Cryptocurrency markets were volatile on May 9th, with Bitcoin rebounding from session lows in the $61,000s back to the mid-$62,000s. The bounce in Bitcoin was attributed to weaker-than-expected US jobless claims data. However, in the long term, Bitcoin remains locked within recent ranges as traders monitor market themes such as ETF demand, Fed rate cuts, post-halving sell pressure, and the upcoming US elections. Former President Donald Trump has indicated support for crypto, which could be bullish for the industry.
Ether, the second-largest cryptocurrency, has pivoted around $3,000, with shifting supply dynamics catching the attention of traders. The recent EIP-4488 upgrade has reduced Ethereum fees by as much as 4x, leading to an increase in the total Ether supply. This inflationary trend in Ether supply has concerned some traders who see ETH deflation as a key value proposition. Lowering fees on Ethereum is crucial for its adoption and dominance in the smart-contract-enabled blockchain space.
The altcoin market is being closely watched for potential impacts of token unlocks on the market cycle. 10x Research has suggested that the current cryptocurrency bull market cycle might be shorter than previous ones, and unlikely to culminate in a broad altcoin rally due to nearly $2 billion in token unlocks. Traders hunting for the best crypto to buy now need to be selective. Strong performers on Thursday that traders are eyeing include Arweave (AR), Render (RNDR), and Toncoin (TON), all showing strong momentum and potential for further gains.
Arweave (AR) is up around 13% in the past 24 hours and could potentially break above recent highs. Render (RNDR) has hit new multi-week highs and may retest its March highs. Toncoin (TON) is another strong performer, with a potential rebound to all-time highs. These coins offer potential investors an opportunity to make significant gains. Additionally, crypto presales are highlighted as a high-risk, high-reward investment strategy for those seeking near-term gains. Analysts at Cryptonews outline their top 5 presale picks in a video.
Overall, the cryptocurrency market remains uncertain with Bitcoin and Ether showing fluctuations in price. Factors such as US jobless claims data, supply dynamics of Ether, token unlocks in the altcoin market, and high-risk investment strategies like crypto presales need to be considered by traders. The market remains volatile and investors should be cautious when deciding on the best crypto to buy now. Cryptocurrencies are a high-risk asset class and investors could potentially lose all of their capital, thus careful consideration and research are essential before making investment decisions.
