After three months of decline, November marked a turnaround for U.S. stocks, thanks to better-than-expected earnings and signs of decreasing inflation. These factors fueled the belief that the Federal Reserve might have finished its tightening of monetary policy.

Federal Reserve Chair Jerome Powell’s recent remarks, promising a cautious approach to interest rates, further boosted market confidence. He highlighted the balanced risks of excessive tightening and insufficiently controlling inflation, signaling a shift to a more cautious stance.

Jeffrey Roach, chief economist at LPL Financial, highlighted the market’s reaction to Powell’s comments, noting the significance of the shift in language from previous assertions of a restrictive policy to the recognition of being “well into restrictive territory.” This subtle change resonated with market participants, influencing market sentiment.

Next Cryptocurrency to Explode

Uber Technologies is set to become a part of the S&P 500 index starting December 18, as confirmed by S&P Dow Jones Indices. This move accompanies the inclusion of Jabil Inc. and Builders FirstSource Inc. from the S&P MidCap 400 index. Adjusting these indices will remove Sealed Air Corp, Alaska Air Group Inc., and SolarEdge Technologies Inc. from the S&P 500.

1. Chainlink (LINK)

Recent insights from Santiment, an on-chain analytics firm, shed light on significant holders’ accumulation of Chainlink (LINK) tokens. This includes institutional investors and major crypto whales.

Over the past five weeks, these LINK whales have notably increased their holdings, setting Chainlink apart from other altcoins. Moreover, it signals growing interest and confidence among key players in the crypto market. This places the coin as the next cryptocurrency to explode.

Currently trading around $15.75, LINK has shown a 6.5% upward movement in the last 24 hours and an impressive 42% increase in the past 30 days. This surge outpaces Bitcoin and a majority of other top altcoins.

Key metrics, such as a 107% price surge over the past year, outperforming 75% of the top 100 crypto assets, consistent trade above the 200-day simple moving average, positive performance compared to its token sale price, 18 positive trading days in the last month, and its high liquidity based on market cap, collectively indicate a robust performance.

Imagine if collectible sneakers could be authenticated, tokenized, and transacted onchain.

These sneaker dNFTs would automatically track verification of authenticity, past owners, and condition—leading to greater transparency for all. pic.twitter.com/lmWrxkB4iJ

— Chainlink (@chainlink) December 2, 2023

However, despite these positives, expert technical analysis highlights a notable resistance level for LINK, which is around $16.58 on the weekly timeframe. This resistance has persisted for four consecutive weeks, with recent price action signaling a reversal from this level. The ability of LINK to breach and maintain a position above $16.58 will be crucial. A successful breach could trigger a significant price surge for the cryptocurrency.

2. Gas (GAS)

Gas has seen a significant surge in its price over the past year, marking a 280% increase. This growth has surpassed 91% of the top 100 crypto assets and notably outperformed leading cryptocurrencies like Bitcoin and Ethereum.

Its current trading position is above the 200-day simple moving average, signifying stability in its market trend. With 15 positive trading days out of the last 30, it maintains a 50% positive trend rate.

Regarding liquidity, Gas exhibits high levels based on its market capitalization, reflecting favorable market activity. Presently, Gas is priced at $8.24 with a 24-hour trading volume of $115.95 million and a market capitalization of $537.35 million.

This contributes to a market dominance of 0.04%, making it the best crypto to explode. Over the last 24 hours, Gas has observed a 3.22% price increase. Gas has witnessed fluctuating price extremes in the past, hitting its all-time high of $106.25 on Jan 16, 2018, and reaching its all-time low of $0.581059 on Mar 13, 2020. Notably, since its all-time high, the lowest recorded price was $0.581059 (cycle low), while the highest reached $29.06 (cycle high).

Gas is deemed bullish in price prediction, assessing the current sentiment, aligning with a Fear & Greed Index score of 74 (Greed). Its circulating supply is 65.22 million GAS out of a maximum supply of 100 million GAS.

Last year, Gas experienced a yearly supply inflation rate of 543.95%, generating 55.09 million GAS. Within the NEO Network sector, Gas holds the #2 ranking in terms of market capitalization.

Several experts anticipate Gas to be a notable performer in the cryptocurrency landscape. Projections indicate a potential maximum price of around $5.35 as the crypto market recuperates. Predictions for Gas’s average price in 2023 hover around $4.72. However, in the event of a significant bearish trend in the crypto market, the minimum expected price for gas by 2023 is estimated to be $4.09.

3. Akash Network (AKT)

Akash Network has witnessed a substantial surge in its price, marking a notable 631% increase over the past year. This growth has positioned it among the top performers, surpassing 97% of the top 100 crypto assets within the same period, outpacing even stalwarts like Bitcoin and Ethereum. The current trading status shows the price trading above the 200-day simple moving average, indicating its positive momentum.

In the last 30 days, Akash Network has experienced 20 days of positive growth, constituting a 67% increase in value. Currently, the price stands at $1.803667, with a 24-hour trading volume of $4.64M and a market cap of $401.16M.

Notably, the highest recorded price was $8.04 on April 6, 2021, while its all-time low of $0.166008 was noted on November 21, 2022, post its ATH. The recent peak since the last cycle low reached $1.939740.

The sentiment towards Akash Network’s price prediction is bullish, aligning with a Fear & Greed Index of 74 (Greed). Regarding its supply dynamics, the circulating supply stands at 222.41M AKT out of a maximum supply of 388.54M AKT.

SubQuery now supports rapid data indexing of the Akash Supercloud — allowing builders to manage and query onchain data with ease.

This will massively increase development speed and iteration time for Akash builders.

Read the full announcement:https://t.co/Yt27oAaSvt https://t.co/iBLevY8KQe pic.twitter.com/xJq9QTapIF

— Akash Network (@akashnet_) December 1, 2023

There has been a significant yearly supply inflation rate of 95.34%, creating 108.55M AKT over the last year. From a market standpoint, Akash Network holds the #18 position in the Proof-of-Stake Coins sector and ranks #6 in the AI Crypto sector. This data offers an overview of the project’s performance, circulating supply dynamics, and current position within the cryptocurrency landscape.

4. Bitcoin ETF Token (BTCETF)

The Bitcoin ETF Token BTCETF offers an investment avenue for those interested in speculating on the potential impact of a spot BTC ETF approval. It’s structured with unique tokenomics aiming to reduce supply, potentially increasing scarcity and value over time.

Recapping the fourth significant milestone for #BitcoinETF! 4️⃣

When the total assets under management (AUM) for #Bitcoin ETFs reach a value of $1 billion across the market, 5% of the total #BTCETF token supply will be burned and transaction tax will reduce from 2% to 1%. 🌐 pic.twitter.com/BuSiP8G4yt

— BTCETF_Token (@BTCETF_Token) December 2, 2023

A notable feature is the burning mechanism designed to eliminate up to 25% of the total supply as significant ETF approval milestones are reached. Additionally, it implements a 5% transaction tax that gradually decreases by 1% at each milestone, providing incentives for long-term holders.

The project also includes a staking protocol enabling BTCETF token holders to earn APYs of up to 179%. Despite being in its presale phase, the project has gained early substantial interest, raising over $1.7 million.

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During the presale phase, investors can acquire BTCETF tokens at $0.0056 each, but this price may increase shortly. Post-presale, the project aims to list on multiple exchanges, attracting early supporters considering an initial investment at the starting price point as potentially strategic should momentum persist. While Bitcoin holds its status as the foremost global cryptocurrency, Bitcoin ETF Token presents a speculative opportunity for investors anticipating the approval of a spot BTCETF.

Visit Bitcoin ETF Token.

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• Source: https://insidebitcoins.com/news/next-cryptocurrency-to-explode-saturday-2-december-chainlink-gas-bitcoin-etf-token