November 2022 was unsurprisingly a bit of a laughing month for the cryptocurrency industry, following the catastrophic fall of FTX, the world’s second largest exchange. The prices of the biggest assets have been seen plunging, and few of them have escaped the ambient gloom. However, there has been a notable increase in a few cryptocurrencies over the period, including Trust Wallet’s TWT, GMX, and Litecoin (LTC).
Which cryptocurrencies were a hit in November?
If we confine ourselves to the 100 most capitalized cryptocurrencies, we see that the usual “big players” have not particularly progressed… Or even the reverse. It is thus noted that Solana’s SOL is among the biggest losers of the month, with -58%. Same thing for Algorand’s ALGO, which drops by -40%, or Decentraland’s MANA, at -39%.
However, some cryptocurrencies are doing particularly well. In the top 100, it is the TWT of Trust Wallet which shows the most spectacular progression. It thus takes +88% over the month:
The sudden jump in the price of Trust Wallet’s TWT
If we look at the dates, we see that the consequent jump in the course of the TWT corresponds to the beginning of the FTX case. Nothing surprising about that: as the ecosystem created by Sam Bankman-Fried collapsed, users rushed to wallets that allowed them to actually hold their cryptocurrencies, without having to go through an intermediary. A solution like Trust Wallet therefore seemed advantageous, which mechanically encouraged investors to turn to its native token.
👉 To go further – How to install and configure the Trust Wallet (TWT) wallet?
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GMX and Litecoin (LTC) are also progressing
Among those who manage to make significant progress in November, there is also the GMX. The token of the exchange platform of the same name did not experience the crisis, in particular during the fall of its centralized competitor FTX. As a reminder, GMX specializes in the trading of derivatives, which is precisely the niche occupied by the Sam Bankman-Fried platform until now. As a result, the price of GMX rose by +25% during the month of November:
GMX price also surged after FTX fell
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A perhaps less expected progression is that of Litecoin (LTC). LTC is one of the few “old school” assets to cling to the top 20 most capitalized cryptocurrencies of the moment. And it had a particularly positive month, with several quick breakthroughs. Over the month, it thus takes +42% :
The price of LTC did not experience the crisis in November
The main reason for this enthusiasm seems to be a major event to come for cryptocurrency: its halving. The reduction of mining rewards, which will be halved, is sometimes followed by strong price increases for the cryptocurrencies concerned. Buyers therefore seem to be accumulating LTC in anticipation of a possible rise.
Another reason that can be mentioned: Mimblewimble’s implementation for Litecoin. The maneuver effectively allows Litecoin to offer anonymous transactions, which of course extended its value proposition. It should be noted, however, that this type of very rapid progression is not always sustainable, and that it is likely that LTC will be “priced-in” by the time the halving arrives.
We can therefore see that certain assets managed to hold their own during the month of November, despite the particularly gloomy atmosphere on the markets. On his side, Bitcoin (BTC) tries to recoverand displays this morning 17 300 dollars.
👉 To go further – Bitcoin (BTC): a bullish technical divergence is building
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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