The crypto rise has been led by Solana (SOL), Serum (SRM), and the FTX Token (FTT). Despite the fact that all of these coins were linked to the FTX crypto exchange and suffered greatly as a result of when the company declared bankruptcy, they were able to stage a dramatic reversal. Why are these three coins at the top of the list of cryptocurrencies with the highest market gains right now?
Serum, Solana, and FTT take front and center
The majority of the crypto market has been rallying over the last week, following in the footsteps of bitcoin, which has hit levels not seen since before the FTX meltdown. This green trend would continue into the week, but certain cryptocurrencies would push it even further. Three cryptocurrencies, Serum, FTT, and Solana, all related to the now-defunct FTX market, saw large rises. Serum (SRM), which FTX owns in minor amounts in comparison to its other token holdings, has had a fantastic week.
Cryptocurrency is one of the few assets that has seen triple-digit growth throughout this period. SRM’s price has already increased by more than 179% in the last 7 days, sending it beyond $0.65 at one time and resuming its pre-FTX collapse values. On Coinmarketcap, it is also one of the top-trending coins. The FTT Token, FTX’s official token, follows in the footsteps of Serum. Following the bankruptcy case, FTT fell below $1, significantly affecting its standing in the crypto market. However, it has recently emerged as one of the best performers. Its price has increased by more than 170% to trade above $2.5.
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Solana is last but not least. Solana’s journey is a little longer than the others in this report, but it has been a wonderful one. Following the popularity of the BONK meme coin, SOL began to gain traction. However, it took this performance into the mini bull run and has continued to perform well thereafter.
SOL’s price has increased by more than 41% in the last week but significantly less than SRM and FTT. But it’s even more astounding when you consider that SOL was trading below $10 less than a month ago and is now trading above $23 after peaking at $27.
What Is Driving These FTX-Related Tokens?
Aside from the general market bull run, there is no evident engine driving the recovery of these cryptocurrencies at the moment. Former CEO of FTX US, Brett Harrison, took to Twitter to share his tale about his time at the crypto exchange, which has increased exposure to FTX in general.
Despite the fact that the post’s overall tone is negative, it has had no impact on the performance of these coins. Serum has only lost less than 2% in the last 24 hours since the post was written, whereas Solana has gained 3.41%. FTT has suffered the greatest one-day loss, at -2.16%.
The question of whether these coins will continue to rise is totally dependent on market action. Because there is no event propelling any of their prices, the general altcoin market is trailing closely behind bitcoin at the moment.
If the price of bitcoin falls, a drop in the price of these altcoins should be predicted as well.
