Best Crypto to Buy Now on 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.

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.

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.

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.

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