A year has passed since the FTX exchange crash. This event is starting to look like a bottom for Bitcoin, which is up nearly 120% from a year ago. The collapse of FTX in November 2022 wiped out approximately $300 billion from the market value and affected many cryptocurrencies. Those that suffered the most were tokens with deep financial ties to FTX, including Solana. Additionally, Serum (SRM) and the exchange’s native FTX Token (FTT) suffered major losses. But a year later, things have improved for most cryptocurrencies affected by the BTC and FTX crash. Here are the altcoin projects that would bring the biggest profit if purchased in November 2022…
Altcoin Solana is up 660% from the bottom of the FTX crash
After FTX’s crash, Solana’s price dropped more than 50% to $8. The primary reason for the sales was that FTX and its sister firm Alameda Research held approximately 55 million SOL, triggering fears of a dump to cover the liquidity gap. However, buying SOL a year ago would have yielded a profit of over 660% today.
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
— Curb◎ (@CryptoCurb) November 14, 2023
Solana’s gains were primarily driven by bullish sentiment in the crypto market, led by hopes for spot Bitcoin exchange-traded fund approval in the United States. At the same time, SOL’s price also benefited from easing fears of a potential sale of FTX.
OCD increased by 275 percent
OKB, the token of the OKX crypto exchange, was among the tokens least affected by the FTX debacle. Moreover, it benefited significantly in price after its largest rival went bankrupt. Buying OKB at FTX’s bottom of $17.20 a year ago would have returned investors a 275% profit today. OKB’s price gains have been Binance’s loss, with its BNB token significantly underperforming the market as the exchange faces regulatory pressure in the United States. BNB has underperformed most of the top 30 cryptocurrencies over the past year, rising only 16% from the FTX bottom.
Last altcoin on the list: LINK
Chainlink lost up to 40% of its value following the collapse of FTX. However, its lower exposure to the crypto exchange, combined with development updates, has resulted in a sharp price recovery since the incident. Specifically, buying LINK at $5.68 in November 2022 would have yielded over 180% profit today.
Factors that have helped the LINK price rise in recent months include the launch of a new proof-of-reserve product, increased adoption, and increased demand among professional investors, as evidenced by Grayscale’s Chainlink Trust trading at a 170% premium to LINK’s spot price.
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