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One year on: Top 3 gainers after the 'FTX crash bottom'

CointelegraphCointelegraph2023/11/19 08:33
By:Yashu Gola

It's been a year since the demise of the FTX exchange — an event that's now increasingly looking like it was the Bitcoin ( BTC ), which is up roughly 120% from a year ago.

In November 2022, the FTX collapse wiped nearly $300 billion off the market cap, impacting several cryptocurrencies. The ones that suffered the most were tokens with deep financial ties to FTX, including Solana ( SOL ), Serum (SRM), and the exchange's own token, FTX Token (FTT).

Crypto market capitalization daily price chart. Source: TradingView

But a year later, things have not only improved for BTC, but for most cryptocurrencies impacted by the FTX collapse.

Here are the top-gainers (from the top-30 by market capitalization) that would have yielded the biggest profit if bought in November 2022.

Solana up 660% from FTX crash bottom

Solana's price  plummeted by over 50% to $8 after the FTX collapse. The selloff occurred primarily because FTX and its sister firm, Alameda Research, held about 55 million SOL, triggering fears of a dump to plug liquidity holes.

Nonetheless, buying SOL a year ago would have produced a profit of over 660% today.

Solana's gains have largely stemmed from an overall upside sentiment in the crypto market, led by hopes about a Spot Bitcoin ETF approval in the U.S. At the same time, SOL's price has also benefited from  subsiding fears about a potential dump by FTX.

#FTX

FTX has sold 6,986,554 $SOL in the past few weeks, for ~$280.2M $USD .

They are completely OUT of unlocked $SOL .

The only $SOL they have exposure to is locked up, most until 2027-2028, just in time to sell the bottom of the next bear market. #SOLANA can commence UP ONLY. pic.twitter.com/Qu2z843oxS

— Curb◎ (@CryptoCurb) November 14, 2023

FTX Token rival OKB is up 275%

OKX crypto exchange's token OKB was among the least-affected tokens by the FTX fiasco. Moreover, it has benefited greatly in terms of price after its top rival went bust.

Buying OKB at the FTX-led bottom of $17.20 a year ago would have yielded investors a 275% profit today.

OKB/USD weekly price chart. Source: TradingView

OKB's price gains were Binance's loss, and its token BNB ( BNB ) has underperformed the market significantly as the exchange faces legal pressure  in the United States. 

BNB has underperformed many of the top-30 cryptos over the past year, up only 16% from the FTX-bottom.

Chainlink 

Chainlink ( LINK ) had fallen by up to 40% following the FTX collapse. But its lower exposure to the crypto exchange, coupled with development updates, has resulted in a sharp price recovery since the event.

Notably, buying LINK in November 2022 at $5.68 would have produced over 180% profits today.

LINKUSD weekly price chart. Source: TradingView

Factors that helped LINK price rally in recent months include the launch of a new proof-of-reserve product, growing adoption , and increasing demand among professional investors as suggested by Grayscale's Chainlink trust trading at a 170% premium to LINK's spot price.

Grayscale Investments LINK premium rate. Source: Coinglass

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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