Top Cryptocurrencies to Buy Now December 23 – Ethena, Polkadot, The Graph

XRP and HBAR have led the market rally following the 2024 U.S. elections. XRP has surged by 328%, while HBAR has seen an impressive 457% increase during this period. Notably, President-elect Donald Trump is reported to have exposure to both XRP and HBAR, drawing further attention to these assets.  

Other notable altcoins, such as Cardano, Chainlink, and Dogecoin, have also experienced gains since the election. Tokens like Polkadot and Ethena have also posted significant growth. This shift indicates that many investors are reallocating profits from Bitcoin into altcoins, which have gained traction due to their vibrant ecosystems, strong communities, and active development teams. As the market continues to evolve, these trends have sparked increased interest in finding the top cryptocurrencies to buy now. 

Best Cryptocurrencies to Invest in Right Now

Ethena Labs has partnered with World Liberty Financial (WLFI) to improve stablecoin liquidity and enhance user rewards on WLFI’s platforms. Additionally, The Graph has joined the Hypersonic Builders Alliance (HBA) to support Soneium developers with advanced blockchain data solutions. Meanwhile, Bitcoin reached a new all-time high of over $108,000 on December 17, signaling continued strength in the broader cryptocurrency market.

1. Polkadot (DOT)

Polkadot is an open-source, sharded multichain protocol designed to connect and secure a network of specialized blockchains. It enables the transferring of various data and assets across chains, including tokens, fostering blockchain interoperability. Polkadot aims to serve as the foundation for a decentralized internet of blockchains.

The platform supports the development of decentralized applications, institutions, and services, providing a user-controlled framework. Currently, Polkadot’s price is $6.99, reflecting a 1.92% decline over the past 24 hours. Despite this, it is trading 13.35% above its 200-day simple moving average (SMA) of $6.17, indicating a stable upward trend over the long term. 

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— Polkadot (@Polkadot) December 17, 2024

Meanwhile, Polkadot also demonstrates high liquidity relative to its market capitalization, a positive indicator for traders and investors. The Relative Strength Index (RSI) over the last 14 days stands at 36.69, suggesting a neutral stance and the likelihood of sideways trading in the short term.

Projections for the year’s end estimate Polkadot trading within a range of $6.99 to $9.23, with an average December price of $8.31. This would represent a 19% increase compared to its current price, offering potential gains for investors. 

2. Ethena (ENA)

Ethena Labs has recently partnered with World Liberty Financial (WLFI), a decentralized finance initiative with backing from President-elect Donald Trump. This collaboration focuses on enhancing stablecoin liquidity while boosting user rewards on WLFI’s platforms. A key element of the partnership is a governance proposal to integrate Ethena’s stablecoin, sUSDe, as the primary collateral asset on WLFI’s Aave-backed protocol.

The sUSDe token, developed by Ethena Labs, is a synthetic digital asset for decentralized finance applications. If approved by WLFI’s governance community, this integration would enable users to leverage sUSDe as collateral to access other stablecoins like USDC and USDT. The proposal is expected to undergo a vote in the coming week, potentially unlocking new functionalities and increasing user engagement on WLFI’s platform.

Ethena has entered into a strategic partnership with @worldlibertyfi

A governance proposal has been submitted to add sUSDe to WLFI’s upcoming Aave instance as a core collateral asset pic.twitter.com/jgjd8QGWDS

— Ethena Labs (@ethena_labs) December 18, 2024

Meanwhile, Ethena’s native token, ENA, has seen price fluctuations. Currently trading between $1.05 and $1.10, the ENA token experienced a brief price drop before stabilizing near $1.04. 

The collaboration is likely to benefit both parties. The inclusion of sUSDe as collateral could attract a broader user base to WLFI’s ecosystem, enhancing its liquidity. Additionally, it may drive demand for Ethena’s stablecoin, potentially improving market confidence and increasing ENA’s value. This partnership signals a strategic step forward for both platforms in the DeFi space.

3. Catslap (SLAP)

Catslap (SLAP) concluded a $1 million token burn on December 20. This follows the success of the project’s flagship “Slap-to-Earn” game, which recently surpassed a significant milestone of over one billion slaps completed by users. In addition to the burn, the team is implementing automated buybacks every 20 minutes, with $445,000 worth of tokens already purchased.

The Slap-to-Earn game is the foundation of Catslap’s ecosystem, gaining remarkable traction with 1.2 billion cumulative slaps recorded. As Season 1 approaches its January 10 conclusion, the stakes are rising for participants, with a $100,000 prize pool awaiting the top 10 players. Beyond the leaderboard, other participants will also earn SLAP tokens based on their rankings, ensuring broader incentives for engagement.

Moreover, Catslap’s approach combines engaging gameplay with practical token utility, setting it apart from other meme-based projects. By blending entertainment with financial incentives, the team is fostering a strong and active community. Their transparent development strategy further reinforces trust and user loyalty.

Currently, the SLAP token is trading at $0.003086, reflecting a 0.55% increase in intraday performance. The project’s growing popularity and innovative ecosystem suggest positioning itself as a noteworthy player in the broader cryptocurrency market.

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4. The Graph (GRT)

The Graph has joined the Hypersonic Builders Alliance (HBA) to enhance blockchain data solutions for Soneium developers. The HBA brings together leading infrastructure providers to support developers and drive innovation in web3, offering tools such as RPC Node Services. This collaboration reflects The Graph’s commitment to advancing decentralized technology and supporting the next phase of web3 development.

Meanwhile, The Graph is an indexing protocol that queries data from networks like Ethereum and IPFS. It plays a crucial role in powering numerous decentralized finance (DeFi) applications and other web3 projects, making it a foundational tool within the ecosystem.

The Graph joins the Hypersonic Builders Alliance (HBA) to bring fast and reliable blockchain data solutions to @Soneium builders.

The HBA is bringing together top infrastructure providers to empower developers and advance web3 innovation, including The Graph and @StartaleCS—a… pic.twitter.com/WrOByWK3mp

— The Graph (@graphprotocol) December 23, 2024

From a market perspective, The Graph is currently trading just above its 200-day simple moving average (SMA) of $0.209328, with a 1.03% increase. It has demonstrated stability, with 17 green trading days in the past month, signaling investor interest. The 14-day Relative Strength Index (RSI) stands at 34.48, indicating neutral momentum, suggesting potential sideways trading in the short term.

Volatility remains relatively low, with 30-day volatility at 13%, reflecting a steady market performance. Price predictions estimate a modest 0.24% rise to $0.211468 by January 2025. The token also benefits from high liquidity relative to its market cap, ensuring ease of trading. 

5. THORChain (RUNE)

THORChain (RUNE) is currently priced at $5.07, recording a slight decline of 0.31%, reflecting a cautious market sentiment. The price prediction sentiment for RUNE appears bearish. At the same time, the Fear & Greed Index indicates a score of 70, suggesting an environment of investor greed. 

Despite the bearish outlook, the token has shown positive performance compared to its initial sale price and recorded 17 green days in the past 30 days, which suggests some resilience in recent trading activity. Liquidity levels are notable, with a volume-to-market cap ratio of 0.1213, indicating ease of trading activity. 

Last week, THORChain underwent a major upgrade with the release of v3! Discover what this means for the future of cross-chain DeFi by reading the full article. Dive into the details and see how THORChain is reshaping the landscape.https://t.co/ylCGHwYKIw$RUNE

— THORChain (@THORChain) December 22, 2024

The Relative Strength Index (RSI) over the last 14 days is 31.71, which is neutral. This suggests the token may continue to trade without significant directional movement in the short term.

Additionally, the 30-day volatility is relatively low at 11%, which may appeal to investors seeking lower-risk opportunities in the cryptocurrency market. THORChain’s current market conditions suggest a period of consolidation, with potential for sideways trading.

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