One Year Past the FTX Crash – Three Top Performers

A year on from the FTX exchange collapse, which once seemed like a potential nadir for Bitcoin, the cryptocurrency market has shown remarkable resilience. Bitcoin itself is up approximately 120% from its low point a year ago.

The implosion of FTX in November 2022 erased nearly $300 billion from the market capitalization of cryptocurrencies, heavily impacting several coins, particularly those with strong financial connections to FTX. Tokens like Solana’s Serum (SRM) and FTX’s own native token (FTT) were among the hardest hit.

However, the situation has significantly improved since then for Bitcoin and most other cryptocurrencies that were affected by the FTX debacle. Looking at the top gainers from the top 30 cryptocurrencies by market capitalization, here are the ones that would have offered the most substantial returns if purchased in November 2022.

Solana (660% Increase Post-FTX Crash): Solana’s value dropped more than 50% to $8 following the FTX crash, mainly due to FTX and Alameda Research holding around 55 million SOL. Despite these initial fears, an investment in SOL would have yielded a profit of over 660% today. Solana’s resurgence is largely attributed to the general positive sentiment in the crypto market, including anticipation for the approval of a Bitcoin spot ETF in the U.S., and easing concerns about a potential SOL dump by FTX.

OKB (275% Increase): OKX’s exchange token, OKB, was less affected by the FTX collapse and has since seen a price increase of 275% from its low of $17.20 at the FTX crash. OKB’s gains seem to have come at the expense of its rival Binance’s BNB token, which has not performed as well amid legal challenges in the U.S.

Chainlink (180% Increase): Chainlink, which initially fell 40% post-FTX crash, has recovered impressively. An investment in LINK at $5.68 in November 2022 would have resulted in over 180% profits today. Chainlink’s recovery is credited to its lower exposure to FTX, ongoing development updates, the launch of its proof-of-reserve product, growing adoption, and increased interest from professional investors, as indicated by the premium trading of Grayscale’s Chainlink Trust over LINK’s spot price.

These cryptocurrencies have not only weathered the storm caused by the FTX collapse but have also demonstrated significant growth, highlighting the dynamic and resilient nature of the cryptocurrency market.