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With crypto having pulled back sharply in recent trade following US economic data that has reignited fears about stagflation, and in wake of hawkish commentary from Fed policymakers, traders are looking for altcoins with strong bullish momentum that might be the best crypto to buy now.
And strong performing altcoins are difficult to find in Friday’s bearish market.
Bitcoin (BTC) dipped back to the low $61,000s on Friday from earlier highs near $64,000.
The latest US economic data saw US consumer sentiment slump to six months lows while inflation expectations spiked.
Per Bloomberg, “US Consumer Sentiment Slumps as Inflation Expectations Rise” (details below).
Add that 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
Later, Fed policymakers pondered whether financial conditions in the US are tight enough to deal with stubbornly high inflation.
Fed’s Logan Remarks:
“It’s TOO EARLY to consider cutting rates.”
“Q1 inflation data is DISAPPOINTING.”
“There are UNCERTAINTIES regarding whether policy is sufficiently restrictive.”
“It is NOT a soft landing yet.”
“There are important upside RISKS to inflation.”
“The…
— Wall St Engine (@wallstengine) May 10, 2024
As per CME, the money market implied likelihood of no Fed rate cuts by September jumped to 39% from 31%.
Bitcoin and crypto generally tends to perform better in an environment of easing/easier financial conditions.
It thus unsurprising that hawkish remarks from Fed officials, and data to back up a more hawkish Fed stance have weighed on crypto on Friday.
There remains a lot of uncertainty regarding when the Fed will start interest rate cuts.
This, combined with subsiding Bitcoin ETF demand and the typical summer/post-halving market lull, suggests the Bitcoin price could remain subdued.
Spot Bitcoin ETF flows have slowed to a trickle, suggesting Bitcoin likely isn’t the best crypto to buy now for quick gains. Source: The Block
Few would be surprised to see Bitcoin slide back under $60,000 and retest recent lows.
Most likely, it will continue to trade within its recent $56,000-$70,000ish ranges in the coming months.
Traders hunting for the best crypto to buy now for quick gains need to be very selective when choosing altcoins.
Best Crypto to Buy Now
Toncoin (TON)
Despite the market’s broader bearishness, Toncoin (TON) is trading with strong momentum.
It was last up 7.5% in the past 24 hours above $6.70, as per CoinMarketCap.
Since its early May lows at $4.60, TON has rallied close to 50%.
The price of #TONCoin has increased by 50% since last month
The price of Ton Coin #TON, the digital currency associated with #Telegram, has increased by about 50% in May. This increase is due to the launch of the Not Coin (NOT) game as well as support for the Tether stablecoin… pic.twitter.com/llMQ8BQUxN
— Gems Mine (@Gems_Mine) May 10, 2024
Powering the pump is optimism regarding the launch of the Telegram-based GameFi token Not Coin (TON) on the TON blockchain.
Others also cited optimism about the launch of USDT on the blockchain. TON could imminently retest April’s highs near $7.70.
As the blockchain garners rapid adoption, its market cap could soon blast beyond its current $23 billion.
Toncoin could be one of the best cryptos to buy now.
Render (RNDR)
Render (RNDR) is another token bucking the market trend amid its own bullish narrative.
The cryptocurrency was last trading near $11, up a stunning 60% from earlier monthly lows.
Render is pumping since its protocol OctaneX was featured in a recent Apple keynote.
#OctaneX was featured in today’s @Apple keynote!
Apple users can augment the massive increase in rendering power on the M4 with access to near unlimited high performance decentralized GPU compute power on @rendernetwork using Octane X. 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 a lot higher than its current $4.25 billion. That’s why it could be the best crypto to buy now.
Crypto Alternative to Consider – Mega Dice (DICE)
The above-mentioned altcoins could easily post 5x gains this crypto bull cycle.
However, investors looking for even greater upside potential should check out presale investing.
Web3 projects frequently sell their tokens at a big discount to early investors as they raise funds for development.
If presale investors can find a good project that gains traction in the market, they can book exponential gains.
One project that analysts at Cryptonews are a big fan of is Mega Dice Casino.
This already well-established crypto casino has launched a presale of its utility token, DICE.
DICE holders get big cashback benefits on their wagers and can generate passive income via DICE staking.
The crypto casino is also running a $750,000 airdrop to reward early presale investors.
The $DICE presale has raised $800k!
Only $200k left before the next price increase
Join the #1 GameFi project on Solana
BUY $DICE NOW
https://t.co/Pk6R16oOKk pic.twitter.com/3QzRpoSNAr
— Mega Dice Casino (@megadice) May 7, 2024
The project has already raised $880,000, too. Potential investors may want to move quickly, as the DICE price will rise when the $1 million milestone is hit.
Mega Dice is also running a referral scheme.
Check Out Mega Dice Casino’s Presale
The post Best Crypto to Buy Now May 10 – Toncoin, Render appeared first on Cryptonews.
