The crypto market saw increased volatility, with Bitcoin (BTC) taking the lead. Ethereum (ETH) and Ripple (XRP) also displayed strength in response to heightened market activity. This surge in market movements was instigated by the release of the Federal Open Market Committee (FOMC) minutes. The Federal Reserve Chair Jerome Powell hinted at the potential for more rate cuts than initially expected. The 1-year interest rate outlook decreased from 5.1% to 4.6%, prompting shifts across the cryptocurrency landscape.
Top 3 Crypto to Watch This Weekend Amidst Market Volatility
Cardano (ADA): Notable Performance
Cardano has distinguished itself as a top-performing cryptocurrency among the top ten, boasting a significant 18% gain. As of the latest update, Cardano (ADA) is valued at $0.66, with a substantial market cap of $23.1 billion. What sets Cardano apart is its adeptness at absorbing selling pressure, resulting in an impressive 47% weekly gain. Throughout December, the crypto has consistently outpaced its counterparts, showcasing gains exceeding 65%.
Remarkably, whales have actively engaged in the Cardano network. ADA experienced a surge in substantial transactions, surpassing $1.5 billion in the last 24 hours, according to insights from on-chain analytics platform IntoTheBlock.
Also Read: Cardano (ADA) Forecasted to Rally 6000%, Hit $33: Here’s When
Solana (SOL): Steady Uptrend and Positive Sentiment
Positive sentiment has propelled Solana’s price to briefly touch $74, marking its highest point since May 2022. Despite a slight retraction, the crypto continues to trade above $70 at press time. It further indicated a daily rise of 10%. Santiment attributes the increase in positive sentiment to a series of airdrops planned by new projects on the Solana network.
BONK: Coinbase Listing Sparks Rally
The Solana-based meme coin BONK experienced an impressive 40% surge in the past 24 hours following Coinbase’s announcement of listing the token. This development positions BONK as the third-largest meme crypto on the platform, following in the footsteps of Dogecoin (DOGE) and Shiba Inu (SHIB). Subsequent to the announcement, BONK traded at $0.000014 on Thursday morning, accompanied by a substantial trading volume exceeding $235 million.
In the past, Coinbase listings have frequently led to short-term price increases for listed tokens, imparting a sense of legitimacy and confidence in the selected projects. The addition of the crypto contributes to the excitement in the meme coin space, as traders eagerly anticipate the impact of Coinbase’s selective listing on its value over the weekend. Investors are advised to stay vigilant and closely monitor these top-performing cryptocurrencies, considering the ongoing market responses to external factors and events.
Also Read: Solana-Based Memecoin BONK Hits All-time High, Rallies 648%