SOL - These Cryptocurrencies Are Rising From the Ashes -- and They're a Screaming Deal
2023-12-09 07:40:00 ET
It's safe to say that 2022 was one of the worst years in recent memory for the crypto market. Terms like "crypto winter" and "financial contagion" went mainstream, and every month seemed to bring a new scandal or controversy, finally capping off with the spectacular collapse of cryptocurrency exchange FTX in November. So, it was no surprise that many cryptocurrencies were down 80% or more for the year.
But it's an entirely different story in 2023. Many top cryptocurrencies are rising from the ashes and rallying spectacularly. Two that particularly stand out are Solana (CRYPTO: SOL) and Avalanche (CRYPTO: AVAX) . Both of these cryptos are still trading at substantial discounts to their all-time highs, making them potential screaming deals.
If there's one cryptocurrency that's most closely associated with the collapse of FTX, it's Solana . The founder and former CEO of FTX, Sam Bankman-Fried, was an early VC backer and was known for using social media to promote Solana. Moreover, affiliates linked to Bankman-Fried and FTX (including hedge fund Alameda Research) had substantial positions in Solana and other crypto tokens in the Solana ecosystem (often referred to as "Sam coins").
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These Cryptocurrencies Are Rising From the Ashes -- and They're a Screaming Deal