Cryptocurrencies are all the rage these days, especially among speculative investors. What used to be a marginal investment is now the focus of the financial press. Even financial networks like CNBC talk about bitcoin every day and keep a ticker on the screen showing the current price.
Do you want to diversify in a bear market? Consider these 6 alternative investments
Putting all of this together, Bitcoin and the cryptocurrency movement is now familiar to even the average investor. However, Bitcoin is not the only cryptocurrency out there.
There are plenty of other options if you want to get your crypto fix away from the big names. However, keep in mind that each cryptocurrency is unique and you should consult your financial advisor before investing in any of these speculative products.
What are the best cheap cryptos to buy?
If you’re ready to invest in some crypto, check out the following 10 cheap options that could yield nice returns in 2022.
1. XRP (XRP)
XRP is an open-source cryptocurrency that uses an open-source distributed ledger called the XRP Ledger. It was developed by Ripple, an enterprise blockchain company that facilitates global transactions. According to Ripple, XRP was designed for payments and can process transactions faster, more reliably and at a lower cost than is possible via a standard global payments infrastructure.
Ripple is currently embroiled in a lawsuit by the U.S. Securities and Exchange Commission alleging it engaged in unregistered securities trading. The company and the SEC have asked the judge to rule based on available evidence as an alternative to a court hearing, CoinDesk reported, but there’s no indication yet of when — or if — that might happen.
Despite the uncertainty surrounding the lawsuits, Ripple’s On-Demand Liquidity payment product grew 9-fold between the second quarter of 2021 and the same quarter of 2022, according to the company’s XRP market report July 28.
Ripple repurchased $200 million worth of Series C stock from one of its investors in a bid to bolster its balance sheet ahead of its IPO, analysts said, FXStreet reported. The expectation that Ripple would announce its IPO following the SEC lawsuit gained momentum recently when CEO Brad Garlinghouse told CNBC that it was indeed exploring the possibility of an IPO.
XRP’s price has dropped significantly compared to a year ago, and you can buy it for well under $1.
2. Dogecoins (DOGE)
Dogecoin was originally a joke, but it has become quite real for those who have benefited from it. The coin is certainly “cheap” at less than $0.07 per coin on Oct. 5, especially compared to its 52-week high of $0.3388.
Unlike many other cryptocurrencies that serve actual functions, Dogecoin was created as a satirical version of Bitcoin. Over the past year, the cryptocurrency has surged due to hype on message boards and tweets from Elon Musk. This is the same kind of speculation that propelled GameStop more than 400% higher in a single week in 2021.
Of course, this probably doesn’t matter to those who have made real profits and are still looking for “cheap” cryptocurrencies. And this could pay off in the coming year. In December 2021, Musk announced in a tweet that “Tesla will be making some merch for sale with Doge and see how it goes.”
However, Dogecoin has been heavily impacted by the crypto sell-off since the beginning of the year. Whether it can continue to pull itself out of the slump remains to be seen, but many investors see the decline as a buying opportunity rather than a sign of doom.
3rd chain link (LINK)
Chainlink is another Ethereum token that powers Chainlink’s decentralized oracle network. This network is used to establish a secure connection to external data sources, APIs and payment systems.
Chainlink describes itself as the ability to enable real-world data and off-chain computation to expand the capabilities of smart contracts while retaining the advantages of blockchain technology – namely its security and reliability guarantees. Chainlink price is jerky and currently stands at $7.75, down more than 71% year-on-year, giving investors an opportunity to buy cheap.
4. Uniswap (UNI)
A major player among decentralized exchanges, Uniswap automates the trading of decentralized finance tokens between coin holders, allowing anyone who owns coins to create a liquidity pool for any token pair of their choosing.
Though highly volatile, Uniswap has the benefit of having been an early player in the decentralized exchange space, US News reported. It recently surpassed $1 trillion in total trading volume, albeit from just 3.9 million addresses, suggesting there’s plenty of room for growth.
5. Cardano (ADA)
at less thanAt $1, Cardano remains a very cheap cryptocurrency – even more so now amid the cryptocurrency crash that has knocked Cardano back from an all-time high of $3.10 in September 2021.
According to Coinbase, Cardano is a blockchain platform based on a proof-of-stake consensus protocol called Ouroboros that can validate transactions without high energy costs. Its developers say that Ouroboros enables the decentralization of the Cardano network and offers the ability to sustainably adapt to global requirements without compromising security.
Development on Cardano uses the Haskell programming language. The symbol for the Cardano token, ADA, came from the 19th-century mathematician Ada Lovelace.
So far, Cardano has had an impressive record. By the end of last year, it had processed over 20 million transactions with no downtime, according to InvestorPlace, and recently launched ADACash, a rewards token that gained 10,000 users in less than a month.
Upcoming projects include a non-fungible token marketplace and an exchange for DeFi transactions. At the beginning of September, over 1,000 projects were built on the Cardano blockchain.
An upcoming upgrade called Hydra should dramatically increase processing feeds, InvestorPlace reported, which could trigger higher prices. Although Cardano has not announced a release date, previous statements suggest that it could appear as early as late 2022.
6. Polygon (MATIC)
Polygon is a decentralized application built on top of the Ethereum network to expand Ethereum into a multi-chain system. With the backing of Coinbase and Binance, Polygon could be the solution developers need to deploy decentralized applications faster, more efficiently and at lower cost, Benzinga noted, calling MATIC the most promising “layer two” token — that is, one built on top of a existing blockchain.
All cryptocurrency investments are highly speculative, but it could bode well that MATIC showed resilience during a sell-off in early December 2021, surging 21% while other cryptos plummeted, US News reported.
It has since corrected itself in the face of increased competition, but analysts say Polygon is backed by a strong team and solid technology, making MATIC a good bet over the long term.
7th Star (XLM)
Stellar is its own payment network and uses Stellar Lumens as its currency on this network. While the network can be used by anyone, it should connect financial institutions that conduct large transactions. On the Stellar network, these types of transactions can be made almost instantaneously and at little to no cost, unlike traditional or even competing blockchain networks.
The price of star lumens has been very volatile over the past year, but industry analysts expect XLM prices to increase in 2022. You can get an idea of where XLM might be headed by watching Bitcoin — the prices of the two cryptocurrencies often move in the same direction over the same period, according to InvestorPlace.
8. The sandbox (SAND)
The sandbox is a blockchain-based Metaverse – a virtual game that uses a “play-to-earn” model that allows users to create, buy, sell, and collect digital assets in the form of NFTs. They can also create and monetize their own games and earn SAND when someone plays them, Benzinga explained.
Pixowl developed the game in 2011 to introduce blockchain to mainstream gaming, according to CoinMarketCap. Investors include Atari, Helix, and CryptoKitties.
With the current hype around Metaverse, blockchain games like The Sandbox might just be getting started.
9. Decentralized (MANA)
Decentraland is the token behind an Ethereum blockchain-based virtual reality game of the same name. Securities.io described Decentraland as a 3D virtual world where users buy land to develop and monetize content, buy goods and services, and visit other properties.
As a Metaverse innovator, Decentraland has been signed by Versus Entertainment to help develop its film adaptation of The Infinite Machine, which tells the story of Ethereum co-founder Vitalik Buterin, Variety reported.
With a market cap of $1.29 billion, this cryptocurrency venture isn’t exactly a no-brainer.
10. NEAR protocol (NEAR)
The NEAR protocol is a layer-one blockchain developed as a community-powered cloud computing platform with faster transaction speeds, better performance, and increased interoperability compared to competing blockchains, according to CoinMarketCap.
While it doesn’t have the maturity of some of the other blockchains on this list, the collective tasked with updating the original code and releasing the updates aims to create a highly secure platform capable of managing high-value assets such as money and identity while providing functionality for “everyday people.” NEAR recently launched its own stablecoin, $USN.
A proof-of-stake mechanism called Doomslug secures the platform without ratcheting up costs, and Nightshade technology slices the blockchain’s transaction history to speed up processing, Benzinga reported. The project has the potential to break down barriers to Web3 adoption – Web3 is the buzzword for a blockchain-based internet. To this end, NEAR Protocol recently partnered with Google Cloud. According to Fintech Finance News, Google Cloud will provide technical support to NEAR Foundation grantees to develop and scale their Web3 projects and decentralized applications.
Daria Uhlig contributed to the reporting for this article.
The dates are correct as of October 5, 2022 and are subject to change.
This article originally appeared on GOBankingRates.com: 10 Cheap Cryptocurrencies to Buy