The 3 Best Cheap Cryptos to Buy Now
There are plenty of cryptocurrencies out there trading at relatively low prices. Indeed, finding sub-one-cent cryptos isn’t that hard. However, many investors question whether any of these cheap cryptos are worth buying when looking at low-valued tokens.
Of course, some are, but most aren’t. In this market, quality demands a premium (or, at least, a less-discounted valuation). And given how high crypto prices ran during the last cycle, many may believe that these lower levels are necessary for a sustainable trajectory higher.
Perhaps so. In any case, finding value ought to be the concern of all investors. Whether we’re talking stocks, bonds, or crypto, there’s usually value to be had in corners of the market.
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Here’s why I see potential in these three best cheap cryptos right now.
As far as best cheap cryptos are concerned, XRP (XRP-USD) has been on the list for some time. Despite a massive market capitalization of $24 billion at the time of writing, this token still trades around $0.48. Thus, for investors looking to buy “a thousand of something,” this is an option to consider.
The thing is, XRP is a massive project that’s been around for a while. One of the “old guards” in this sector, XRP has focused on providing transactions at a fraction of a penny. By doing so, XRP targets institutional and corporate users looking to transfer money across borders.
Additionally, XRP’s consensus mechanism is among the most efficient of its older peers. Thus, this is a project to consider for those concerned about sustainability and efficiency.
Now, XRP certainly has its headwinds. This token was among the first to be labeled by the SEC as a security. Accordingly, with an ongoing legal case overhead, investors do have notable concerns.
That said, should this case be resolved favorably (which many experts believe is the probable outcome), this is a token with some serious upside potential. Accordingly, this is one of the best cheap cryptos to buy that I think is worth putting on the watch list, at the very least.
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A project I’ve been bullish on for some time, Cardano (ADA-USD), has undoubtedly been hit hard. This crypto winter has left no prisoners, and Cardano is no exception.
That said, this is a cryptocurrency project with a significant catalyst worth discussing. For those who may not know, Cardano’s biggest upgrade ever just took place.
The long-awaited Vasil hard fork went live on Sept. 22. This upgrade is intended to enhance the network’s throughput capacity and scalability. Accordingly, the next few weeks will be crucial to watch as investors digest what this means for future growth.
More application development on the network is expected to take place. And given Cardano’s strong developer interest, this could mean a greater valuation over time. That’s because a general theory supporting the valuation of projects asserts that a token should be worth the aggregate total of all the projects on its blockchain.
Thus, as Cardano’s ecosystem grows, so too should its valuation. This upgrade is the latest reason investors feel bullish, despite market conditions.
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One of the more popular play-to-earn games in the crypto world is Decentraland (MANA-USD). And while much of the buzz around the metaverse is now completely gone (in the crypto and stock markets alike), this is a space that many long-term investors may still want to consider. Why?
Decentraland’s platform is among the most well-established in the crypto world. This blockchain-based digital world allows users to buy digital plots and in-game tokens to enhance their gaming experiences. Much like other games that offer in-app purchases, this model has a lot to like.
The thing is, user growth and transaction volumes need to continue to trend higher. And while Decentraland saw much interest during the post-pandemic boom, there are real concerns about whether this can continue. Fair enough.
That said, this is a token that may be enticing for investors with a time horizon that’s long enough. Those who want exposure to this nascent, but high-growth sector, may want to put this on the watchlist at least. At around $0.70 per token, it’s starting to look very attractive.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.
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