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Should you invest in these cheap cryptocurrencies?

Should you invest in these cheap cryptocurrencies?

Should you invest in these cheap cryptocurrencies?

Wed Feb 08 2023 01:45:00 GMT+0000 (Coordinated Universal Time)

In recent decades, crypto investments have become more popular among the public. People who were hesitant about the nature of cryptocurrencies are now looking at them as long-term investments.

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No matter how exciting and profitable digital assets are, people can’t invest right away in popular tokens such as Bitcoin, Ethereum, and Ripple. This is due to the value fluctuation and the lack of public information on cryptocurrency. These digital assets are expensive if you want to invest large amounts that you can grow in the coming years. But here’s the thing, did you know that there are cryptos that you can buy without breaking the bank? If you’re interested to know more, continue reading.

Our favourite cheap crypto assets

Quantstamp (QSP)

Get incentivised to spot errors 

The Quantstamp Protocol (QSP) is the first security-audit protocol that boasts scalability. It is designed to double-check loopholes in smart transactions made on the Ethereum Network. Through QSP, checking transactions is effective because it places bounties on spotting errors in smart contracts.

Spotting malfunctions in digital contracts will be incentivised with QSP ERC-20 tokens. Although QSP is far from being one of the top traded digital currencies in the market, it is currently ranked at #714 and can be traded in most crypto exchange sites like Binance and Coinbase

Polygon (MATIC)

A token that follows a proof-of-stake mechanism

One of the reputations linked to cryptocurrency is its energy-consuming and unsustainable process. This is mainly due to Bitcoin’s mining process, which is improved upon by the proof-of-stake mechanism. The Polygon currency was released in 2017 and followed the same mechanism. 

MATIC can be purchased through exchanges such as Kraken, Coinbase and Binance. Its current price is $0.8921, with a circulating supply of more than 8 billion in the market. 

Chainlink (LINK)

A decentralised channel for smart contracts and more

Created on June 2017, Chainlink is another affordable cryptocurrency in the market. It is a decentralised token that acts as a bridge between various networks, hence its name. On the other hand, LINK can also execute smart contracts and work to complete transactions in the crypto market efficiently. 

If you want to purchase LINK, you can do so on various exchange platforms such as Binance, Coinbase and Kraken. Its current price at the time of writing is $6.32, with a circulating supply of more than 507 million. 

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Ravencoin (RVN)

Allows users to trade real and digital assets

Inspired by the ravens in the HBO series Game of Thrones, Ravencoin is a digital asset designed to deliver ‘statements of truths’ to crypto owners.

If you’re looking for versatile crypto investment, Ravencoin is a good option because it allows users to trade real and digital assets. This can vary from gold bars, land deeds, in-game features, and software licences. 

The RVN token has an X16R algorithm which prevents ASIC mining that can lead to centralisation. Moreover, the coin came from a Bitcoin fork. At the time of writing, Ravencoin has a price of $0.02209 and has consistent comebacks in the crypto market. It holds the 105th spot on CoinMarketCap and has a circulating supply of more than 12 billion. 

Dogecoin (DOGE)

A meme that turned into gold 

It was in 2013 when a cryptocurrency was somewhat designed as a joke. Dogecoin, or DOGE, was created as a meme in response to the Shiba Inu dog that went viral on the internet, and it seems that people are also enjoying its presence in the crypto market. 

Aside from being a decentralised token in the market, DOGE supports various payment options and is increasingly popular with many traders. 

As of now, DOGE has a price of $0.07957, according to CoinMarketCap. It also holds the 9th spot overall in the top-performing cryptocurrencies in the market. It has a circulating supply of 132 billion and a market cap of $10 billion.

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Cardano (ADA)

Competitive and affordable crypto asset 

Developed by one of Ethereum’s co-founders, Charles Hoskinson, Cardano is one of the most promising and cheapest cryptocurrencies to buy in the market. 

Cardano aims to create a sustainable blockchain protocol for decentralised applications, systems, and societies. Inside its network, there are two layers which are as follows:

  • Cardano Settlement Layer (CSL) - The CSL is where the platform’s native coin, ADA, runs to enable transactions within the chain. It acts as the ledger of the Cardano ecosystem, which utilises a proof-of-stake protocol to verify transactions. Moreover, its structure can be used as a medium of exchange and developing smart contracts. 
  • Cardano Computation Layer (CCL) - On the other hand, the CCL is where the information of values is transferred within the Cardano ecosystem. 

At the time of writing, Cardano currently has a price of $0.3284 on CoinMarketCap and is also listed on various major crypto exchange sites such as Binance, Kraken, Coinbase and more. 

Words by: Rain Quintana

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Should you invest in these cheap cryptocurrencies?

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