Thirteen crypto tokens ended last week with double-digit gains against the U.S. dollar as the market rebuilt itself following the collapse of FTX earlier this month.
Two major coins, Binance’s native token (BNB) and Dogecoin (DOGE), were among the two leaders in the trading week. BNB recorded a 16.29 percent increase against the U.S. dollar, while DOGE posted a 25.57 percent hike.
DOGE increased after rumors that Twitter CEO Elon Musk and Ethereum founder Vitalik Buterin might collaborate to improve the token. The price continued to rise after an announcement that Twitter would introduce its payment system.
Huobi token (HT), a native token of the Seychellois-based exchange Huobi, gained 55.99 percent last week. Within the same period, celo (CELO) went up by 45.31 percent. Litecoin (LTC) increased by 25.29 percent, and curve DAO token (CRV) strengthened by 35.41 percent against the greenback.
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— Chain Review (@Chain_Review) November 27, 2022
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Chainlink (LINK) gained 17.95 percent, and Apecoin (APE) rose by 22.55 percent. Meanwhile, convex finance (CVX) grew by 15.25 percent, and Dash (DASH) went up by 17.25 percent.
The two biggest tokens by market valuation, Bitcoin (BTC) and Ether (ETH), recorded less satisfactory results than the smaller tokens. ETH rose by 3.45 percent, propelling itself above the $1,200 line. BTC, on the other hand, lost 0.02 percent and remained trading at around $16,550 per unit.
Several other tokens went downhill last week. Algorand (ALGO) went down by 12.67 percent, chiliz (CHZ) declined by 24.16 percent and chain (XCN) lost 16 percent.
The crypto market was down 0.07 percent, valued at $842 billion on Sunday morning. BTC still dominated market capitalization by 37.7 percent, while ETH took over 17.6 percent of the crypto economy.
On the same day, the global trade volume was $36.84 billion. Out of that total volume, the trade volume for BTC was $19.30 billion, while ETH was at $4.38 billion.
After crypto exchange FTX filed for bankruptcy on November 12, the value of most crypto tokens went down. The collapse of FTX, which revealed stories of mismanagement of customer funds, further discouraged investors from risky assets.
The crypto market is experiencing a winter due to the global macroeconomic situation following the pandemic. Consequently, trading volume at exchanges went down significantly in the past months.
Future of crypto trading
The FTX bankruptcy case is expected to change the crypto industry in general. Analysts have predicted that regulators across the globe will scrutinize the sector further, implementing stricter regulations that might hinder its growth.
Bitcoin.com CEO Dennis Jarvis discussed the challenges that digital asset exchanges, especially the centralized ones (CEXs), might face. He said more users would prefer self-custodial storage systems.
“It’s obvious you can’t trust these centralized intermediaries,” Jarvis said. “There will always be a place for CEXs, but over the long term, I believe they will play a minority role in the crypto ecosystem; certainly nothing like the outsized role they’ve enjoyed up to now.”
Gotbit CEO Alex Andryunin talked about the interest in decentralized exchanges (DEXs) among institutional investors.
According to him, despite the winter market, institutional investors at his company opted to increase their investments. Therefore, he reasoned that other major exchanges like Binance and Coinbase would survive the turbulence due to their business models.