The Federal Reserve Chief Jerome Powell’s speech was accepted positively by the investor community on Wednesday. Powell gave a dovish speech suggesting that the Feds’ interest rate hikes could slow down in December. The Feds’ raised interest rates aggressively this year after inflation reached 8.6% in the United States, the highest in 40 years. Dow Jones climbed 737 points after Powell’s speech and Bitcoin reclaimed the $17,000 level. The Feds’ dovish stance has brought in a fresh perspective to the crypto markets as leading coins are on the greener side on Thursday.
Now that the crypto markets are breathing a sigh of relief, December 2022 could be positive for the markets.
Also Read: Bitcoin to Reach $18,300 During the Weekend?
Top 3 Cryptos to Watch in December 2022
1. Bitcoin (BTC)
Bitcoin fell to $15,000 levels from $18,000 after the FTX and Alameda-induced crypto crash in November. The shocking slump made leading cryptos bleed porously making them reach their 2020 lows. However, Bitcoin is gaining steam this week and slowly yet steadily moved up in the indices from $16,000 to $17,249 levels.
The Feds’ dovish stance has kickstarted the stock markets that could eventually help the crypto markets to reclaim their previous levels. If BTC can break its resistance levels of $17,500 in the coming days, the king crypto could reach $18,300 in the next leg. Read here to know price predictions for Bitcoin in December 2022.
2. Dogecoin (Doge)
Elon Musk’s favorite meme-coin Dogecoin is up 25% in the last 7 trading days. Musk’s Twitter takeover largely contributed to Dogecoin’s rise as speculations are rife that the billionaire plans to integrate Doge into the social media app. Musk will most likely dominate the news cycles in December paving the way for Dogecoin to remain in the spotlight.
Doge mostly performs well in the indices when the spotlight falls on its presence. The mem-coin will most likely be the talking point this month. Rumors are rife that Musk plans to incorporate Doge as a payment service on Twitter, but this remains unconfirmed. However, if the billionaire entrepreneur does include Doge for payments, the meme-coin could skyrocket.
3. Cardano (ADA)
Cardano remains to be on a see-saw during the Q4 of 2022 as it quickly recovers after a fall. ADA has been printing highs each week and reclaiming its previous spots after a crash. The crypto is in accumulation mode at $0.30 and the Fed’s dovish stance could catapult it to new weekly highs.
After Powell’s speech, ADA’s trading volume has seen a sharp spike as it rose 13% in the last 24 hours. If the markets continue the positive trend into the weekend, ADA could reach $0.35 levels and move further.