It has been a yr because the demise of the FTX trade — an occasion that is now more and more trying prefer it was the Bitcoin (BTC), which is up roughly 120% from a yr in the past.
In November 2022, the FTX collapse wiped almost $300 billion off the market cap, impacting a number of cryptocurrencies. Those that suffered probably the most have been tokens with deep monetary ties to FTX, together with Solana (SOL), Serum (SRM), and the trade’s personal token, FTX Token (FTT).
However a yr later, issues haven’t solely improved for BTC, however for many cryptocurrencies impacted by the FTX collapse.
Listed here are the top-gainers (from the top-30 by market capitalization) that might have yielded the largest revenue if purchased in November 2022.
Solana up 660% from FTX crash backside
Solana’s value plummeted by over 50% to $8 after the FTX collapse. The selloff 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 largely stemmed from an general upside sentiment within the crypto market, led by hopes a few Spot Bitcoin ETF approval within the U.S. On the identical time, SOL’s value has additionally benefited from subsiding fears a few potential dump by FTX.
They’re fully OUT of unlocked $SOL.
— Curb◎ (@CryptoCurb) November 14, 2023
FTX Token rival OKB is up 275%
OKX crypto trade’s token OKB was among the many least-affected tokens by the FTX fiasco. Furthermore, it has benefited enormously when it comes to value after its high rival went bust.
Shopping for OKB on the FTX-led backside of $17.20 a yr in the past would have yielded buyers a 275% revenue at present.
OKB’s value beneficial properties have been Binance’s loss, and its token BNB (BNB) has underperformed the market considerably because the trade faces authorized stress in the USA.
BNB has underperformed lots of the top-30 cryptos over the previous yr, up solely 16% from the FTX-bottom.
Chainlink (LINK) had fallen by as much as 40% following the FTX collapse. However its decrease publicity to the crypto trade, coupled with improvement updates, has resulted in a pointy value restoration because the occasion.
Notably, shopping for LINK in November 2022 at $5.68 would have produced over 180% income at present.
Components that helped LINK value rally in current months embody the launch of a brand new proof-of-reserve product, rising adoption, and growing demand amongst skilled buyers as advised by Grayscale’s Chainlink belief buying and selling at a 170% premium to LINK’s spot value.
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.
Supply: Coin Telegraph