The drama surrounding FTX is still in full swing, but the impact on prices seems to be largely over. Bitcoin and Ethereum have had their worst declines and remained fairly stable this week. Can we conclude that the price drops as a result of the fall of FTX are a thing of the past?
Bitcoin and Ethereum unchanged
Both Bitcoin and Ethereum made it through this week practically unscathed. While Bitcoin has to record a small loss of 0.69 percent, Ethereum does it with a plus of 0.04 percent. That puts Bitcoin at a price of $16,500 and a market cap of $318 billion. Ethereum is currently trading for $1,219 and has a market cap of $149 billion.
At that price, Bitcoin still has a market cap twice that of Ethereum. Although it must be said that both Bitcoin and Ethereum had a tough moment this week. Bitcoin fell to $15,649 earlier this week, its lowest point in two years.
Ethereum fell especially on Monday after the FTX hacker dumped millions worth of Ethers for Bitcoin. As a result, Ethereum lost 7 percent. In recent days, both coins recovered and are now back at the same level as they started the week.
Litecoin, Binance Coin and Chainlink
By the way, it wasn’t all boring and sideways in the crypto market this week. Several projects did manage to have a good week. Consider, for example, Litecoin, which recorded a surprising plus of 20 percent. With that, the coin rose to a price of 75 dollars a piece. Litecoin has been seen as the silver to gold of Bitcoin for many years.
Chainlink also did well this week with a plus of 9 percent. Binance Coin was also among the big winners. The coin of Changpeng Zhao and its exchange platform surged 12 percent over the week to $301. It seems that Binance is mainly benefiting from the fall of FTX.