Altcoin
The best cryptocurrencies to buy now May 10 – Toncoin, Render
Last updated: May 10, 2024 1:32 pm EDT | 3 minute read
With cryptocurrencies retreating sharply in recent trade following US economic data that reignited stagflation fears, and in the wake of hawkish comments from Fed policymakers, traders are looking for altcoins with strong bullish momentum that could be the best cryptocurrency to buy now.
And high performance altcoins they are hard to find in Friday’s bear market.
Bitcoin (BTC) fell back to lows of $61,000 on Friday from previous highs of around $64,000.
The last one US economic data saw US consumer confidence fall to a six-month low while inflation expectations have risen.
According to Bloomberg, “US Consumer Sentiment Slumps as Inflation Expectations Rise” (details below).
Add this to other indicators of the slight stagflationary wind blowing through the economy.#economy #growth #inflation #econtwitter pic.twitter.com/BjvuGjeFlp— Mohamed A. El-Erian (@elerianm) May 10, 2024
After, Fed policymakers have questioned whether financial conditions in the United States are tight enough to address persistently high inflation.
Fed Logan’s remarks:
“IT IS TOO EARLY to consider a rate cut.”
“First quarter inflation data is DISAPPOINTING.”
“There are UNCERTAINTIES about whether the policy is sufficiently restrictive.”
“It is NOT a soft landing yet.”
“There are significant upside RISKS to inflation.”
“THE…
— Wall St Engine (@wallstengine) May 10, 2024
As per ECMThe implied money market probability that the Fed will not cut rates by September jumped to 39% from 31%.
Bitcoin and cryptocurrencies generally tend to perform better in an environment of easier/looser financial conditions.
It is therefore no surprise that hawkish remarks from Fed officials and data supporting a more aggressive Fed stance weighed on cryptocurrencies on Friday.
There remains much uncertainty about when the Fed will begin interest rate cuts.
This, combined with the sagging Bitcoin ETF question and the typical summer/post-periodhalving the calm of the market suggests that the price of Bitcoin could remain low.
Few would be surprised to see Bitcoin slip below $60,000 and retest recent lows.
Most likely, it will continue to trade within the recent ranges of $56,000-70,000 in the coming months.
Traders looking for the best cryptocurrency to buy now for quick profits must be very selective in their choice altcoins.
The best cryptocurrencies to buy now
Toncoin (TON)
Despite the overall bearish trend in the market, Toncoin (TON) is trading with strong momentum.
In the last 24 hours it has risen 7.5% above $6.70 CoinMarketCap.
From the lows of early May at $4.60, TON has rallied close to 50%.
The price of #TONCoin is up 50% from last month
The price of Ton Coin #TONNEthe digital currency associated with #Telegram, increased by about 50% in May. This increase is due to the launch of the Not Coin (NOT) game and support for the Tether stablecoin… pic.twitter.com/llMQ8BQUxN
— Gems Mine (@Gems_Mine) May 10, 2024
Fueling the pump is optimism surrounding the launch of the Telegram-based GameFi Not Coin (TON) token on the TON blockchain.
Others have also cited optimism regarding the launch of USDT on the blockchain. TON could soon retest the April highs near $7.70.
As blockchain gains rapid adoption, its market capitalization could soon surpass the current $23 billion.
Toncoin could be one of the best cryptocurrencies to buy right now.
Rendering (RNDR)
Render (RNDR) is another token bucking the market trend amid its own bullish narrative.
The cryptocurrency last traded around $11, up a stunning 60% from previous monthly lows.
Rendering has been pumping since its OctaneX protocol was unveiled in a recent Apple keynote.
#OctaneX was presented today @Apple key note!
Apple users can augment the massive increase in rendering power on the M4 with nearly unlimited access to high-performance decentralized GPU computing power on @rendernetwork using Octane pic.twitter.com/WwfC8mIBB1
— The Render Network (@rendernetwork) May 7, 2024
Render remains a leader in the AI DePIN space and its market cap could go much higher than the current $4.25 billion. Here’s why it might be the best cryptocurrency to buy right now.
Crypto Alternative to Consider – Mega Dice (DICE)
The altcoins mentioned above could easily post 5x gains in this cryptocurrency bull cycle.
However, investors looking for even more upside potential should exercise caution pre-sale investments.
Web3 projects often sell their tokens at a large discount to early investors while raising development funds.
If presale investors can find a good project that gains traction in the market, they can make exponential gains.
A project that Cryptonews analysts are big fans of is Mega Dice Casino.
This already established crypto casino has launched a pre-sale of its utility token, DICE.
DICE holders get great cashback benefits on their bets and can generate passive income through DICE staking.
The crypto casino is also launching a $750,000 airdrop to reward early pre-sale investors.
THE $DICE the presale raised $800,000! 📈
Only $200,000 left before the next price increase 🚀
Join the #1 GameFi project on Solana 🏆
ACQUIRE $DICE NOW 👇🏻
🔗 https://t.co/Pk6R16oOKk pic.twitter.com/3QzRpoSNAr— Mega Dice Casino (@megadice) May 7, 2024
The project has also already raised $880,000. Potential investors may want to act quickly, as DICE’s price will rise once the $1 million milestone is reached.
Mega Dice is also using a referral scheme.
Check out the Mega Dice Casino presale
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.