The volatility in the cryptocurrency markets increased significantly last year with bankruptcies. Especially around this time last year. When the FTX exchange went bankrupt about 1 year ago, investors panicked and started selling. As a result, new bottom levels emerged for Bitcoin and altcoins. So what happened in the past year?
Solana (SOL)
If you had bought SOL Coin when XRP Coin hit rock bottom 1 year ago, you could have achieved the highest gain among the top 30 cryptocurrencies. After the collapse of FTX, the price of Solana dropped by more than 50% and reached the $8.5 range. The main reason for the sales was the possibility of FTX and its sister company Alameda Research having approximately 55 million SOL and the likelihood of them quickly turning to selling.
In fact, the massive SOL Coin unlockings by validators during the same period also caused panic. However, those who acted boldly made a 660% profit by buying SOL Coin a year ago. Solana’s gains largely came after the expectation of approval for Spot ETF in the US.
Moreover, since the sales of FTX exchange have largely been completed, investors’ concerns have decreased.
OKB Coin and LINK Coin
OKB, the token of OKX crypto exchange, was among the cryptocurrencies least affected by the FTX fiasco. However, it dropped to $17.2 last year. Those who took advantage of this bottom made a profit of 275%. It is necessary to see that the ongoing pressure on Binance exchange indirectly affects the price of OKB.
Chainlink (LINK), which experienced a 40% drop, also had tough times in the following period. However, concrete steps in the RWA field and efforts to increase token utility brought success. The factors that have helped increase the price of LINK in recent months are as follows;
- CCIP
- Swift tests
- New reserve proof product
- Growing staking pool and making LINK Coin useful
- Grayscale’s Chainlink trust trading at a 170% premium over the spot price of LINK. This reflects institutional demand as well.
If the demand continues to remain strong, it is possible for LINK Coin’s price to reach new highs. However, this week, investors lost their appetite for altcoins as BTC failed to break the $38,000 resistance.
