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Crypto Recovery: BCH Price Doubles, Leads Market Bounce Off November ’22 FTX Floor

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James Morales
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Key Takeaways
  • Ten months since crypto crashed in the wake of the FTX crisis, 12 out of the top 20 coins have fully rebounded.
  • The total crypto market capitalization has increased by over 40% since November.
  • The best performer of this period was Bitcoin Cash.
  • Meanwhile, the biggest loser among the top 20 was Polygon (MATIC).

On November 21, 2022, in the wake of the FTX bankruptcy, the price of Bitcoin hit a yearly low of $16,253. But since then, the world’s preeminent cryptocurrency has made a remarkable recovery. 

Ten months after its November low point, the price of BTC is up by over 67%, despite docking significant losses in August 2023.

But what about other cryptocurrencies? In this article, CCN takes a look at how the top 20 coins by market capitalization have fared over the course of the last 300 days. 

Changes to Top 20 Cryptos

Between November 21, 2022, and September 18, 2023, there were a few changes to the top 20 highest market-cap cryptocurrencies (not including stablecoins).

New entries to the list include Bitcoin Cash (BCH), Toncoin (TON), and Stellar Lumens (XLM).

Meanwhile, Cosmos (ATOM) Uniswap (UNI) and Ethereum Classic (ETC) have fallen off the podium.

There were no changes to the top 6 cryptocurrencies, which have remained unchanged since November 2022. Since debuting in the top 20, Ton Coin has emerged as a standout performer. Last week, the token temporarily eclipsed Solana as the coin with the 7th largest market cap.

12 Out of 20 Coins Have Rebounded

Among the top 20 cryptocurrencies today, September 25, 12 are currently trading higher than they were last November. 

Since then, Bitcoin (BTC, Ethereum (ETH), XRP, Toncoin (TON), Solana (SOL, Tronix (TRX), Litecoin (LTC), Wrapped Bitcoin(WBTC), Bitcoin Cash (BCH), Chainlink(LINK), Stellar Lumens (XLM) and Monero (XMR) have all increased in value.

Top 20 coins, cryptocurrencies, recovery ranked from best to worst
The top 20 coins ranked from best to worst price performance (Nov. 2022–Sep. 2023)

On the other hand, the prices of BNB, Cardano (ADA), Dogecoin(DOGE), Polkadot (DOT), Polygon (MATIC), Shiba Inu(SHIB), Leo Token (LEO) and Avalanche (AVAX) declined in the same period.

With over half of the top 20 coins having recovered since last year, the overall crypto market capitalization has increased by 33.24%. The nine top-gaining cryptocurrencies have all outperformed the general market.

2023’s Breakout Crypto BCH Doubles in Price, Outperforming Market Average by 60%

Historically, Bitcoin Cash has been one of the cryptocurrencies that most closely tracks the price of BTC. But in the last ten months, BCH outperformed its namesake token by nearly 40% and the overall crypto market by more than 61%.

Bitcoin Cash Price (BCH) Recovery since Nov. 22
Bitcoin Cash price Nov. 21, 2022–Sep. 21, 2023.

In fact, an investment in BCH on November 9, 2022, when it crashed to around $88.50, would be worth more than double that today, with the coin trading at around $206.

At its peak on June 30, Bitcoin Cash surged to over $326.12, a staggering 268% increase from its November low.

Prior to that yearly high, BCH embarked on the kind of bull run investors dream of, with its price climbing over 207% in 12 days.

For comparison, Bitcoin’s biggest bull run of the year occurred between the 11th and 19th of March. In just over a week, the price of BTC surged by as much as 41.7%.

Coins Deemed Securities by the SEC Have Struggled

As crypto markets have struggled to recover throughout 2022, uncertainty over the legal status of different coins has slowed the overall rebound.

Among the top 20 cryptocurrencies today, ADA, ATOM, BNB, MATIC, SOL, TRX and XRP were all designated as securities in lawsuits filed by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase this year.

Following the SEC’s lawsuits in June, US crypto exchanges embarked on a mass delisting of the affected tokens. Accordingly, despite some platforms ultimately backtracking on their decision and Ripple winning a key legal victory establishing the non-security status of  XRP, those tokens deemed securities have been some of the worst-performing top 20 cryptocurrencies of the year.

In fact, among the top 20 coins cited in the SEC’s lawsuits, only SOL has outperformed the overall crypto market. Meanwhile, ADA,  BNB and MATIC have all docked losses since November 2022.

In dollar terms, ADA lost 18.1% of its value between November 21, 2022, and September 21, 2023. Likewise, in the past 10 months, the price of BNB fell 14.7% from over $0.299 to around $0.245.

Finally, at the bottom of the list, having performed worse than any other top 20 crypto, the price of MATIC dropped by 34.4% to barely over $0.51 today.

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Although his background is in crypto and FinTech news, these days, James likes to roam across CCN’s editorial breadth, focusing mostly on digital technology. Having always been fascinated by the latest innovations, he uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
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