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A look back at wild November: The biggest winners and losers

A look back at wild November: The biggest winners and losers

A look back at wild November: The biggest winners and losers
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By CNBCTV18.com Dec 5, 2022 4:32:53 PM IST (Published)

The meltdown of FTX triggered a ripple effect across the crypto space; multiple firms invested in the exchange faced significant losses, with some even declaring bankruptcy.

November was an excruciating month for the digital asset industry. The already bitter crypto winter took a turn for the worse, with global markets headed for recession and the shocking collapse of FTX, the second-largest crypto exchange in the world.

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The meltdown of FTX triggered a ripple effect across the crypto space; multiple firms invested in the exchange faced significant losses, with some even declaring bankruptcy. Millions of investors lost their money as a massive selling spree caused prices to plummet. Top coins such as Bitcoin and Ethereum, which were already reeling under bearish trends, spiralled out of control. BTC even dropped to a two-year low following the collapse of FTX.
However, not all coins reacted in the same manner. Some projects ended deep in the red, while others bucked the trend and closed the month with massive gains. Tag along as we quickly round up the biggest winners and losers from the wild crypto November we just survived.
Top gainers
Trust Wallet Token (TWT)
TWT is the native cryptocurrency of the Trust Wallet ecosystem and the biggest winner of November 2022. The price valuation of TWT was hovering near the $1.22 mark on November 12, a day after FTX declared bankruptcy.
However, it almost doubled in the next few days, following the increasing FUD around custodial wallets linked to centralised exchanges. These wallets are often frozen if the issuing platform experiences sell-offs or declares bankruptcy, which is the case with FTX holdings.
However, Trust Wallet is a non-custodial wallet, meaning all coins stored in these wallets are entirely in the customers' control. The platform can never freeze withdrawals or restrict access to customer holdings.
Users started switching to Trust Wallet (and other non-custodial storage solutions en masse), driving the price of TWT through the roof. The token even reached an all-time high of $2.61 on November 14. 
Since then, the coin has maintained a steady performance, trading at $2.41 at the time of writing. Over the past 30 days, TWT has projected a stunning growth rate of 98.17 percent. 
GMX suffered a major crash during the FTX collapse, almost reducing to half of its value. The token was priced at $42 on November 5, quickly dropping to $26.38 on November 10.
However, the FTX collapse caused a loss of faith in centralised crypto exchanges and triggered an exodus to decentralised platforms. GMX is one such platform that has benefited from the growing discontent against centralised exchanges. The platform's trading volume and revenue have shot up tremendously on the back of FTX's downfall.
GMX posted a 107 percent increase in revenue in November, driven by a 31 percent increase in daily active users and a 128 percent in annualised trading volumes. Naturally, the price valuation of the platform's self-named native currency also saw a handsome uptick. GMX quickly jumped up the charts, reaching resistance at $46.67 on November 14.
GMX maintained a sideways trend for the rest of the month, registering small price jump and never dipping too low. At the time of writing, GMX was trading at $55.13. Over the last month, the coin projected a steady growth rate of 30.03 percent.
Litecoin (LTC)
Litecoin (LTC) took a major fall as FTX moved closer to the brink of collapse. LTC was hovering around the $70 mark on November 7, before taking a steep plunge to reach $49.58 on November 10, 2022. That was the lowest point for LTC during the whole of November.
However, the coin gradually progressed over the next ten days, reaching $81 on November 23. Over the past 30 days, LTC projected a growth rate of 21.09 percent, and during press time, the coin was changing hands at $82.98.
Interestingly, there have been no major updates or news stories around Litecoin, and its price seems to be on a natural uptrend. The network is a Bitcoin hard fork, making it one of the oldest altcoins in the market. 
A week or so before LTC began its rally, a handful of whale accounts accumulated around $40 million worth of Litecoin. This could have sparked the token's price increase. 
Some other coins that ended the month in the green include Toncoin (TON), OKB (OKB) and DASH (DASH), which registered gains of 10.97 percent, 6.77 percent, and 5.09 percent, respectively.
Biggest losers
Solana (SOL)
Solana (SOL) was once one of the best tokens in the market. Unfortunately, the FTX fiasco in November sent the coin plummeting to disastrous lows. SOL was priced at $37 on November 5. However, as FTX went into a total collapse, the token started shedding value fast.
One of the reasons for this was the token's ties to FTX. A leaked balance sheet showed that the now-bankrupt exchange held upwards of $900 million in SOL tokens. This made the token especially vulnerable to the meltdown of the exchange, and it reflected in SOL's price valuation. 
From $37 on November 5, the coin reached a support level of $12.62 on November 10. Over the next ten days, the coin kept declining, eventually reaching $11.13 on November 22, the lowest the coin has been during the month. At the time of writing, Solana was trading at $13.99, registering a 59.61 percent drop over the previous month.
NEAR Protocol (NEAR)
NEAR was one of the worst affected projects last month, right after Solana. Thanks to the bitter crypto winter, the coin has been on a downward spiral. However, this decline turned into a freefall after the FTX crash. NEAR fell from $3.41 on November 5 to $1.99 on November 10, when FTX declared bankruptcy.
The decline did not stop there. The coin plummeted even further, reaching $1.45 on November 22. Fortunately, NEAR seems to be making a comeback. At the time of writing, it was trading at $1.76, up 15.61 percent over the last seven days. However, despite this turnaround, NEAR still ended up losing 47.53 percent of its valuation over the past 30 days.
Helium (HNT)
Helium (HNT) ranks 3rd on the list of top losers during the previous month. The token had a rough time in November, losing over 46 percent of its valuation over the last 30 days. One of the main reasons for this could be Helium's shift to the Solana blockchain.
Helium ditched its blockchain and migrated to Solana in September of this year. In hindsight, the move seems like a colossal mistake, as Solana is the worst affected network after the FTX meltdown. This seems to have had a rub-off effect on Helium, which saw a steady downward trend in November. 
The coin was priced at around $4.35 at the beginning of the month. However, as FTX began to sink, the token started declining along with many other currencies in the market. HNT hit rock bottom on November 22, reaching support of $2.15. Since then, Helium has been trading sideways mostly. At the time of writing, HNT was priced at $2.29.
Some other coins that suffered severe losses over the previous month were Decentraland (MANA), Algorand (ALGO), Flow (FLOW), EthereumPoW (ETHW), and Cronos (CRO). These coins closed the month with losses of 40.09 percent, 40.57 percent, 37.95 percent, 39.55 percent and 39.78 percent, respectively.
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