Bitcoin Gets Top Spot Amid Crypto Market Turmoil – Top 3 Coins to Watch November 14-20

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We are in the midst of a chaotic time for the cryptocurrency markets. The sudden collapse of the FTX exchange and its ensuing Chapter 11 bankruptcy filing has shaken investor confidence and sent the prices of many crypto assets plummeting. Let’s review 3 cryptocurrencies that will be particularly interesting to follow in the coming days.

3. Solana (SOL)

Solana is a high performance blockchain platform with smart contract capabilities. After launching its mainnet in 2020, Solana has established itself as one of Ethereum’s most credible competitors in the smart contract space. Solana uses a Proof-of-Stake consensus mechanism combined with innovations such as Proof-of-History, which allow the blockchain to handle thousands of transactions per second while keeping costs low for users. The Solana project has attracted top backers like Alameda Research, Polychain, and Andreessen Horowitz.

Why Solana? SOL markets will be fascinating to watch in the wake of FTX’s collapse

The FTX crisis had a devastating effect on the SOL market. After rumors of the potential insolvency of FTX and Alameda Research began to escalate earlier this week, SOL holders began selling their coins en masse as it became increasingly likely that Alameda is expected to sell its large holdings in SOL to access liquidity. The massive selling pressure unleashed in the Solana market took the price of SOL from around $36 on November 6 to a local low of $10.90 on November 9.

FTX and Alameda Research have invested in several Solana-based projects, and the Solana ecosystem will lose a major backer should the two companies indeed collapse. As more details on the FTX/Alameda Research saga emerge, SOL markets will certainly be worth watching in the coming days.

Despite the recent chaos, however, there are still positive signs that Project Solana is aiming for the long haul. The Solana Mobile project is still ongoing, with the release of the Solana-enabled Saga smartphone expected in early 2023. According to an update on the Solana Mobile website, Ledger will integrate Solana Mobile Stack (SMS) support into its Ledger Live Wallet Software. Additionally, Helium will provide a free 30-day subscription to the Helium Mobile 5G network to Saga phone owners in the United States.

November 5, Google Cloud revealed that they are running a Solana validator. Google’s cloud computing arm also said that next year customers will be able to launch dedicated Solana nodes on Google Cloud.

2.BNB (BNB)

BNB is a token that was launched by the Binance cryptocurrency exchange in 2017. BNB performs two main functions. Holders of the token have access to special benefits when using Binance – this includes reduced trading fees, access to the exchange’s Launchpad and Launchpool programs, cashback on Binance Visa card purchases, and more Again. The token is also used as a native asset of the BNB Chain blockchain. BNB Chain is a variant of Ethereum that offers significantly lower transaction fees to users and allows developers to easily deploy EVM-enabled decentralized applications. Formerly known as Binance Coin, BNB has now undergone a significant rebranding.

Why BNB? Binance is set to strengthen its position

With the collapse of FTX, Binance is poised to grab an even bigger share of the cryptocurrency exchange market, where it already holds a dominant position. Even though Binance has intentionally distanced its business from the BNB token over the past few years, BNB is still widely used in Binance products and is seen by many crypto investors as an indirect way to bet on success. from Binance.

Binance recently announced plans to release proof-of-funds based on the Merkle tree, which could help build trust in the exchange at a time when trust in centralized cryptocurrency exchanges could very well be at a loss. its lowest level.

It should be kept in mind that the massive price drop of FTX’s FTT token may have embittered crypto investors on exchange tokens in general, which could also have a negative influence on BNB. However, BNB is used as a native asset on the popular blockchain platform BNB Chain, which could make it more resilient than other exchange tokens.

1.Bitcoin (BTC)

Bitcoin was the first cryptocurrency ever invented and remains the most valuable crypto asset on the market to this day. Bitcoin has a fixed supply limit of 21 million coins and new coins come into circulation in a predictable manner – for this reason some investors see Bitcoin as a digital alternative to gold. The Bitcoin network is maintained by “miners” who deploy their computer hardware to solve computationally intensive mathematical problems and compete to add the next block to the Bitcoin blockchain.

Bitcoin pioneered blockchain technology and provides a censorship-resistant and highly secure network that allows users to exchange value around the world 24/7. The network is operating successfully since its launch in early 2009.

Why Bitcoin? Tough market conditions could give us a better idea of ​​where BTC could bottom

Although the FTX/Alameda saga has garnered virtually all the attention in the cryptocurrency markets recently, it should be remembered that Bitcoin still reigns supreme over cryptos. During the market turmoil, BTC briefly fell below the $16,000 level. Buyers stepped in to provide support at $15,800, and positive US inflation news provided a timely boost to bring BTC back above $17,000.

In the Bitcoin bear market in 2018, BTC bottomed around $3,200 from a high of $20,000, a decline of around 84%.

Bitcoin hit its current all-time high in November 2021, at a price of around $68,700. If the price were to retrace 84% from this peak, Bitcoin would be trading at around $11,000. This suggests that there could still be substantial downside margin for Bitcoin (assuming the retracement is as deep as it was in 2018).

The collapse of FTX and Alameda Research is expected to have a domino effect on many in the crypto industry – for example, crypto lender BlockFi announced on November 11 that the company was “not able business as usual” and froze withdrawals until further notice.

Since the extent of the FTX collapse is still unknown, it is probably wise to prepare for a scenario where the price of BTC drops further. In the meantime, it will be worth watching the traditional markets for positive signs that could also translate into a more optimistic outlook for BTC.


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