Cryptocurrency meme defying FTX-generated anarchy


Altcoin Radar is CriptoNoticias weekly newsletter, where we collect the most important facts on the cryptocurrency market. In this article we cover notable news and price behavior of currencies other than Bitcoin, with a list sponsored by the newspaper


The bankruptcy of Bitcoin (BTC) and cryptocurrency exchange FTX is probably the news in the cryptocurrency industry that had the biggest impact on the market in 2022. This is saying a lot, considering that this year also saw disasters in Terra and Luna, which rose The war between Russia and Ukraine, as well as inflation in America and Europe. It has not been an easy period for the stock market in general, but especially for cryptocurrencies.

We can see this in CriptoNoticias Price Calculator: Bitcoin is trading around $17,000 per unit, and Ether (ETH) – the second most important cryptocurrency on the market – is around $1,200. And although these numbers may be overwhelming if we compare them to the beginning of the year, the truth is that in the past few days Both crypto-assets managed to recover timidly.

Of course, it’s not without suffering some ups and downs regarding the still-unfolding drama surrounding FTX and its co-founder Sam Bankman-Fried. For example, by the middle of last week, a sale carried out by an FTX hack led to a negative reaction to the price of both lots. Likewise, the bankruptcy of other companies linked to the stock exchange continues to cause unease in the price, even in investment instruments of great importance.

Advertising

However, not everything is pain and suffering in the cryptocurrency ecosystem. While the case of FTX and Alameda continues to give people something to talk about, Some companies benefited from all this event and many others distanced themselves from the chaos to build your own course.

Musk: King of Renaissance

When entrepreneur Elon Musk’s power over the cryptocurrency market was thought to have waned, the owner of Tesla, and now also Twitter, proves the opposite.

Through a series of tweets in which he presents his ideas for a new era of Twitter during his reign, Musk managed to get several dog meme coins to respond higher. Especially one: his favourite.

This cryptocurrency, at the time of writing this article, is trading almost 30% higher than its price a week ago. Others in the market have been more modest with increases of just over 2% of their value in the past seven days.

Advertising

Binance referral countries

Overalls are in fashion, but not only they …

Also breaking the market’s red mold, there are a couple more cryptocurrency pairs that posted gains in the past week. One of them is the current cryptocurrency for artists and metaverse enthusiastswhich saw its value rise by more than 24%.

Smart contract platform cryptocurrencies are also ubiquitous, even after experiencing steep downturns in their relationship with FTX, as was the case with Solana. Last but not least, the social network assets are also the biggest gainers of the week with an increase of more than 14% in the past few days.

Those who survived the FTX disaster

Without a doubt, decentralized and regulated exchanges have been the ones to benefit the most from the recent weeks of chaos in which the cryptocurrency market has been engulfed. However, other companies that were also in the same niche as FTX were able to take advantage of users’ loss of confidence in the ecosystem and their need to migrate to other platforms, as we mentioned on CriptoNoticias.

A perfect example of such a stroke of luck is the exchange token, which has recorded a 30% increase on the day of this writing. It is by far the best performing cryptocurrency this week and its streak seems to be getting higher.

Leave a Comment