Trust Wallet (TWT), GMX, Litecoin (LTC): these cryptos that were hit hard in November

Which cryptocurrencies were hit in November?

If we confine ourselves to the 100 most capitalized cryptocurrencies, we see that the usual “big players” have not particularly prevented… See the reverse. It should also be noted that Solana’s SOL is among the biggest losers of the month, with -58%. Even picked for Algorand’s ALGO, which drops -40%, or Decentraland’s MANA, which drops -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:

Trust Wallet’s TWT Price Sudden Link

If we look at the dates, we see that the consequent link of the TWT course 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.

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GMX and Litecoin (LTC) are also progressing

Among those who made notable 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. Consequently, the GMX price boosted 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 rare “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 SLD 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 anticipating 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 progression is very rapid and 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 regain the hair of the beastand displays this morning 17,300 dollars.

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Graphic source: Commercial view