin exchange in the United States. At the same time, the price of SOL has benefited from a reduction in fears that FTX may be dumped.
#FTX
FTX has sold 6,986,554 $SOL in the last few weeks, for ~$280.2M $USD.
You are completely out of $SOL.
The only exposure $SOL has is locked in, mostly until 2027-2028, when it's time to sell the bottom of the next bear market. #SOLANA can only begin. pic.twitter.com/Qu2z843oxS
— Curb◎ (@CryptoCurb) November 14, 2023
FTX Token's rival OKB rose 275%
The OKX crypto exchange token OKB is one of the tokens least affected by the FTX fiasco. What's more, it has gained significantly in price since its top rival stumbled.
Buying FTX OKB at $17.20 a year ago would have given investors a 275% return today.
OKB's price gains were Binance's losers, and the BNB (BNB) token underperformed the market as the exchange faced legal pressure in the United States.
BNB has underperformed the top 30 cryptocurrencies over the past year, with FTX only up 16% at the bottom.
Chain link
Chainlink (LINK) fell 40% following the FTX crash. However, the low exposure to the crypto exchange, coupled with the development updates, has resulted in a significant price recovery since the event.
Specifically, buying LINK in November 2022 at $5.68 would have yielded over 180% profit today.
Factors that have helped LINK's price rally in recent months include the launch of a new authentication product, increased adoption and increased demand among professional investors, as indicated by Greyscale's Chainlink Trust trading at a 170% premium to LINK's price.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
