3 Cheap Cryptos to Buy Now for Big Gains
A cryptocurrency is a digital currency that isn’t controlled by a central authority, like a government. Developed using blockchain technology, cryptos’ many use cases are gradually becoming accessible as this sector continues to grow. Accordingly, many long-term growth investors continue to search for top cryptos to buy, despite the recent collapse of the sector’s value.
With more than 21,000 cryptocurrencies available, choosing the best ones aren’t easy. The asset class is a risky one, with many tokens that surged to incredible highs in 2021 plunging just a year later.
The question many investors have right now is whether 2023 will bring yet another free fall or the beginning of another bull market. The jury is still out on that front, I’m afraid.
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That said, for those looking at this sector for the first time, there are a number of cryptos to buy (or at least look at) right now. These three tokens are at the top of my list when it comes to their ability to rebound
Let’s dive in.
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Despite the downturn of the crypto sector, Polkadot (DOT-USD) is one crypto which performed relative well, compared to its peers, in 2022. In terms of its development efforts, Polkadot has been able to maintain its position as a leading blockchain project.
Polkadot managed to send more than 350,000 XCM transfers, ushering in a new era of cross-chain interoperability. It also made substantial progress towards introducing secure, cross-consensus bridging to the rest of the world. That huge, extremely impressive achievement has increased its appeal on a global scale.
The famous crypto analyst, Guy of Coin Bureau, cites Polkadot’s founder, Gavin Wood, its initiatives toward decentralization, and its robust developer community as some of Polkadot’s key strengths. The crypto has one of the largest developer communities in the sector.
Decentralization is quite crucial, and Polkadot has come a long way and made a lot of progress in that area. Any cryptocurrency initiative that isn’t adequately decentralized risks failing miserably.
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The price of Polygon (MATIC-USD) has been steadily declining over the past few weeks. Over the last week, this altcoin’s value has decreased by roughly 6%, and it has tumbled 63% over the last year.
Aside from a few minor bumps in the road, Polygon had a decent year in 2022 in terms of collaborations and new projects. That said, its value was dragged down by macroeconomic issues.
On the bright side, Polygon has had some impressive developments over the past year. I think the project can build on these accomplishments, such as Bhavish Finance’s No-Loss prediction market tool for Polygon. That was one of the network’s most significant advances this year, and its most recent update highlighted significant achievements.
MATIC, the network’s native cryptocurrency, began 2023 as one of the ten most popular tokens among the 100 largest ETH whales. As of now, MATIC is trading at around 80 cents which is historically cheap. However, experts believe this token has the potential to soar to more than $1.50 this year.
One of the proof-of-stake projects that I’ve been following for some time is Cardano (ADA-USD). This cryptocurrency has made impressive progress when it comes to development activity.
While much of the crypto market is battling to recapture its value following the effects of the collapse of FTX, Cardano has been moving onwards and upwards to a greater degree than many of its peers.
A list released by the metrics platform Santiment at the end of last year rated Cardano as the top blockchain protocol by development activity in 2022, followed by Polkadot and Cosmos (ATOM-USD).
According to the same crypto analytics platform, Cardano outperformed all other blockchain protocols this year on a crucial statistic. Specifically, according to Santiment, Cardano outranked Ethereum (ETH-USD) and other blockchain protocols in terms of development activity in 2022.
Cardano registered 2,434 more commits than Polkadot, which had the second-highest level of development activity among blockchain protocols, according to development hosting platform GitHub.
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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