It has been a year since the FTX exchange collapsed, causing significant turmoil in the cryptocurrency market. While the FTX collapse wiped out nearly $300 billion in market cap and impacted several cryptocurrencies, it seems that Bitcoin (BTC) has emerged as the top gainer, with a remarkable 120% increase in value. In this article, we will explore the top gainers and losers from the FTX collapse, highlighting the significant profit potential they would have brought to investors.
Solana (SOL) suffered a steep decline of over 50% in price following the FTX collapse. This sell-off was driven by the fear of a dump to plug liquidity holes, as FTX and its sister firm, Alameda Research, held approximately 55 million SOL. However, those who had the foresight to purchase SOL a year ago would now be enjoying profits of over 660%. The positive sentiment in the crypto market, driven by hopes for a spot Bitcoin exchange-traded fund approval in the United States, has played a crucial role in Solana’s impressive gains. Additionally, subsiding fears of a dump by FTX have further contributed to SOL’s price recovery.
OKB, the token of OKX crypto exchange, was relatively unaffected by the FTX collapse and has experienced significant price gains since its top rival went bust. Investors who bought OKB at its rock-bottom price of $17.20 a year ago would now be enjoying a profit of 275%. On the other hand, Binance’s BNB token, which has underperformed the market, has risen by only 16% since the FTX collapse. BNB’s underperformance can be attributed to the legal pressure faced by the exchange in the United States.
Following the FTX collapse, Chainlink (LINK) experienced a significant drop of around 40% in price. However, its lower exposure to the crypto exchange, coupled with development updates, has led to a substantial price recovery. Investors who purchased LINK at $5.68 in November 2022 would now be enjoying profits of over 180%. Several factors have contributed to the LINK price rally, including the launch of a new proof-of-reserve product, growing adoption, and increasing demand among professional investors. The fact that Grayscale’s Chainlink Trust trades at a 170% premium to LINK’s spot price further indicates a positive sentiment towards the project.
Despite the turmoil caused by the FTX collapse, several cryptocurrencies have managed to recover and yield substantial profits for early investors. Bitcoin has emerged as the top gainer, while tokens like Solana (SOL), OKB, and Chainlink (LINK) have also seen significant price recoveries. These success stories highlight the resilience and potential for profit in the cryptocurrency market. However, it is important to note that investing in cryptocurrencies carries inherent risks, and past performance cannot guarantee future gains.