Best cryptocurrencies to buy now on May 9th: Arweave, Render, Toncoin

Last updated: May 9, 2024 2:42 pm EDT | 3 minute read

With cryptocurrency markets choppy on Thursday as Bitcoin (BTC) rebounds from session lows of $61,000 to the mid-$62,000s, traders are analyzing their options in the altcoin market as they search for the best cryptocurrency to buy now in May. 9.

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

This data follows a weaker-than-expected official US jobs report released last week.

But, in the grand scheme of things, it’s Thursday Bitcoin the rebound means very little for the near-term outlook.

Bitcoin remains stuck within recent ranges as traders track long-term market themes.

These include Spot Bitcoin ETF question, the outlook for Fed rate cutsthe evolution of the post-halving selling pressure (which should eventually ease, potentially accelerating a strong rally) and the upcoming US elections.

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

Just last night, Trump commented that “if you’re pro cryptocurrencies, you’d better vote for Trump.”

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

Elsewhere, how Ether (ETH) rotates either side of the $3,000 mark, traders are focusing on the changing supply dynamics.

Ether Becomes Inflationary as Ethereum Fees Fall

The recent Dencun update has been small Ethereum commissions up to 4 times, according to CryptoQuant data.

This has substantially reduced the rate of consumption of the cryptocurrency, resulting in the supply of Ether recently becoming inflationary.

This has some ETH traders worried. Many see ETH’s continued deflation as a key value proposition for holding the cryptocurrency.

However, these traders must remember the chilling impact that high commissions have That of Ethereum adoption.

Whether Ethereum will maintain its place as the dominant smart contract-enabled blockchain web3the key is tariff reduction.

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

Will Token Breakouts Hit Altcoin Markets?

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

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

They cite nearly $2 billion in token unlocks that could lower the market over the next ten weeks.

Affected tokens include Aptos, Starkware, Arbitrum, Optimism, and Ethena, which see unlocks of between $50 million and $100 million, and Avalanche and Sui, which see unlocks of $330 million and nearly $1 billion, respectively.

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

Here are some strong performances from Thursday that traders will keep an eye on.

The best cryptocurrencies to buy now

Arweave (AR)

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

At $41.70, the cryptocurrency aims to break out of recent highs in the $42.50 area.

This could pave the way for a retest of the March highs between $46.50 and $47.50.

AR has found strong support at the 100DMA level in recent weeks, suggesting that the bulls will remain in control.

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

AR bulls are in control and the cryptocurrency may be the best one to buy now. Source: TradingView

Rendering (RNDR)

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

Duration up 12% in last 24 hours as per CoinMarketCapRender last traded around $10.94.

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

The prospect of a rapid 23% increase makes Render potentially the best cryptocurrency to buy now. Source: TradingView

It may soon retest March highs in the mid-13s. The prospect of a rapid 23% increase makes Render potentially the best cryptocurrency to buy now.

Toncoin (TON)

Toncoin (TON) posted another very strong performance on Thursday, up 7.5% in the last 24 hours, as per CoinMarketCap.

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

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

Cryptographic alternatives to consider

All the above coins offer potential investors a great opportunity to get 10x gains.

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

Check out the video below where Cryptonews analysts outline their top 5 presale picks right now.

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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