Litecoin has been climbing the crypto market cap ranking and currently stands at rank 15 with a market cap of as of press time.
Meanwhile, the shake-up sees Solana move in the other direction, sliding from its top 10 position at the end of October to place behind Litecoin at 16th.
On Oct 30, Litecoin was languishing in the 21st spot, sandwiched between Cosmos and Chainlink. However, recent events have turned the crypto industry upside down, with some commentators warning that the FTX contagion is yet to run its course.
Crypto market meltdown
On Nov 17, newly appointed FTX CEO John Ray made the first Chapter 11 bankruptcy filing, saying never in his career has he encountered “such a complete failure of corporate controls and such a complete absence of trustworthy financial information.”
Ray painted a grim picture for creditors, saying he had no confidence in the financial statements due to the lack of cash management systems and poor reporting mechanisms.
Since Nov 7, the total cr
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