Blockchain

Best Crypto to Buy Now February 21 – Render, Chiliz, Hedera 

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InsideBitcoins regularly provides a rundown of the best cryptocurrencies to buy now, taking into account their recent price performance.

With the bullish market gaining momentum, altcoins are rising, surpassing previous levels. This article analyzes standout cryptocurrencies that have attracted attention for their unique features and growth prospects. Each offers distinct value propositions, from Render’s pioneering cloud computing solutions to Chiliz’s incorporation into the sports industry and Hedera’s advanced distributed ledger technology. 

Best Crypto to Buy Now

Bitcoin has briefly surged past the $52,000 mark, reclaiming a $1 trillion market cap. Meanwhile, RNDR has demonstrated massive growth, surging by more than 23% to hovering around $6.15. MATIC coin has maintained steady growth despite a lukewarm response to its ZK network announcement. Also, Chiliz has recently partnered with the K-League, highlighting the convergence of sports and blockchain technology.

1. Render (RNDR)

Render (RNDR) is a distributed GPU rendering network on the Ethereum blockchain. Its primary aim is facilitating connections between artists and studios seeking GPU compute power and mining partners willing to rent out their GPU capabilities. In this network, artists use RNDR tokens, which are ERC-20 utility tokens, to acquire GPU compute power from providers. 

To ensure fair transactions, RNDR employs a proof-of-render system. This verifies that all art has been successfully rendered before payment is made and the art is released. Furthermore, this system utilizes manual and automatic processes, with assets hashed upon upload and sent to nodes for rendering.

Moreover, the price of RNDR has shown notable growth, increasing by over 23% to trade around $6.15 at the time of writing. This trend continues a solid upward trajectory for RNDR, delivering over 200% returns for investors year-to-date.

In addition, RNDR’s price has risen by 2.83% in 24 hours, reaching $6.22. Additionally, it is currently trading above its 200-day simple moving average. Render has experienced 19 green days out of the last 30, indicating a positive performance of 63%.

Looking at its performance over the past year, RNDR has seen an impressive price increase of 246%, outperforming 89% of the top 100 crypto assets in terms of growth. These gains suggest improving sentiment and favorable technical alignments for the project. RNDR may see further upside potential, particularly if it surpasses its all-time high of $7 in the coming days.

2. Polygon (MATIC)

Polygon introduces a structured and user-friendly approach to blockchain expansion. At its core lies the Polygon SDK, a flexible framework supporting various application types. Developers can craft optimistic, ZK rollup chains, standalone chains, or other required infrastructures through Polygon, effectively evolving Ethereum into a multi-chain system. 

This system leverages Ethereum’s security and robust ecosystem while enhancing scalability and transaction speed. Operating as a Layer 2 scaling solution, Polygon doesn’t aim to overhaul Ethereum’s base blockchain layer. Instead, it concentrates on simplifying scalability and facilitating instant blockchain transactions. 

MATIC Price Chart

MATIC functions as an ERC-20 token on the Ethereum blockchain. It serves as a medium for payment services within the Polygon ecosystem and facilitates user settlement. Transaction fees on Polygon sidechains are also denominated in MATIC tokens.

MATIC coin has shown consistent growth despite a lukewarm reception to its ZK network announcement compared to competitors’ testnet launches. Recently, it surpassed $1 in value, driven by sustained optimism among investors. MATIC’s recent rally, breaking a longstanding resistance level, has garnered attention, reflected in its rising weekly Relative Strength Index (RSI).

In collaboration with Animoca Brands and The Human Institute, Polygon unveiled the Humanity Protocol on its Chain Development Kit (CDK). This protocol integrates palm recognition technology to reshape identity verification in Web3 applications. By offering a user-centric approach and addressing concerns about invasive verification methods like iris scans, the initiative aims to establish Proof of Humanity on the Polygon chain.

3. eTukTuk (TUK)

eTukTuk is a sustainable transportation project and has attracted significant investor interest, securing over $1.2 million in funding. The project’s native TUK token is poised for potential growth upon listing on exchanges later this year.

Furthermore, eTukTuk operates on BNB Chain and Cardano, aiming to foster inclusivity and facilitate cross-chain interoperability. This strategy is expected to drive rapid expansion, impacting sustainability and financial inclusion in developing regions.

The project integrates AI and blockchain technologies to enhance urban mobility. This also employs AI-driven route optimization to alleviate traffic congestion and implement smart infrastructure for intelligent transport systems. The TUK token supports these technological advancements and aligns with environmental goals by funding green transportation research and incentivizing community engagement.

Moreover, eTukTuk‘s electric tuk-tuk model is designed to be cost-effective and efficient. This aims to replace over 270 million traditional combustion engine tuk-tuks worldwide. The project’s strategy is to reduce carbon emissions, address CO2-related health issues, and promote financial inclusion.

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4. Chiliz (CHZ)

Chiliz is a digital currency catering to sports and entertainment enthusiasts operated by a Malta-based FinTech provider. The platform, Socios, utilizes blockchain technology to engage users in governing their favorite sports brands. Through Socios, fans can acquire fan tokens using the native CHZ token to represent their affiliation with specific sports clubs or associations. 

CHZ Price Chart

Moreover, these fan tokens allow fans to participate in club decisions through voting mechanisms facilitated by smart contracts. Despite experiencing a 15% decline in price last year, CHZ has recently demonstrated resilience and potential for growth in the market.

The token saw an 18.61% surge in value within the last 7 days, indicating a growing interest among investors. Furthermore, the token trades significantly above the 200-day Simple Moving Average (SMA) and is positioned slightly below the cycle high. Additionally, its high liquidity, reflected in a volume-to-market cap ratio of 0.2945, presents favorable conditions for trading.

Chiliz has established partnerships with prominent sports entities like FC Barcelona and Manchester City, strengthening its foothold in the sports industry. The recent collaboration with the K-League further underscores the intersection of sports and blockchain technology, suggesting optimistic prospects for CHZ and similar projects.

5. Hedera (HBAR)

Hedera is a significant token in decentralized economies. It aims to fix issues in older blockchain platforms, like slow speed and instability, offering a fairer and more efficient system. HBAR serves two purposes: powering services like smart contracts and securing the network through staking.

Hedera’s performance metrics are impressive. Transactions on the network cost just $0.0001 on average and are finalized in under five seconds, contrasting with slower and costlier transactions elsewhere.

HBAR Price Chart

Additionally, HBAR’s price surge, up 27.22% in the past week, aligns with trends in the altcoin market. Moreover, market sentiment toward Hedera appears positive, supported by its strong performance compared to other crypto assets. Furthermore, the token’s Fear & Greed Index reading is 78, indicating high investor confidence.

Trading activity suggests a positive trend, with HBAR consistently trading above its 200-day simple moving average. In addition, Hedera ranks 12th in the Proof-of-Stake Coins sector and 28th in the Layer 1 sector, highlighting its prominence in these segments of the cryptocurrency market. 

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