With cryptocurrency markets choppy on Thursday as Bitcoin (BTC) rebounds from session lows in the $61,000s back to the mid-$62,000s, traders are parsing through their options in the altcoin market as they hunt for the best crypto to buy now on May the 9th.
Some attributed the bounce in Bitcoin from session lows to weaker-than-expected US jobless claims data.
BREAKING
US JOBLESS CLAIMS SPIKES TO ITS HIGHEST LEVEL IN 9 MONTHS
JOBLESS CLAIMS: 231,000
EST:212K
THIS IS BULLISH FOR THE MARKET, AS IT WILL PUSH THE FED TO DO RATE CUTS EARLY
— Ash Crypto (@Ashcryptoreal) May 9, 2024
This data comes following last week’s softer-than-expected official US jobs report.
But, in the grand scheme of things, Thursday’s Bitcoin bounce means very little for the near-term outlook.
Bitcoin remains locked within recent ranges as traders monitor long-term market themes.
These include spot Bitcoin ETF demand, the outlook for Fed rate cuts, the evolution of post-halving sell pressure (it is expected to eventually ease, potentially precipitating a major rally) and the upcoming US elections.
Former President Donald Trump remains the favorite to resecure election. And that could be bullish for crypto.
Just last night, Trump commented that “if you’re in favor of crypto – you better vote for Trump”.
https://twitter.com/marionawfal/status/1788392597993496935
Elsewhere, as Ether (ETH) pivots either side of $3,000, traders are focusing on its shifting supply dynamics.
Ether Turns Inflationary as Ethereum Fees Drop
The recent Dencun upgrade has reduced Ethereum fees by as much as 4x, according to CryptoQuant data.
#Ether turns inflationary for the first time since Merge :
This marks the first period of #Ethereum becoming inflationary in the past year and a half since the Merge took place.
Total Ether supply increased to 120.1 million on May 7, from 120 million on March 12, before the… pic.twitter.com/qxeIxPl1X4
— TOBTC (@_TOBTC) May 9, 2024
That has substantially reduced the cryptocurrency’s burn rate, with the Ether supply recently turning inflationary as a result.
This has concerned some ETH traders. Many see continued ETH deflation as a key value proposition for holding the cryptocurrency.
However, these traders must remember the chilling impact that high fees has on Ethereum’s adoption.
If Ethereum is going to retain its spot as the dominant smart-contract-enabled blockchain in web3, lowering fees is key.
After all, why would everyday users choose to transact on Ethereum if fees are 100x higher than on other chains.
Will Token Unlocks Hit the Altcoins Markets?
Lower fees on Ethereum could also help breathe life into meme coins and altcoins.
That being said, 10x Research fed the FUD on Thursday with a note postulating that the cryptocurrency bull market cycle might be shorter than previous ones, and unlikely to culminate in a broad altcoin rally.
Beware of Token Unlocks. Will Venture Capital Funds cut this Altcoin cycle short?
1-12) The current cryptocurrency bull market cycle might be shorter than previous ones and unlikely to culminate in a broad altcoin rally. Are the crypto venture capital funds to blame?
2-12)… pic.twitter.com/nICNYmtDyK
— 10x Research (@10x_Research) May 8, 2024
They cite nearly $2 billion in token unlocks which could lower the market in the coming ten weeks.
Affected tokens include Aptos, Starkware, Arbitrum, Optimism and Ethena, which see between $50-100 million in unlocks, and Avalanche and Sui, which see $330 million and nearly $1 billion in unlocks respectively.
Traders hunting for the best crypto to buy now will thus need to be selective.
Here are some strong performers on Thursday that traders will be watching.
Best Crypto to Buy Now
Arweave (AR)
Arweave (AR) is a market leader on Thursday, up around 13% in the past 24 hours as per CoinMarketCap.
Last at $41.70, the cryptocurrency is eyeing a break above recent highs in the $42,50 area.
That could open the to a retest of March highs between $46.50 and $47.50.
AR has found strong support at its 100DMA in recent weeks, suggesting the bulls remain in control.
Arweave stands a good chance of testing its 2021 highs above $90 this bull market. Thus, it could potentially be the best crypto to buy now.
AR bulls are in control and the crypto could be the best to buy now. Source: TradingView
Render (RNDR)
Render (RNDR) is another token with strong momentum, hitting new multi-week highs on Thursday above $11.
Last up 12% in the past 24 hours as per CoinMarketCap, Render was last trading around $10.94.
Render broke to the north of a pennant structure earlier this month and the bulls have since been in control.
The prospect of a quick 23% pump makes Render potentially the best crypto to buy now. Source: TradingView
It could soon retest its March highs in the mid-$13s. The prospect of a quick 23% pump makes Render potentially the best crypto to buy now.
Toncoin (TON)
Toncoin (TON) is another very strong performer on Thursday, up 7.5% in the past 24 hours, as per CoinMarketCap.
TON hit its highest level since mid-April on Thursday above $6.30, having founds support at its 50DMA earlier this week.
The latest rally opens the door to a rebound back to TON’s all-time highs above $7.50.
Crypto Alternatives to Consider
All of the above coins offer potential investors a great chance to make 10x gains.
But, for those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
See the below video where analysts at Cryptonews outline their top 5 presale picks right now.
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