The cryptocurrency market experienced a minor correction as we entered mid-December 2023. In the past 24 hours, the global market cap witnessed a decrease of 3.2%, currently standing at $1.66 trillion. Both Bitcoin (BTC) and Ethereum (ETH) encountered a collective liquidation exceeding $335 million. Despite this, BTC maintains stability above $42,000, and ETH remains above $2,200.
The recent fluctuations may be attributed to the anticipation surrounding the release of the US Consumer Price Index (CPI) data for November 2023. Keeping this in mind, let’s delve into the top 3 cryptocurrency projects worth monitoring in the upcoming week.
Weekly Crypto Update
Solana (SOL):
Solana (SOL) stands out as one of the top-performing cryptocurrencies in 2023. From the start of the year, SOL has recorded an impressive surge of more than 600%, surpassing the performance of BTC and other major projects. While SOL has undergone a modest 4.4% correction in the daily charts, the token remains on an upward trend with a gain of 7.8% over the past week and 27.9% in the last month. It’s worth noting that there is a possibility of additional corrections for SOL this week, considering its substantial rally over the past few months.
XRP:
XRP stands as one of the most widely recognized cryptocurrency tokens in the market. Employed by Ripple, a prominent fintech company, XRP is utilized for remittance and cross-border transactions. Recently, Ripple achieved partial success in its legal dispute with the SEC (Securities and Exchange Commission). Following this legal win, XRP attained the legal designation of being a “non-security,” contributing to its increased popularity. However, the token has experienced a 6.2% correction in the last 24 hours and is currently down by 3.9% over the past month.
Avalanche (AVAX):
While many notable cryptocurrency initiatives have undergone corrections in their daily charts, AVAX has witnessed a notable increase of 11.8% during the same period. Furthermore, the token has seen a remarkable surge of 64% over the preceding week. Since the beginning of January 2023, AVAX has experienced a substantial gain of over 220%, surpassing the performance of Bitcoin (BTC), which has grown by approximately 154% over the same timeframe.