Sunday, 14 July 2024

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Top 3 gainers after the ‘FTX crash bottom’

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).

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 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 (LINK) had fallen by up to 40% following the FTX collapse. But its lower exposure to the crypto exchange, coupled with development updates,…

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