The world of cryptocurrency investing has expanded far beyond Bitcoin (BTC) and Ethereum (ETH). In the current fast-paced market, many affordable crypto coins have solid technical foundations and potential for large returns. It could be a game-changer for new investors or those on a budget to look into these little-known but promising digital assets as we move through 2024.
Consider Shiba Inu (SHIB), for example. At first thought to be a meme coin that would quickly die out, it has recently shown incredible resilience and strong community support by skyrocketing in value. According to CoinMarketCap, its market cap reached over $6 billion early in 2023 showing its unexpected growth potential.
Here are the top 10 cheap crypto coins you should consider in 2024. Each of these coins stands out for different reasons – whether it is because they have innovative technology, strategic partnerships or high growth potential
Cardano (ADA) – Known for having a strong technical foundation.
Polygon (MATIC) – Offers scalable solutions for Ethereum.
VeChain (VET) – Specializes in supply chain management.
Decentraland (MANA) – A leader in virtual real estate.
Chainlink (LINK) – Necessary for blockchain data integration.
Stellar (XLM) – Focused on cross-border payments.
Dogecoin (DOGE) – A meme coin with loyal community support.
Basic Attention Token (BAT) – Rewards users for engaging with ads.
Chiliz (CHZ)) – Digital currency for sports and entertainment.
Hedera Hashgraph (HBAR) – Utilizes unique consensus algorithms.
Best Cheap Crypto Coins
1. Cardano (ADA)
Current Price: $0.4369
Market Cap: $15.68 billion
Cardano is a third-generation blockchain platform which aims at being more secure, scalable and sustainable than its predecessors. It is known for its strong academic foundation and peer-reviewed approach to blockchain technology. The platform uses a proof-of-stake consensus algorithm called Ouroboros, which is more energy-efficient than traditional proof-of-work systems. It consists of two layers: the Cardano Settlement Layer (CSL) for handling transactions and the Cardano Computation Layer (CCL) for smart contracts. Cardano seeks to provide a secure and scalable environment for decentralized applications (dApps) and smart contracts.
Why Invest in Cardano?
Strong Development Team: Cardano is developed by IOHK which is led by Charles Hoskinson (co-founder of ETH). The team is known for its strong academic and research-based approach.
Scalability & Sustainability: Using its unique Ouroboros proof-of-stake mechanism, Cardano aims to solve scalability, interoperability and sustainability problems.
Active Community & Partnerships: With a strong community base, Cardano is also forming partnerships across different sectors to enhance real-world use cases.
Smart Contracts & DApps: Through Alonzo upgrade, smart contract functionality was enabled on the Cardano network, paving way for decentralized applications on it.
What to Consider While Investing in Cardano?
Development Delays: There have been delays in Cardano roadmap implementation which might affect investor confidence as well as market performance of ADA tokens.
Competition: Ethereum, Solana among others are competing fiercely within smart contracts space dominance alongside DApps deployment capabilities, thus posing stiff competition against each other including Cardano.
Regulatory Risks: Regulatory scrutiny can impact any cryptocurrency including Cardano which can lead to negative impacts in market dynamics.
Market Volatility: Just like other cryptocurrencies, ADA’s price can experience significant fluctuations thereby making it highly volatile assets.
2. Polygon (MATIC)
Current Price: $0.5362
Market Cap: $5.31 billion
Polygon, also known as Matic Network, is an Ethereum layer 2 scaling solution which aims to provide faster and cheaper transactions on the Ethereum network. It is structured well and easy to use platform for Ethereum scaling and infrastructure development. There is a proof of stake consensus mechanism that has been adopted with few modifications for its realization. Polygon integrates with the Ethereum network to offer sidechains meant for off-chain computation while still maintaining security over the main chain itself. Moreover, it supports scalable blockchain instant transactions.
Various applications like DeFi platforms, NFT marketplaces and gaming networks are powered by polygon. Its major objective is reducing transaction fees and increasing throughput, making Ethereum more usable and scalable.
Why Invest in Polygon?
Scalability Solutions: Polygon provides scalable, secure, and instant transactions using sidechains, thus lowering congestion problems as well as high costs on the Ethereum network.
Strong Ecosystem: With many projects that have already adopted its layer 2 solutions such as DeFi platforms, NFT marketplaces among others, show how strong polygon’s ecosystem is.
Interoperability: Polygon enhances interoperability between different blockchains, which makes it a versatile platform for developers and users.
High Throughput and Low Fees: Polygon’s network provides high transaction throughput and low transaction fees, making it attractive for users and developers.
Active Development and Partnerships: Polygon has strong development activity and strategic partnerships with projects like Aave, SushiSwap and others, expanding its use cases and adoption.
What to Consider While Investing in Polygon?
Dependence on Ethereum: Polygon’s success closely relies on Ethereum’s ecosystem. This means that any significant issues with Ethereum could impact Polygon’s performance.
Security Concerns: Smart contracts are known to have vulnerabilities hence can be exploited by hackers who might want to steal funds or disrupt activities happening on any given network.
Regulatory Uncertainty: Changes in regulations could impact Polygon’s operations and market dynamics.
Market Volatility: Like other cryptocurrencies, MATIC is subject to high market volatility, which can result in significant price fluctuations.
3. VeChain (VET)
Current Price: $0.0316
Market Cap: $2.57 billion
VeChain is a blockchain platform designed to streamline supply chain management and business processes. It works by providing a distributed ledger technology that cannot be tampered with thus enabling buyers and sellers to verify the quality and authenticity of their products.
A few numbers of nodes are used in approving transactions through a proof-of-authority consensus algorithm. This approach guarantees high-speed performance as well as reliability for corporate solutions.
Why Invest in VeChain?
Supply Chain Solutions: VeChain specializes in supply chain management, offering businesses transparency, traceability and efficiency in their logistics and supply chains.
Strong Partnerships: Collaborating with corporations such as Walmart China, BMW and PwC has helped enhance credibility for VeChain.
Dual-Token System: VeChain uses a dual-token system with VET and VTHO, to maintain network stability and lower transaction costs.
Active Development: VeChain continues to innovate and expand its ecosystem, with continuous upgrades and new applications being developed on its platform.
Enterprise Adoption: Vechain targets adoption within different industries such as food safety, pharmaceuticals and luxury goods.
What to Consider While Investing in VeChain?
Market Volatility: Price changes can be quite dramatic due to high volatility levels experienced by cryptocurrencies.
Regulatory Challenges: Government measures around digital currencies can potentially pose threats towards operability or even wider acceptance levels.
Centralization Concerns: Compared with some other decentralized platforms, critics argue that the Vechain governance model is relatively more centralized which might affect its overall level of resilience in the future.
4. Decentraland (MANA)
Current Price: $0.3602
Market Cap: $687.37 million
Decentraland is a virtual reality platform that operates on the Ethereum blockchain. In this digital realm people are able to build, explore and monetize experiences and applications among other things. Decentraland offers a unique blend of virtual reality and blockchain technology. It uses the Ethereum blockchain to manage ownership of digital land and assets. Users purchase land with MANA, Decentraland’s native cryptocurrency, and can develop it as they wish.
Decentraland serves many purposes, including gaming, education and virtual commerce. It allows users to interact with each other in a decentralized environment without middlemen being involved.
Why Invest in Decentraland?
Virtual Real Estate: Users can buy, sell or develop virtual properties on the basis of decentralized autonomous organizations thereby creating avenues for making money through virtual real estate investments.
Metaverse Growth: The metaverse trend has been growing rapidly attracting huge interest from tech giants, potentially leading to an increase in MANA’s value.
Decentralized Governance: Holders of MANA can participate in the Decentraland DAO (Decentralized Autonomous Organization), influencing the platform’s development and policies.
Active Ecosystem: Decentraland encourages continuous usage of platforms through hosting events and virtual businesses which attracts more users hence nurturing strong community.
NFT Integration: The platform supports non-fungible tokens where users have the ability to create their own unique digital assets which can be traded or monetized.
What to Consider While Investing in Decentraland?
Volatility: MANA is highly volatile as with any other cryptocurrency and this could cause large swings in prices.
Acceptance and user commitment: The success of Decentraland relies on how many people use it or take interest in it; if there are not enough users then the value of MANA will drop.
Technical difficulties: Being a virtual reality platform, Decentraland might encounter technical problems and issues relating to scalability which may slow down its growth as well as dampen the experience for users.
Uncertain regulations: The laws governing digital assets like Decentraland are still changing so rapidly that they could either enhance or hinder its operation thereby affecting MANA’s worthiness.
Competitors’ influence: There exist other metaverses including Cryptovoxels and the Sandbox which could impact Decentraland market position.
5. Chainlink (LINK)
Current Price: $14.22
Market Cap: $8.65 billion
Chainlink serves as a decentralized Oracle network that allows smart contracts to interact securely with real-world data. Founded by Sergey Nazarov and Steve Ellis, Chainlink is essential in bridging the gap between blockchain technology and external data sources.
Chainlink uses a network of decentralized oracles to provide tamper-proof inputs and outputs for smart contracts, which ensures that they have access to accurate and reliable data without compromising security.
Why Invest in Chainlink?
Oracle Technology: Chainlink offers safe interaction between smart contracts and external APIs using decentralized oracle networks.
Wide Adoption: It is used widely across different DeFi projects and blockchain networks that enhance its demand as well as utility value.
Partnerships: Chainlink credibility has been boosted through various collaborations made with several companies such as Google Cloud, Oracle and SWIFT.
Active Development: Chainlink team continuous innovation within their ecosystem through introduction of new features & integrations ensures active growth.
Security: Oracle network enhances the security and reliability of data feeds, which is crucial for smart contract functionality.
What to Consider While Investing in Chainlink?
Market Volatility: There might be huge price swings for LINK token just like other cryptocurrencies, leading either to massive profits or losses over short periods.
Regulatory Uncertainty: Changes made within crypto regulations could greatly affect both operationality as well market value of ChainLink project.
Competition: The Oracle space is becoming increasingly competitive, with new projects and traditional tech companies exploring similar solutions.
Dependence on Ethereum: Despite being blockchain agnostic, close relationship with Ethereum may expose it to risk if Ethereum faces problems.
Technological Risks: There are potential risks related to smart contract bugs, network attacks, and technical vulnerabilities that could impact Chainlink’s performance.
6. Stellar (XLM)
Current Price: $0.1036
Market Cap: $3.03 billion
Stellar is a decentralized protocol for transferring money and other assets. It aims to facilitate quick and cheap cross-border transactions between any pairs of currencies in the world. Stellar was founded by Jed McCaleb who was also one of the co-founders of Ripple coin.
Stellar uses a consensus algorithm known as the Stellar Consensus Protocol (SCP), which enables speedy and secure transactions. The protocol is designed to be energy-efficient and scalable.
Why Invest in Stellar?
Cross-Border Payments: The main goal of this project is to make remittances and international transactions faster, cheaper and more reliable.
Partnerships: Collaboration with IBM, as well as various financial institutions worldwide, has significantly increased adoption and credibility.
Focus on Financial Inclusion: Stellar aim at providing affordable financial services for people who are unbanked and underbanked, hence there’s great potential for long-term growth.
Decentralized Exchange (DEX): Stellar includes a built-in decentralized exchange, allowing users to trade assets directly on the network.
Scalability and Speed: Stellar offers high transaction throughput and low latency, making it suitable for a wide range of financial applications.
What to Consider While Investing in Stellar?
Market Volatility: XLM is subject to significant price volatility which can lead to substantial gains or losses.
Regulatory Challenges: The operation and market value of Stellar might be affected by the changes in cryptocurrency regulations.
Competition: Projects like Ripple (XRP) as well as conventional financial services in the market for cross-border payments solutions pose competition to XLM.
Adoption Rate: The adoption rate by financial institutions, businesses and individual users can determine the success of Stellar.
Centralization Concerns: Some critics have raised concerns about the degree of control the stellar development foundation exercises over the network, which might raise questions about centralization.
7. Dogecoin (DOGE)
Current Price: $0.123
Market Cap: $17.85 billion
Dogecoin is a digital currency that was made as a joke but now has a large following. The creators, Billy Markus and Jackson Palmer based it on the “Doge” meme and it has since become known for its strong community involvement.
Dogecoin employs Scrypt, an hashing algorithm, in conjunction with proof-of-work technology like Bitcoin; it processes transactions faster than bitcoin.
Why Invest in Dogecoin?
Community Support: The Dogecoin community is vibrant, active and capable of boosting attention and popularity.
Low Transaction Fees: This characteristic makes Dogecoin ideal for microtransactions as well as tipping.
Widespread Recognition: Dogecoin is widely recognized and accepted by various merchants and platforms.
Celebrity Endorsements: High profile endorsements from celebrated people like Elon Musk have worked to raise the status and value of Dogecoin in the market.
Liquidity: With its great popularity, Dogecoin has high liquidity; this makes it easy to buy or sell on major exchanges.
What to Consider While Investing in Dogecoin?
Volatility: DOGE is known for its high price volatility which can lead to substantial gains or losses.
Lack of Development: Compared to other cryptocurrencies DOGE doesn’t have many ongoing projects or technical advancement.
Speculative Nature: In most cases, the value of Dogecoin is driven by speculation and social media trends, thereby causing unpredictable price changes.
Regulatory Risks: Changes in crypto regulations can impact Dogecoin’s market value and acceptance.
Inflationary Supply: There is no maximum limit to how many coins can be mined over time, which can lead to inflation and affect its long-term value.
8. Basic Attention Token (BAT)
Current Price: $0.1941
Market Cap: $290.54 million
Basic Attention Token (BAT) is a cryptocurrency designed to improve digital advertising by rewarding users for their attention. Brendan Eich, Mozilla and Firefox co-founder created BAT which strives for a more efficient and transparent ecosystem for digital ads.
BAT comes with Brave browser integration plus an ad-blocker that blocks unwanted ads as well as trackers. Users can earn BAT tokens by viewing privacy-respecting ads, while this enables advertisers to target users better.
Why Invest in Basic Attention Token?
Innovative Use Case: BAT has integrated itself into the Brave browser so that it can create new models for digital advertising which reward user attention while protecting privacy.
User and Advertiser Adoption: The number of people who are using BATs is increasing hence creating its demand.
Privacy-Focused: The Brave browser emphasizes privacy, which is increasingly important to internet users, potentially boosting BAT’s popularity.
Ecosystem Growth: New features and partnerships are increasing the use cases for BAT, within the Brave ecosystem.
Strong Team: This project is led by Brendan Eich who co-founded Mozilla and created JavaScript, thus adding credibility and expertise.
What to Consider While Investing in Basic Attention Token?
Market Fluctuation: Prices of BAT like most digital currency may rise or fall tremendously leading to profit or loss.
Regulatory Uncertainty: Any change in regulation of cryptocurrencies can affect BAT’s value in the market and its activity.
Adoption Rate: The success of BAT depends on the growth and adoption of the Brave browser and its advertising model.
Competition: There are other forms of online advertisement systems as well as privacy-centered browsers which may pose a challenge against BAT.
Technical Challenges: Every technology has its own downsides such as platform sustainability risks, security weakness possibilities and even poor user experience.
9. Chiliz (CHZ)
Current Price: $0.07086
Market Cap: $631.98 million
Chiliz is a cryptocurrency that energizes Socios.com, which is grounded on blockchain technology and created to help the fans of sports and entertainment to take part in decision-making processes of their favorite teams. This token was developed for enthusiasts of Sports and Entertainment who can now take part in choosing different aspects related to their favorite clubs or team members such as purchasing Jersey designs, celebration songs among others through voting with CHZ tokens.
Why Invest in Chiliz?
Sports and Entertainment Focus: Chiliz powers Socios.com, a platform for fan engagement and rewards, particularly within sports and entertainment.
High-Profile Partnerships: Chiliz has partnerships with major sports teams and organizations, including FC Barcelona, Juventus and UFC, enhancing its visibility and adoption.
Fan Tokens: The platform allows users to purchase tokens which can be used to vote on team decisions, access exclusive content and earn rewards, driving demand for CHZ.
Growing Ecosystem: New features and partnerships are increasing Chiliz use cases and user base.
Early Mover Advantage: Being one of the first blockchain projects focused on sports and entertainment, Chiliz has an early mover advantage in this niche market.
What to Consider While Investing in Chiliz?
Market Volatility: Prices for cryptocurrencies like CHZ are subject to enormous swings which may result into substantial gains or losses.
Regulatory Uncertainty: Changes in cryptocurrency regulations can impact Chiliz’s operations and market value.
Adoption Rate: For Chiliz to thrive, sporting teams, leagues and fans must continually adopt its platform.
Competition: Apart from blockchain-based platforms, there also exist other fan engagement and reward platforms competing with Chilez.
Dependence on Sports Market: The performance of Chiliz is closely tied to the sports and entertainment market, which can be influenced by external factors such as economic conditions and changes in fan behavior.
10. Hedera Hashgraph (HBAR)
Current Price: $0.0774
Market Cap: $2.77 billion
Hedera Hashgraph is a decentralized public network that aims to provide fast, fair and secure applications, differentiating itself from traditional blockchains by employing a novel consensus protocol called Hashgraph which is more efficient and secure.
Hashgraph technology has made it possible for consensus to be arrived at without the need for mining; it also guarantees high throughput, low latency and strong security making it apt for multiple uses.
Why Invest in Hedera Hashgraph?
Unique Technology: Hedera Hashgraph uses a unique consensus algorithm called Hashgraph, which offers high throughput, low latency and strong security.
Enterprise Adoption: Hedera was built with enterprise use cases in mind; thus partnering with such enterprises as Google, IBM and Boeing, which enhances its credibility and adoption.
Governance Model: The Hedera Governing Council governs the network consisting of various organizations ensuring decentralization and stability.
Low Transaction Fees: Hedera offers low transaction fees, making it attractive for businesses and developers.
Scalability: The Hashgraph technology is highly scalable as it can handle thousands of transactions per second necessary for large scale applications.
What to Consider While Investing in Hedera Hashgraph?
Market Volatility: HBAR is subject to significant price volatility which can lead to substantial gains or losses.
Regulatory Uncertainty: Changes in cryptocurrency regulations can impact Hedera’s operations and market value.
Adoption Rate: The success of Hedera depends on the continued growth and adoption of its network by enterprises and developers.
Competition: Hedera faces competition from other high-performance blockchain platforms and DLTs, which could impact its market position.
Centralization Concerns: Some critics argue that the governance model, while featuring reputable organizations, is essentially more centralized compared to other decentralized blockchain networks.
Things to Consider Before Investing in Cheap Crypto
Investing in cheap crypto coins can be rewarding, but it also comes with risks. Here are some factors to consider before making an investment:
Project Team & Reputation: Investigate the team and their past achievements. A strong experienced team raises chances for the project’s success.
Project Technology: Analyze technological level and progressiveness of the project; cutting edge technology can give competitive advantage and drive adoption.
Use Case: Assess practicality of a given use case in the real-world. Projects with clear real-world applications have higher chances of succeeding.
Market Demand: Think about how many people will need this solution presented by the project; higher demand leads to wider adoption thus value increase.
Community Support: Cryptocurrency projects may flourish if communities around them are strong and active.
Regulatory Environment: Watch out for changes happening within cryptocurrency regulations as they can make or break a project’s viability as well as its price.
Conclusion
Investing into cheap crypto coins may be an enticing chance for enormous financial rewards. However, it’s very important to study diligently about them before putting any money because there are always certain risks involved. It is advisable to understand the technology, use case and market dynamics, in order to make informed investment decisions and potentially benefit from the growth of these emerging digital assets.
FAQs
Is it safe to invest in cheap crypto coins?
Yes, but there is always a risk. Cheap cryptocurrencies can be very volatile on the market and the projects they represent may often be unsuccessful. You can reduce these risks by doing research, understanding the basics of a project and diversifying your investment.
How much money should I invest in cheap crypto?
It’s best not to spend more than one-fifth (20%) of your total investments on crypto assets so as to manage risk effectively. This will help you balance between potential gains and losses associated with this market.
Where can I buy cheap crypto coins?
You may buy low cost digital currencies on variety of platforms for trading these kinds of assets. Some popular examples include Binance, Coinbase and Kraken among others. Just make sure that whichever exchange you choose has good security to ensure safety of your funds.
The post 10 Best Cheap Crypto Coins to Buy in 2024 appeared first on Coinfomania.
