As a result of FTX declaring bankruptcy and several other well-known crypto exchanges going under, Bitcoin has dropped in value and is now hanging on to one of its last significant support levels. Over the few weeks, the flagship cryptocurrency has taken a hit and has hit 2-year lows. It is presently trading barely over the $16,200 support level, posing a real risk to altcoins and the rest of the market.
Naturally, several altcoins have followed Bitcoin's lead and have declined in price. And while several registered more significant losses than others, the rest are still down by several percentages from their local highs.
This article examines the top gainers and losers over the past week. By how much they fell and how they are currently performing.
The value of BTC has remained extremely rangebound and has kept a lid on other cryptocurrencies. However, the flagship cryptocurrency's value registered a quick jump to $17,000 on 15 November as U.S. economic data indicated cooling inflation.
Several altcoins took this as an opportunity to move to the upside, and here are some of them.
Over the last ten days, Trust Wallet Token (TWT) has increased by approximately 150%, directly against the decline in the general cryptocurrency market, whose net capitalization crashed from its trillion dollar mark and fell by almost $100 billion during that time.
On 15 November, TWT's price reached a high of $2.43.
The cryptocurrency's lowest point for TWT in 2022 was the $0.4 mark, making the altcoin's increase from $0.4 to $2.43 one of the year's most significant crypto price increases.
Over the last eleven months of 2022, TWT has experienced more than 200% increases and is still doing well from long and short-term perspectives compared to other tokens in the market.
At the time of writing, the cryptocurrency is down by 3% but is still up by more than 90% in the previous seven. It has a market cap just slightly below the $1 trillion mark, as illustrated above.
The FIFA World Cup, according to analysts, may boost the general interest in fan tokens like Chiliz. That is one of the factors for the remarkable price recovery of CHZ after the crash of FTX. At the time of writing, the price of CHZ is trading around the $0.25 zone and has a current price of $0.253.
The cryptocurrency is up by 4% over the last day and by an impressive 20% over the last week, considering the state of the general crypto market.
Chiliz has a real possibility of moving further to the upside, and the CEO of Chiliz, Alexandre Dreyfus, said on Twitter that Chiliz would distribute 38 million CHZ tokens to aggrieved retail traders of FTX who had CHZ on the platform before it crashed and suspended withdrawals.
According to Dreyfus, the recipients will get up to $10,000 as repayment, and the processing may take a few weeks to complete.
The insolvency of FTX and the following crash of the general crypto market continued the DYDX price from performing well last week.
FTX was a centralized exchange, and its crash has made the crypto community wary of the safety of their assets. Because of fear, traders and investors are considering self-custody wallets and more Decentralized Exchanges (DEXs) for trading activities.
Coins associated with these DEXs and self-custody options have prospered as traders continue to seek safer holding locations for their assets.
As a result, DYDX has registered 2.3% gains over the last day of writing and made 18% in the previous seven days.
Some of the altcoins on the market have recovered from the recent crash. However, others have only tried and are suffering in terms of price. Below are some of the altcoins that either took the most brutal beatings or were unable to rise again due to how badly they crashed.
The crypto community's faith in centralized exchanges rose in flames after FTX crashed. The price declines in several of these centralized exchange tokens suggest that the whales and sharks have sold off a significant amount of their holdings over the past ten days.
FTX Token (FTT), one of the worst-hit cryptocurrencies in the FTX crisis, has fallen 4.46% at the time of writing to $1.46.
The cryptocurrency has failed to recover from its lows and is still down by 35% over the last week. Its market cap has also suffered and has been unable to recover, although the crash happened more than a week ago.
FTX now has a market cap of 482 million dollars, as illustrated above.
The value of Solana has crashed from almost $40 before the FTX crash to less than $14 due to the southbound direction of the crypto market. However, the dip in Solana was extreme, considering its connection to Alameda, FTX's sister company.
Solana has now crashed to being the 15th largest cryptocurrency by market cap and is still struggling around the $13 mark.
The cryptocurrency has registered 6% in losses over the last day and is now down by 16.5% in the previous seven. The market cap of Solana has also suffered along with its price and is now at the $4.6 billion mark.
Following the general bearish trend of the crypto market, Huobi Token is attempting to break correctly above the $4.5 support level.
The cryptocurrency is down by 2.5% over the last day and by 15% in the previous seven at the time of writing.
However, despite this dip, Santiment notes that the whales appear to be moving in on the token.
According to the chart above, the price of Cronos, FTT, and Huobi Token dropped over the last week, but the whales and sharks appear to be accumulating more.
The percentage of the supply that belongs to Huobi Token whales and sharks has increased by around 17.7% during the past ten days, as illustrated in the chart above.
This indicates that despite the cryptocurrency's price dropping by 15% over the last seven days, the whales have been in an accumulation phase.
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