On May 9th, amid volatile cryptocurrency markets, traders are looking for the best crypto assets to invest in. Bitcoin rebounded from session lows in the $61,000s to the mid-$62,000s, with some attributing this bounce to weaker-than-expected US jobless claims data. Despite this, the long-term outlook for Bitcoin remains uncertain as traders monitor various market themes, including demand for a spot Bitcoin ETF, potential Fed rate cuts, post-halving sell pressure, and the upcoming US elections, where former President Donald Trump is currently favored to win re-election, which could be bullish for crypto.
Meanwhile, Ether (ETH) is trading around $3,000 and undergoing supply dynamics changes. The recent EIP-1559 upgrade has reduced Ethereum fees significantly, leading to an inflationary period for Ether supply. Some traders are concerned about this development as they see ETH deflation as a crucial value proposition. Lower fees on Ethereum could potentially boost adoption and benefit altcoins, including meme coins, which may see increased activity due to reduced fees. However, some analysts speculate that the current crypto bull market cycle may be shorter than previous ones, dampening expectations for a broad altcoin rally.
Token unlocks could impact altcoin markets in the near future, with nearly $2 billion in unlockings projected to occur in the coming weeks. This could affect various tokens, including Aptos, Starkware, Arbitrum, Optimism, Ethena, Avalanche, and Sui, potentially influencing market performance. Traders seeking the best crypto assets should be cautious and selective amid these potential market movements. Some strong performers on May 9th include Arweave (AR), Render (RNDR), and Toncoin (TON), which have shown positive momentum and price actions, making them potential options for investors seeking opportunities for gains.
Arweave (AR) has been a market leader, up around 13% in the past 24 hours, with the potential to break recent highs and retest March levels. Render (RNDR) has also displayed strong momentum, reaching new multi-week highs and breaking through a pennant structure, indicating potential for further growth. Toncoin (TON), another top performer, is up 7.5% and has surpassed its previous highs, opening the path for a potential rebound to all-time highs. While all these coins offer opportunities for gains, investors looking for higher risk-reward options may consider getting involved in crypto presales, which offer potential for significant returns. However, it’s important to note that crypto is a high-risk asset class, and investors should exercise caution and conduct thorough research before making any investment decisions.
