Top 3 gainers after the ‘FTX crash bottom’

It’s been a yr since the demise of the FTX exchange — an occasion that’s now more and more wanting prefer it was the Bitcoin (BTC) backside, which is up roughly 120% from a yr in the past.

In November 2022, the FTX collapse wiped practically $300 billion off the market cap, impacting a number of cryptocurrencies. Those that suffered the most had been tokens with deep monetary ties to FTX, together with Solana’s (SOL), Serum (SRM) and the alternate’s native FTX Token (FTT).

However a yr later, issues have improved for BTC and most cryptocurrencies impacted by the FTX collapse.

Listed below are the prime gainers (from the prime 30 by market capitalization) that will have yielded the largest revenue if purchased in November 2022.

Solana up 660% from FTX crash backside

Solana’s worth plummeted by over 50% to $8 after the FTX collapse. The sell-off occurred primarily as a result of FTX and its sister agency, Alameda Analysis, held about 55 million SOL, triggering fears of a dump to plug liquidity holes.

Nonetheless, shopping for SOL a yr in the past would have produced a revenue of over 660% at present.

Solana’s beneficial properties have primarily stemmed from an upside sentiment in the crypto market, led by hopes for a spot Bitcoin exchange-traded fund approval in the United States. At the identical time, SOL’s worth has additionally benefited from subsiding fears about a potential dump by FTX.

#FTX

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

They’re fully OUT of unlocked $SOL.

The one $SOL they’ve publicity to is locked up, most till 2027-2028, simply in time to promote the backside of the subsequent bear market.#SOLANA can begin UP ONLY. pic.twitter.com/Qu2z843oxS

— Curb◎ (@CryptoCurb) November 14, 2023

FTX Token rival OKB is up 275%

OKX crypto alternate’s token OKB was amongst the least-affected tokens by the FTX fiasco. Furthermore, it has considerably benefited in worth after its prime rival went bust.

Shopping for OKB at the FTX backside of $17.20 a yr in the past would have yielded traders a 275% revenue at present.

OKB’s worth beneficial properties had been Binance’s loss, and its BNB (BNB) token has underperformed the market considerably as the alternate faces legal pressure(*3*)) had fallen by as a lot as 40% following the FTX collapse. Nonetheless, its decrease publicity to the crypto alternate, coupled with improvement updates, has resulted in a pointy worth restoration since the occasion.

Notably, shopping for LINK in November 2022 at $5.68 would have produced over 180% income at present.

Components that helped the LINK worth rally in latest months embody launching a brand new proof-of-reserve product, rising adoption, and increasing demand among professional investors, as advised by Grayscale’s Chainlink Belief buying and selling at a 170% premium to LINK’s spot worth.

This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.