How much money do you need to start investing in cryptocurrencies? Though investing in cryptos is a risky affair, one may begin trading with a few dollars.
Crypto exchanges like Coinbase and Bitbuy allow trading in multiple crypto assets. One BTC token is trading at US$42,000 as of now, but Bitcoin investment can start from as low as US$10. A few crypto assets can be cheap and can cost less than a dollar per token. Surprisingly, these cheap cryptos can also have market cap in billions of dollars.
Here is a list of cheap cryptocurrencies that have a very high market capitalization.
Also read: Top cryptos by market cap that ruled in 2021
1. Cardano (ADA)
Both Cardano and Solana are competing against the most popular blockchain network Ethereum.
Both have over US$40 billion market cap each, and both the cryptos are in the top ten list. But the key difference is while Solana is currently trading at nearly US$135, Cardano is priced at approximately US$1.3.
A blockchain network that allows developers to deploy new decentralized apps, Cardano is as much an ‘Ethereum killer’ as is Solana. But while Solana surged astronomically last year to return over 10,000 per cent, Cardano has yet to scale such peaks.
In 2022, new tokens, NFTs and smart contracts will be deployed on blockchain, and if Cardano emerges as the preferred choice of developers, ADA may rise in value.
2. XRP (XRP)
The XRP ecosystem comprises of a distributed network, a payment platform and a native token.
Despite being a top ten crypto by market cap, XRP has a price of approximately US$0.75 per token as of now. The Ripple project, of which XRP token is a part, claims to be based not on blockchain but distributed ledger. XRP mentions in its vision to eventually become an alternative to the popular SWIFT payment system.
The market cap of XRP is nearly US$35 billion. By this measure, the price per token, which is presently under US$1, appears subdued. The price was once US$1.8 in April 2021.
Any rise in price of XRP would depend on the token’s adoption and on the success of XRP ledger.
3. Dogecoin (DOGE)
Dogecoin was last in the headlines when Tesla’s charismatic leader Elon Musk announced DOGE could be used to buy merchandise of the company.
Dogecoin was also one of the most popular cryptos of last year. It featured in another Musk tweet where he confirmed working with the project’s developers. As of now, despite all the popularity, DOGE trades at approximately US$0.16. This price is less than the all-time high price of Dogecoin crypto.
Dogecoin is one crypto that has a proven utility — it can buy at least some real good. Moreover, meme cryptos are said to be used as rewards for tipping on a few social media platforms like Reddit.
Data provided by CoinMarketCap.com
4. Polygon (MATIC)
Polygon is a network that is claiming to make Ethereum’s blockchain scalable. Ethereum is facing high competition from new networks, and if Polygon can make it ‘multi-chain’, Polygon’s linked token may find more use.
MATIC, the token of the network, is another cheap crypto with a multi-billion-dollar market cap. It is priced at nearly US$2 as of now, with a market cap of approximately US$15 billion. It was trading at under a dollar until mid-May 2021. But the rally so far has not been very sharp.
Also read: Best crypto exchange in Canada: Here are the top contenders
5. Shiba Inu (SHIB)
SHIB is the cheapest cryptocurrency among all large cap crypto assets.
Despite being the topmost trend in cryptos last year, SHIB has yet to even reach US$1. It is presently trading at nearly US$0.000025. Shiba Inu’s main rival is Dogecoin, and the two have made meme coins a rage.
It is being reported that Shiba Inu project can soon launch a blockchain. With lower transaction fee, it may emerge as another Ethereum competitor. Besides, a Shiba Inu stablecoin may also be launched this year. New developments may add new value to the project.
SHIB, according to many analysts, has a price target of US$1, however, only a sustained rally can make this happen.
Also read: Crypto crash 2022: Is it all bearish in cryptocurrencies?
Solana proved last year that a crypto token can go from a few dollars to over US100 per token in just a few months. By this measure, the above five cryptos make a close watch this year. All have a very high market cap, and the low-price per token is an attraction. These five cheap cryptos could also help the crypto investment world emerge from the present dull period where most assets are trading below their all-time high prices.
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