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Hong Kong lawmaker Wu Jie has urged the government to consider adding Bitcoin to the city-state’s fiscal reserves. According to local reports, Wu highlighted Bitcoin’s potential as a strategic asset, pointing to its fixed supply and increasing acceptance in global finance. He argued that as significant economies begin to include Bitcoin in their reserves, its role as a hedge against inflation and a competitor to traditional assets like gold could grow.
Bitcoin’s presence in mainstream financial systems has steadily expanded, with institutions and governments showing increased interest in its potential. Wu emphasized that this limited supply could make Bitcoin an appealing option for safeguarding wealth over time. This proposal also comes as interest in cryptocurrencies continues to rise, with many investors considering them as alternatives to traditional financial assets. As such, market participants are researching top cryptocurrencies to buy now.
Top Cryptocurrencies to Buy Now
Tonstakers has recently been integrated into Bybit’s Web3 Wallet, enhancing accessibility for users in the ecosystem. Meanwhile, Solaxy (SOLX) has garnered significant attention, raising $7 million in its presale, indicating strong investor interest in its token and ecosystem.
The Shiba Inu project is also making strides by venturing into the metaverse. This expansion aims to provide users with a more interactive and unified platform, fostering engagement and opening new opportunities within its community.
1. Toncoin (TON)
Tonstakers, a leading protocol for liquid staking on the TON blockchain, is now integrated into Bybit’s Web3 Wallet. This allows users to stake Toncoin ($TON) and receive $tsTON in return. The value of $tsTON gradually increases relative to $TON approximately every 26 hours. This mechanism provides competitive rewards while supporting the TON ecosystem’s growth.
With this integration, Bybit aims to connect its users with DeFi opportunities and make staking accessible to the 130 million participants within the TON ecosystem. Currently, Toncoin trades at $5.58, reflecting a 2.61% price increase over the past week.
The cryptocurrency is trading significantly above its 200-day simple moving average (SMA) of $2.03, suggesting long-term bullish momentum. However, short-term indicators like the 14-day Relative Strength Index (RSI) at 47.69 signal a neutral trend, indicating the possibility of sideways price movement.
Developers, are you ready for TON’s BTCfi Hackathon?
We’re looking forward to seeing how you redefine Bitcoin’s role in DeFi and take tgBTC to the next level.
Meet the organizers:
🔹@TONX_Studio,
🔹@tonbit_,
🔹$TON Foundation,
🔹@ton_society,
🔹and #TONCoreExpect:
💰 $1M+… pic.twitter.com/unZyVqBBd2
— TON 💎 (@ton_blockchain) December 27, 2024
Predictions estimate Toncoin will close the year trading around $5.63, representing a modest potential increase of 0.81%. This indicates stability but limited short-term profit potential for investors. Additionally, the Fear & Greed Index shows “Greed,” reflecting positive market sentiment.
2. Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency powered by its community. Built on Ethereum, SHIB has established itself as a noteworthy digital asset.
A new addition to the Shiba Inu ecosystem is the TREAT token, designed to enhance governance and liquidity. This token allows community members to participate in decision-making through a voting system, giving them a voice in shaping the project’s future. TREAT also bolsters liquidity, which helps maintain stability and supports broader ecosystem growth.
The Shiba Inu project is expanding into the metaverse to create a more interactive and unified platform for its users. TREAT contributes to this vision by introducing tools that improve the platform’s functionality. These efforts aim to increase engagement and build a cohesive community experience.
Moreover, SHIB is trading at $0.00002162, reflecting a 2.80% decrease. The sentiment around its price trend appears bearish, with a Fear & Greed Index rating of 65, indicating greed in the market. The Relative Strength Index (RSI) at 37.25 suggests a neutral stance, pointing to potential sideways trading. Projections estimate SHIB could rise by 226.97% by January 2025.
3. Cronos (CRO)
Cronos supports decentralized and open-source operations, aiming to enhance Crypto.com’s payment, trading, and financial services ecosystem. Users can utilize CRO tokens in various ways, such as staking them on the network to become validators. Validators process transactions and earn fees as rewards.
Additionally, CRO tokens help settle transaction fees on the Cronos Chain. At a current price of $0.146887, Cronos shows a significant daily trading volume of $66.31 million, marking a 200.89% increase. The cryptocurrency trades above its 200-day simple moving average (SMA) of $0.093226, showing a strong performance at 57.74% higher than this key indicator.
The 14-day Relative Strength Index (RSI) for Cronos stands at 48.53, signaling neutral momentum. This suggests the price may remain steady without clear bullish or bearish signals.
Cronos Chain’s design focuses on providing utility to its ecosystem, offering users opportunities to participate actively in the blockchain while earning rewards. Its position above the 200-day SMA reflects potential investor confidence and market strength.
4. Render (RENDER)
Render Token is currently priced at $6.98, reflecting a 1.78% decrease in the past day. Its market capitalization is $3.61 billion, representing the total value of tokens in circulation. Over the last 24 hours, trading volume reached $292.57 million, a 15.45% rise, showing active interest.
RENDER supports a decentralized network connecting people needing digital rendering services with those offering unused computing power. Rendering involves creating detailed digital images or graphics commonly used in industries like gaming, movies, and design. By using blockchain technology, the network distributes rendering tasks more efficiently and at a lower cost.
The token is trading 2.30% above its 200-day simple moving average (SMA) of $6.79. This indicator shows that the token remains relatively stable. Over the past year, its price increased by 50%, outperforming 57% of the top 100 cryptocurrencies. Moreover, the 14-day Relative Strength Index (RSI) sits at 44.09, suggesting a neutral trend with limited price momentum.
Its 30-day volatility stands at 13%, reflecting moderate price stability. Furthermore, RNDR has high liquidity relative to its market cap, which allows for easy trading without significant price fluctuations. While the project shows growth potential, its future depends on adoption within industries needing rendering services and broader market trends.
5. Solaxy (SOLX)
Solaxy (SOLX) has raised $7 million in its presale, drawing attention for its unique combination of blockchain utility and meme coin culture. Currently priced at $0.001584 per token, the price will increase before reaching exchanges, presenting an early opportunity for investors. The project reportedly generates $500,000 daily, placing it alongside other successful presale tokens like Wall Street Pepe and Crypto All-Stars.
To participate in the presale, users can purchase SOLX through the Solaxy website using cryptocurrencies like Ethereum (ETH), Binance Coin (BNB), or Tether (USDT). Transactions via bank cards are also possible, though fees may apply. Staking options are available with an annual percentage yield (APY) of up to 550%, making it an attractive option for those looking to earn rewards. Over 2 billion tokens are already staked, highlighting significant investor support.
Furthermore, Solaxy’s development team aims to address common blockchain challenges, such as scalability and high transaction costs, by creating a new blockchain tailored to solve these issues. This infrastructure claims to overcome some of the limitations faced by Solana’s network, potentially improving transaction speed and reducing costs.
The SOLX project integrates a fun and engaging element, appealing to a broader audience while focusing on long-term growth. While it shows promise, potential investors should evaluate the project’s goals and assess the risks associated with early-stage investments.
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