- Here are five cheap cryptos to buy if you believe the crypto space will emerge from the current downturn as a stronger industry.
- Cosmos (ATOM-USD): There are currently close to 50 apps and services on the Cosmos network.
- Crypto.com (CRO-USD): Became an official sponsor of the FIFA World Cup in Qatar.
- Polygon (MATIC-USD): Announced a partnership with Meta Platforms (FB) to create a non fungible token platform for Facebook and Instagram.
- Stellar Lumens (XLM-USD): Amassed a growing list of high-profile partners, including International Business Machines (IBM), Deloitte, MoneyGram (MGI), and Circle.
- Uniswap (UNI-USD): This decentralized exchange offers permissionless access to financial services.
As prices of digital assets continue to plunge, investors increasingly focus on identifying the best cheap cryptos to buy that offer long-term value. InvestorPlace.com readers know that the collapse of Terra (LUNA-USD) and its stablecoin, TerraUSD (UST-USD), has recently sent shockwaves through the crypto market.
According to CoinMarketCap, the global crypto market capitalization (cap) has plunged from almost $3 trillion in November to $1.27 trillion at the time of writing. As a result, the majority of well-known crypto names currently trade at less than half their all-time highs in November.
The Federal Reserve’s decision to increase interest rates has led many investors to cut down their exposure to risky assets. “This is a risk-off across all asset classes including crypto,” Daniel Ives, strategist at Wedbush Securities, recently remarked.
Yet, there are a number of cryptos that offer utility and are growing operations. If history is any guide, those digital assets will likely attract attention when the dust settles. With that information, here are five cheap cryptos at fire-sale prices that could gain traction in the coming months:
|CRO-USD||Crypto.com Coin USD||$0.18|
Cheap Cryptos to Buy: Cosmos (ATOM-USD)
- 52-Week Range: $7.89 – $44.70
The first cheap crypto on our list, Cosmos (ATOM-USD), bills itself as the “internet of blockchains.” It is a decentralized network of independent yet interoperable blockchains that are able to exchange information and tokens without permission.
Cosmos offers an ecosystem where users can exchange digital assets and data from different blockchains without switching between platforms or changing wallets. ATOM-USD is the native token that powers the network. Users can stake their ATOM-USD to earn rewards.
There are currently 49 apps and services on the Cosmos network. CryptoSlate states that Cosmos has become one of the largest networks, with over $32 billion in total value locked (TVL) on its network. TVL refers to the amount of money invested or deposited on applications in the ecosystem.
Despite the growth in operations, ATOM-USD has declined by 73% year-to-date (YTD). Its market capitalization of $2.9 billion makes Cosmos the top 29th altcoin in the market.
- 52-Week Range: $0.081 – $0.969
Cronos (CRO-USD) has become an increasingly popular application with over 10 million users worldwide. The network aims to establish itself as a leading player in the booming decentralized finance (DeFi) space, Web 3.0, and other blockchain industries. It allows investors to buy, sell, trade, spend, earn, store, loan, and even pay bills with cryptocurrencies.
CRO-USD is the utility token of the Crypto.com platform. The token serves as an intermediary currency, enabling the conversion of cryptocurrencies to their fiat counterparts at a low cost. DeFi Llama reveals Cronos is among the top 10 blockchains with TVL that currently hovers around $1.77 billion.
The network continues to advertise aggressively, rolling out a global ad campaign starring Matt Damon and buying naming rights to the Staples Center. It has also joined the list of sponsors of the upcoming FIFA World Cup in Qatar.
In 2021, CRO-USD grew over 800%. However, since January, the altcoin has lost about two-thirds of its value. Its current market cap of $4.7 billion means CRO-USD is 18th on the list of top altcoins.
Cheap Cryptos to Buy: Polygon (MATIC-USD)
- 52-Week Range: $0.508 – 2.92
The Polygon (MATIC-USD) platform offers a side chain that connects to the Ethereum (ETH-USD) network. If offers a Layer 2 scaling solution, reducing the load on the Ethereum platform, which allows for faster and cheaper transactions.
The native currency of Polygon, MATIC-USD, is used for transaction fees, transaction verification, and governance. Polygon uses the proof-of-stake algorithm to verify its transactions.
Popular DeFi applications, including decentralized exchange SushiSwap (SUSHI-USD), liquidity service Curve (CRV-USD), and lending platform Aave (AAVE-USD), continue to grow their operations on this platform. Moreover, DeFi Llama indicates Polygon currently boasts $2.7 billion in TVL.
In early May, Polygon Chief Executive Officer Ryan Watt announced a partnership with Meta Platforms (NASDAQ:FB) to create a non fungible token (NFT) platform for Facebook and Instagram.
Like many of its digital peers, MATIC-USD has declined more than 73% so far this year. Its market cap of $5.1 billion makes Polygon the top 17th coin in the crypto space.
- 52-Week Range: $0.106 – $0.656
Stellar (XLM-USD) is a money-transfer platform that makes it relatively easy to send money in any currency from anywhere in the world quickly and cheaply. Referred to as the “Paypal of the blockchain world,” the platform serves as a bridge that connects banks and blockchain networks.
For paying transaction fees, users rely on the native crypto token, Stellar Lumens (XLM-USD). The altcoin helps convert global fiat currencies across the Stellar ecosystem. The network can handle 3,000 transactions per second and the transaction cost is just $0.000001.
The global digital remittance market, which was valued at $17.5 billion in 2021, could reach almost $40 billion by 2028. Such an increase would mean a compound annual growth rate (CAGR) of well over 14.5%.
At present, Stellar has several high-profile partners, such as International Business Machines (NYSE:IBM), Circle, Deloitte, and MoneyGram (NASDAQ:MGI). Additionally, the platform is likely to benefit further from the projected global growth in transactions.
But XLM-USD has lost about half of its value since January. With a market cap of $3.28 billion, Stellar is 25th on the list of top cryptos by market cap.
Cheap Cryptos to Buy: Uniswap (UNI-USD)
- 52-Week Range: $3.80 – $35.48
Launched in late 2018, Uniswap (UNI-USD) automates the trading of DeFi tokens, improving trading efficiency by working out liquidity issues. In late 2020, the platform launched its native token called UNI-USD.
Uniswap offers permissionless access to financial services, allowing everyone to participate in Ethereum-based token transactions. DeFi Llama reveals the cryptocurrency managed to lock in more than $5.7 billion, making it a leading player in the DeFi space.
Yet, UNI-USD has tumbled 66.7% YTD. With a market cap of $3.57 billion, Uniswap currently ranks 24th on the list of top cryptos by market cap.
On the date of publication, Tezcan Gecgil did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.