Bitcoin is trading at $72,601, up nearly 6% on the day, as analysts draw comparisons between current market conditions and the price bottom that followed the collapse of FTX in late 2022. The signal from several market observers is direct: the worst of the recent downturn has likely passed.
The broader crypto market is moving in tandem. Ethereum gained 7.57% to reach $2,129.59, while Solana climbed 6% to $90.61. Meme coins joined the rally, with Dogecoin rising 7.69% to $0.096204 and PEPE gaining 3.98%.
What the FTX Comparison Actually Means
The FTX collapse in November 2022 pushed Bitcoin to a cycle low near $15,500. What followed was a prolonged accumulation phase before a sustained recovery took hold. Analysts pointing to similar conditions now are identifying metrics around market sentiment, on-chain activity, and liquidation patterns that echo that period, suggesting the market may be entering a comparable recovery window.
The comparison carries weight because the FTX bottom represented peak fear in that cycle. If current conditions mirror that moment structurally, historical precedent suggests distribution has run its course and buyers are stepping back in at scale.
Altcoins and Smaller Tokens Join the Move
XRP rose 4.46% to $1.42, and Cardano (ADA) added 4.80% to reach $0.273688. Monero (XMR) posted one of the stronger single-day gains among larger assets, up 6.89% to $364.98. Zcash (ZEC) climbed 8.05% to $237.10.
Among the sharper movers in smaller tokens, PI jumped 10.52% to $0.189518, COW gained 10.44%, and BARD surged 32.11% to $1.43, though the latter trades at low volume and such moves carry elevated risk.
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Stablecoins Hold, Gold-Backed Tokens Steady
Stablecoins held their pegs through the session. USDC sat at $0.999942, USDT-adjacent instruments remained near par, and RLUSD showed no meaningful deviation. Gold-backed tokens XAUT and PAXG traded at $5,121.89 and $5,165.23 respectively, with minimal intraday movement, reflecting steady demand for hard-asset exposure rather than speculative rotation.
Notable Decliners
Not every asset participated in the rally. NEAR Protocol dropped 5.12% to $1.29, and RIVER fell 7.42% to $17.94. STABLE shed 5.72%, and PIPPIN declined 5.93%. These divergences are a reminder that broad market strength does not lift every token equally, particularly lower-liquidity assets prone to idiosyncratic selling pressure.
BNB gained a more measured 3.23% to $655.17, and Avalanche (AVAX) rose 3.90% to $9.43, both underperforming Bitcoin on a relative basis but still posting positive sessions.
Whether the FTX-bottom analogy holds will depend on sustained buying volume and macro conditions in the weeks ahead. For now, the day’s price action reflects broad-based demand returning across crypto asset classes.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial or investment advice.
Photo by André François McKenzie on Unsplash
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