Crypto markets seem to have taken a turn after the collapse of Sam Bankman-Fried’s crypto empire.
In the past 24 hours, Bitcoin rose around 1.5% and is trading at just over $16,600. On the weekly, however, the market’s biggest cryptocurrency is still in the red, according to CoinGecko. Ethereum also posted modest gains on Thanksgiving Day, rising 4% over the past day and hitting $1,200 at press time.
Both tokens, however, are down 75% from their all-time highs set last winter.
The broader crypto market has grown from just over $857 billion to $871 billion. Despite the roughly $12 billion recovered, the industry is still far from its capitalization peak of more than $3 trillion, which it reached about a year ago.
Besides the major cryptocurrencies, the biggest gainers in the 24-hour market are Solana (SOL), Curve (CRV), Huobi (HT), and Chainlink (LINK).
Along with Solana’s strong overnight rally, which has seen it increase by 10% in the past 24 hours, various blockchain-based DeFi protocols have also seen strong increases in their Total Locked Value (TVL), by DeFillama.
TVL is a rough (and controversial) measure of how much money is working in a DeFi project. The biggest increases in TVL on Solana-based projects all revolve around liquid staking platforms like Lido, Marinade Finance, and JPool.
The reason for the 8.9% rise in CRV is likely due to an unsuccessful attempt yesterday to sell the token and the release of more details about its upcoming stablecoin launch.
As for Huobi’s 7.8% rise, the exchange’s native HT token recently listed on Bitfinex, with Huobi also siphoning off a significant amount of cash due to the vacuum created by the FTX implosion. It is now the sixth largest crypto exchange by 24-hour volume.
Finally, Chainlink’s token has the imminent launch of a native staking service to thank for its nearly 7% jump. Staking will begin in December with a total size of 25 million LINK tokens in the initial pool, with the goal of increasing that figure to 75 million.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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