Altcoins

Best Crypto to Buy Now on May 9 – Arweave, Render, Toncoin

Published

9 months ago

9 May, 2024

Best Crypto to Buy Now May 9 – Arweave, Render, Toncoin

Last updated: May 9, 2024 at 2:42 p.m. EDT | 3 minutes of reading

As cryptocurrency markets were choppy on Thursday as Bitcoin (BTC) bounced from its session low of $61,000 to the mid-decade high of $62,000, traders are analyzing their options in the market altcoin as they search for the best crypto to buy now in May. 9th.

Some attributed the rebound Bitcoin from session lows to weaker than expected US jobless claims data.

🚨 BREAKING 🚨

In the United States, unemployment claims reach their highest level in 9 months

UNEMPLOYED APPLICATIONS: 231,000

EST: 212,000

THIS IS BULLISH FOR THE MARKET AS IT WILL PUSH THE FED TO CUT RATES EARLY

– Ash Crypto (@Ashcryptoreal) May 9, 2024

The data follows last week’s official US employment report, which was weaker than expected.

But, overall, Thursday’s Bitcoin The rebound has very little effect on the short-term outlook.

Bitcoin remains stuck in recent ranges as traders monitor long-term market themes.

These include Spot Bitcoin ETF the request, the outlook for Fed rate cutthe evolution of the post-reduce by half selling pressure (it should eventually ease, potentially precipitating a major rally) and the upcoming US elections.

Former President Donald Trump remains the favorite to win the election. And that could be bullish for crypto.

Last night, Trump said that “if you’re in favor of crypto, you better vote for Trump.”

https://twitter.com/marionawfal/status/1788392597993496935

Elsewhere, like Ether (ETH) pivots either side of $3,000, traders are focused on its changing supply dynamics.

Ether Becomes Inflationary as Ethereum Fees Drop

The recent Dencun upgrade reduced Ethereum Fees up to 4x, according to CryptoQuant data.

#Ether becomes inflationary for the first time since Merge:
This marks the first period of #Ethereum becoming inflationary over the last year and a half since the merger.

The total supply of Ether increased to 120.1 million on May 7, up from 120 million on March 12, before… pic.twitter.com/qxeIxPl1X4

–TOBTC (@_TOBTC) May 9, 2024

This has significantly reduced the rate of consumption of the cryptocurrency, leading to recent inflation in the supply of ether.

This has concerned some ETH traders. Many view the continued deflation of ETH as a key value proposition for holding the cryptocurrency.

However, these traders should keep in mind the deterrent impact that high fees have on Ethereum adoption.

If Ethereum wants to maintain its place as the dominant smart contract-compatible blockchain in web3Reducing costs is essential.

After all, why would ordinary users choose to transact on Ethereum if the fees are 100 times higher than on other chains?

Will Token Unlock Hit Altcoin Markets?

Lower fees on Ethereum could also help bring meme coins and altcoins to life.

That being said, 10x Research fueled the FUD on Thursday with a note positing that the cryptocurrency The bull market cycle could be shorter than previous ones and is unlikely to result in a broad altcoin rally.

Beware of token unlocks. Will VC funds shorten this Altcoin cycle?

👇1-12) The current cryptocurrency bull market cycle may be shorter than previous ones and is unlikely to result in a large altcoin rally. Are crypto venture 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 send the market lower over the next ten weeks.

Affected tokens include Aptos, Starkware, Arbitrum, Optimism, and Ethena, which are seeing between $50 million and $100 million in unlocks, and Avalanche and Sui, which are seeing $330 million and almost $1 billion in unlocks, respectively.

Traders looking for the best crypto to buy now will therefore need to be selective.

Here are some good results from Thursday that traders will watch.

Best Crypto to Buy Now

Arweave (AR)

Arweave (AR) is the market leader on Thursday, up about 13% in the last 24 hours according to CoinMarketCap.

Finally, at $41.70, the cryptocurrency plans to break recent highs in the $42.50 area.

This could set the stage for a retest of March highs between $46.50 and $47.50.

AR has found strong support at its 100Dma in recent weeks, suggesting that the bulls remain in control.

Arweave has a good chance of testing its 2021 highs above $90 in this bull market. So, it could potentially be the best cryptocurrency to buy right now.

AR bulls are in charge and the crypto might be the best to buy now. Source: TradingView

Rendered (RNDR)

Render (RNDR) is another token with strong momentum, hitting new multi-week highs above $11 on Thursday.

Latest increase of 12% in the last 24 hours, according to CoinMarketCapRender last traded around $10.94.

Render broke north of a pennant structure earlier this month and the bulls have since taken control.

The prospect of a rapid 23% pump makes Render potentially the best crypto to buy right now. Source: TradingView

It could soon retest its March highs in the mid-$13s. The prospect of a rapid 23% pump makes Render potentially the best crypto to buy right now.

Toncoin (TON)

Toncoin (TON) also performed very well on Thursday, up 7.5% in the last 24 hours, according to CoinMarketCap.

TON hit its highest level since mid-April above $6.30 on Thursday after finding support at its 50DMA earlier this week.

The latest rally opens the door for a rebound towards TON’s all-time highs above $7.50.

Crypto Alternatives to Consider

All of the coins above offer potential investors an excellent chance of making 10x gains.

But, for those looking for a better probability of short-term gains, an alternative high-risk, high-return investment strategy to consider is get involved in crypto presales.

Watch the video below where Cryptonews analysts currently present their top 5 presale picks.

Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.

Fuente

Altcoins

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Published

6 months ago

29 July, 2024

CoinFlix Staff

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Popular crypto analyst Michael van de Poppe has highlighted his altcoin portfolio approach in light of the new Ethereum ETF. In a recent Youtube videoThe analyst explained the measures he would take for this major market event.

The Ethereum ETF was listed on the stock exchange and it took time to get approval and so far there has been no significant change in price. The analyst pointed out that the long-term effect could be quite significant, comparing it to the situation of the Bitcoin ETF where the initial decline was followed by large inflows.

According to Van de Poppe, the Ethereum ETF’s trading volume on the first day of trading was about 25% of the volume Bitcoin ETF He noted that the first day of trading was marked by low inflation, and said there was a net inflow of $150 million to $160 million, which reduced the available supply.

Altcoins are poised for growth

The analyst said that as Ethereum adoption increases in the future, the supply of Ethereum will decrease, which is a deflationary model. Ethereum is up about 15% since the ETF approval, the broader market reaction has yet to happen as several sell-offs have taken place, including the Grayscale Trust.

Van de Poppe also mentioned other important market events, including the end of Mount Gox The process of repaying creditors initially caused tensions in the markets, but had little effect subsequently. It also highlighted the role of macroeconomic factors, which can lead to Fed rate cuts, which can affect markets.

In this regard, looking at van de Poppe’s strategy, he is still keen to trade within the altcoins of the Ethereum ecosystem. He stated that there is a possibility of short-term price fluctuations that may discourage many people, but the long-term still looks good due to the improvement and adaptation that has been made to Ethereum and its environment.

According to the analyst, substantial inflows could propel Ethereum towards new historic highs with estimates ranging from $5,000 to $7,000. Despite the current market fluctuations, he is confident that macroeconomic changes and greater liquidity will be favorable for altcoins.

He explained that his broad approach to altcoins, especially those associated with Ethereum, will be beneficial because the market will react differently to these events. The basis for his optimism comes from the fact that he believes that Ethereum and all associated projects are still extremely undervalued and have the potential to skyrocket as sentiment changes.

Looking ahead and market adjustments regarding the Ethereum ETF and other macroeconomic factors, the analyst remains bullish on altcoins. He suggested investors stay informed and believe that in the ever-changing world of crypto, they will eventually be rewarded.

Fuente

Altcoins

Altcoins Are Severely Undervalued, Awaiting Ethereum Move | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

IntoTheBlock Releases Report on Institutional DeFi Trilemma

Disclaimer

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Fuente

Altcoins

Altcoins Correct Amid ETH Decline, Grayscale Outflows | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

Disclaimer

Fuente

Altcoins

Epic Altcoin Rally Expected for August and September

Published

6 months ago

28 July, 2024

CoinFlix Staff

Crypto analyst predicts massive altcoin rally similar to Q1 2024, urging patience and accumulation.
Bitcoin’s potential as a reserve asset and its technical patterns suggest that it will drive the rise of the cryptocurrency market.

Captain Faibik, a renowned crypto analyst, has created excitement in the cryptocurrency sector with his latest prediction. He indicated that we are on the cusp of a massive altcoin rally, similar to the one we saw in Q1 2024.

We are on the verge of a massive Altcoin rally, similar to Q1 2024📈

Keep accumulating and hold with patience. (Patience will be rewarded)

The majority of #Altcoins have already hit rock bottom and are about to escape.

In my opinion, August-September is going to be epic for Altcoins.🚀🚀#Crypto pic.twitter.com/cMdHagiaYc

— Captain Faibik (@CryptoFaibik) July 24, 2024

Accumulating and Holding Altcoins: The Path to Potential Profits

He stressed the need to accumulate altcoins and hold them patiently, as it will eventually pay off. According to him, the majority of altcoins have already bottomed out and are about to break it. He believes August and September will be epic months for altcoins.

In a chart posted by Captain Faibik, the overall crypto market cap, excluding Bitcoin and Ether, known as TOTAL3, is approaching the upper boundary of a descending channel pattern.

This context suggests a potential breakout and a significant rally towards the $1 trillion mark. Technically, the decline since mid-March is interpreted as a corrective trend for the value of TOTAL3, signaling a preparation to enter a rally structure.

Bitcoin’s influence and legislative developments suggest good prospects for the future

Furthermore, based on sentiment and technical patterns, Bitcoin, the world’s leading cryptocurrency, appears poised to lead the charge in the cryptocurrency market. Bitcoin’s performance often sets the tone for the market as a whole, and a strong move in BTC could trigger a significant rally in altcoins.

Previously, as we have already said reportedSenator Cynthia Lummis said she plans to introduce a bill at the upcoming Bitcoin conference that would require the Federal Reserve to hold Bitcoin as a reserve asset.

If this law passes, the US will treat BTC as a long-term investment rather than selling huge amounts infrequently, which could disrupt the market.

In addition, asset management firm VanEck has proposed a bold scenario in which Bitcoin Price Could Reach $2.9 Million Per BTC By 2050based on its fundamental outlook. Matthew Sigel, head of digital assets at VanEck, and senior investment analyst Patrick Bush noted that their estimate is based on Bitcoin’s adoption as a global medium of exchange and reserve asset.

As Bitcoin price increases, altcoins are expected to gain popularity, indicating the start of a bullish rally shortly after the BTC halving event.

Meanwhile, at the time of writing, the price of BTC was hovering around $67,007.99up 4.67% over the past 24 hours following a short-term correction.