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…
Read More: 10 Best Cheap Crypto Coins to Buy in 2024