One year on: Top 3 gainers after the 'FTX crash bottom'
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).
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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.
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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
— Curb◎ (@CryptoCurb) November 14, 2023
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
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.
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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.
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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.
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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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