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Market highlights December 16: Solana leads rally after Fed decision calms markets

The crypto market has added almost $59 billion in value over the past day after the U.S. Federal Reserve made the decision to start lowering stimulus benefits and tapering purchases of government bonds after inflation hit a four-decade peak.

Top cryptos

Solana is the biggest winner in the top 5 today. The live Solana price is $180 with a 24-hour trading volume of $3.76 billion. It is rapidly reversing its recent losses. In the last 24 h, it has gained 10%.

Bitcoin was up approximately 1%, trading above $48,000 this morning. Ethereum climbed around 4%, Cardano was up around 3%, and XRP registered gains of approximately 1%.

Avalanche continues yesterday’ surge on news of adding USDC to its platform. Today, its gains are even more impressive: 15% in the last 24 h. Terra has gained 10% today.

Dogecoin and Shiba Inu saw slight growth after yesterday’s rise, which followed an announcement by Elon Musk that he would start accepting payments in DOGE for some merchandise.

Top movers

Kadena, a unique ecosystem with the only scalable layer 1 PoW blockchain, is up 22% in the last 24 hours. Kadena features Pact, the safest smart contract language. The live Kadena price today is $11.76 with a 24-hour trading volume of $62.5 million.

XDC Network’s token XDC has gained 22% today. XDC network is an enterprise-ready hybrid blockchain technology company optimized for international trade and finance. The XDC protocol is architected to support smart contracts, 2000TPS, and two seconds transaction time. 

Stacks, a layer-1 blockchain solution that is designed to bring smart contracts and decentralized applications to Bitcoin, is rapidly reversing losses. It has gained 19% in 24 h.

Helium a decentralized blockchain-powered network for Internet of Things (IoT) devices. It is among the biggest winners, up 16.83% in the last 24 hours. 

Fantom is a directed acyclic graph smart contract platform providing decentralized finance services to developers using its own bespoke consensus algorithm. Fantom is up 13.49% in the last 24 hours.

Hedera is up 10.83% in the last 24 hours. It is designed to be a fairer, more efficient system that eliminates some of the limitations that older blockchain-based platforms face — such as slow performance and instability.

The live Elrond price today is $319 with a 24-hour trading volume of $406 million. Elrond is up 12% in the last 24 hours.

Other winners include Harmony with +14% and Arweave with +17%. Immutable X, the first layer-two scaling solution for NFTs on Ethereum, gained 12% today. WAX is up 11%.

Last but not least, there is Horizen, a self-described zero-knowledge-enabled network of blockchains powered by the largest node infrastructure in the industry. It cracked the top 100, up almost 20% today.

Trending

The biggest of trending coins is CBP, the cryptocurrency applied in Cashbackpro. It registered a rapid surge on November 18 and has been gaining ever since, with a plummet on one or two occasions.

This solution aims to help businesses to sell goods quickly and conveniently. It also aims to help businesses to access and retain potential customers by converting walk-in customers into loyal customers through the CBP reward mechanism. The Cashbackpro project is sponsored and developed by BBA GLOBAL. It runs on Tron20 blockchain and its fully diluted market cap is up 3,874% today.

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