Eye on Crypto: Top 3 Digital Currencies to Watch This Weekend

• Crypto Market Experiences Increased Volatility
• Top Three Cryptocurrencies to Watch Amid Market Volatility
• Cardano (ADA): Exceptional Performance
• Solana (SOL): Consistent Uptrend and Positive Market Sentiment
• BONK: Rally Triggered by Coinbase Listing

Crypto Market Experiences Increased Volatility

The crypto market has recently experienced heightened volatility, led primarily by Bitcoin$42,260 -0.64% (BTC). Notable market activity was also observed in Ethereum$2,315 -2.42% (ETH) and Ripple (XRP$0.620 -1.68%), signalling a broad-based response to market fluctuations. This volatility was largely driven by the recent release of the Federal Open Market Committee (FOMC) minutes, where Federal Reserve Chair Jerome Powell suggested the possibility of more rate cuts than originally anticipated. As a result, the 1-year interest rate outlook dropped from 5.1% to 4.6%, impacting the entire cryptocurrency landscape.

Top Three Cryptocurrencies to Watch Amid Market Volatility

Given the market's volatility, three cryptocurrencies - Cardano (ADA), Solana$104 5.03% (SOL), and BONK - have drawn particular interest.

Cardano (ADA): Exceptional Performance

Cardano has emerged as a high-performing cryptocurrency among the top ten, reporting a substantial 18% gain. Currently, Cardano (ADA) holds a value of $0.66, with a significant market cap of $23.1 billion. Cardano's outstanding performance is attributed to its ability to withstand selling pressure, which has resulted in a commendable 47% weekly gain. In December, this cryptocurrency has consistently outperformed its competitors, recording gains over 65%. It is noteworthy that large investors, also known as whales, have actively participated in the Cardano network, with ADA seeing a spike in substantial transactions that exceeded $1.5 billion in the last 24 hours, as reported by on-chain analytics platform IntoTheBlock.

Solana (SOL): Consistent Uptrend and Positive Market Sentiment

The price of Solana was propelled to $74, its highest since May 2022, due to positive market sentiment. Despite a minor pullback, the cryptocurrency maintained a trading price above $70 and showed a daily increase of 10%. According to Santiment, new projects planning series of airdrops on the Solana network are the primary drivers of this positive sentiment.

BONK: Rally Triggered by Coinbase Listing

BONK, a Solana-based meme coin, saw a massive 40% surge within 24 hours following Coinbase's announcement of listing the token. This positions BONK as the third-largest meme crypto on the platform, behind Dogecoin$0.091 -0.42% (DOGE) and Shiba Inu$0.000010 -2.05% (SHIB). Following the announcement, BONK was trading at $0.000014 on Thursday morning, with a significant trading volume of over $235 million. Historically, Coinbase listings have often led to short-term price increases for listed tokens, providing a level of legitimacy and confidence in these projects. The listing of this token adds to the excitement in the meme coin space, as traders keenly observe the effect of Coinbase's selective listing on its value over the weekend.

Given these developments, investors are encouraged to be vigilant and closely monitor these top-performing cryptocurrencies, taking into account ongoing market responses to external factors and events.

Edited by Jonathan Stoker