- Solana, OKB, and Chainlink have made remarkable recoveries a year after the FTX exchange collapse, showing gains of up to 660%.
- Despite the overall market recovery, Binance’s BNB token has underperformed, rising only 16% from its low point after the FTX incident.
Post-FTX Collapse: Crypto Markets Bounce Back
A year has passed since the dramatic downfall of the FTX exchange, a pivotal event in the cryptocurrency world. This collapse erased nearly $300 billion from the market cap and significantly impacted various cryptocurrencies, particularly those closely linked to FTX, such as Solana (SOL), Serum (SRM), and the FTX Token (FTT). However, the aftermath has seen a notable recovery for Bitcoin (BTC) and most affected cryptocurrencies.
Top Gainers Since the FTX Crash
In the wake of FTX’s fall, Solana’s price nosedived by over 50% to a low of $8, largely due to concerns about a potential dump of the 55 million SOL held by FTX and Alameda Research. Despite these initial fears, Solana has since surged by an impressive 660%, a gain attributed to the overall positive sentiment in the crypto market and subsiding worries regarding FTX’s holdings.
OKB’s Steady Rise
OKB, the native token of the OKX crypto exchange, was relatively unscathed by the FTX debacle. It has since seen a 275% increase in value from its lowest point during the FTX crisis. OKB’s success is partly due to the downfall of its competitor FTX, as well as the broader recovery in the crypto market.
Binance’s BNB: Lagging Behind
In contrast to the success stories of Solana and OKB, Binance’s BNB token has not shared the same level of recovery. Rising only 16% from its post-FTX low, BNB’s performance has been hampered by legal pressures faced by Binance in the United States.
Chainlink (LINK) also faced a significant drop following the FTX collapse, losing about 40% of its value. However, it has since rebounded, achieving over 180% profits for those who invested at its post-collapse low. Chainlink‘s recovery can be credited to ongoing development updates, a new proof-of-reserve product, growing adoption, and heightened interest from professional investors, as evidenced by the Grayscale Chainlink Trust trading at a substantial premium.
The year following the FTX collapse has seen significant shifts in the cryptocurrency market. While Solana, OKB, and Chainlink have demonstrated robust recoveries, Binance’s BNB token has struggled to keep pace. These trends underscore the resilience and dynamic nature of the crypto market, even in the face of major industry upheavals.