Altcoin market updates: Chainlink, HBAR, AAVE lead market recovery

The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17.

Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.

However, as early rebound signals emerged, Chainlink (LINK), Hedera (HBAR) and AAVE emerged top gainers on Monday.

Chainlink (LINK) retakes $22 territory with 3% gains after integrating new memecoins

Chainlink (LINK) has surged by 3% to retake the $22 level, fueled by new integrations with popular memecoins. Over the weekend, several memecoins, including Shiba Inu (SHIB) and its ecosystem tokens Turbo (TURBO) and Apu (APU), adopted Chainlink’s Cross-Chain Token (CCT) standard.

Chainlink Integrate new memecoin data streams | Source: X.com/Chainlink, December 21, 2024 |

This move enables these tokens to operate seamlessly across 12 blockchains, expanding their accessibility beyond their native networks.

The adoption of the CCT standard positions Chainlink as a key player in facilitating multi-chain interoperability for emerging tokens.

By leveraging Chainlink's services, these memecoins can now stream data and offer cross-network functionality, driving increased utility and liquidity.

AAVE price broke above $340 on Monday, up 11% on the day, as third consecutive Fed rate cut sparks demand for DeFi lending products. $BTC