With this recent crypto market plunge, plenty of coins and tokens have dropped below the $5 mark. In fact, looking at some of the largest and most promising projects out there, investors really do have a slew of cryptos under $5 to choose from.
Indeed, there is still a tremendous amount of upside potential in cryptos over the long term. Despite this beatdown, growth investors may be on the look out for value. However, picking which tokens to consider in this market rubble isn’t easy. Many that have declined may be viewed as traps, at least from a long-term perspective.
Accordingly, investors may want to focus on real utility creation in the crypto world. There are a number of projects, still on the higher-risk, higher-upside end of the spectrum, worth considering.
Here are three top options I think are worth a look at these levels.
One of the more interesting crypto projects out there, layer-2 scaling solution Polygon (MATIC-USD) has become integral to the plumbing of decentralized applications. In the NFT world, with the likes of OpenSea, or via other crypto and corporate partnerships, Polygon has grown its influence to an incredible degree.
An Ethereum (ETH-USD) scaling solution, Polygon allows for quicker and cheaper transactions on this blockchain. Think of adding another lane on a congested highway. That’s what Polygon does.
This network has surged in interest, as developers and users continue to flock to the Ethereum ecosystem. Accordingly, with Ethereum’s upcoming Merge, more anticipation is building around Polygon.
As Ethereum continues to grow, scaling solutions like Polygon will continue to become more important. Given the upcoming Merge, many are anticipating such a surge. Accordingly, at 80 cents, this looks like an intriguing momentum play in the months to come.
Created by famous crypto crusader Justin Sun, Tron (TRX-USD) operates a unique network. Known for its platform which allows content creators to better monetize their talents, Tron has grown in interest within the NFT space. Indeed, as far as dapps, DeFi, and Web 3.0 go, Tron is a unique pick in this space.
Interestingly, Tron’s Justin Sun and his team have launched a new algorithmic stablecoin USDD on the Tron network. Unlike previous high-flyer TerraClassicUSD (USTC-USD), which collapsed and sent shockwaves through the market, USDD has actually held up quite well.
Tron’s focus on technology and its strong community of content creators is often credited for the success of its blockchain projects. A number of high-profile celebrity endorsements haven’t hurt. The likes of Amanda Cerny, Ne-Yo, Lindsey Lohan and Lil Yachty are promoters of this network.
This Ethereum competitor may be worth a look around 6 cents.
Finally, we have XRP (XRP-USD). A coin that has been embroiled in some serious legal issues for more than a year, this is one of the old guard cryptos that has been under pressure.
While many have done well holding XRP over the long term, it’s recently been a bumpier ride. Currently, coins trade for around 35 cents a piece.
An ongoing U.S. Securities and Exchange Commission lawsuit alleges that XRP started trading as part of an illegal securities offering. The question of whether cryptocurrencies are securities is still being debated. As it happens, XRP is on the forefront of this discussion.
Now, a number of positive developments have happened suggesting XRP could come out ahead in this legal dispute. Should that be the case, XRP has some serious speculative upside.
That said, this is the most speculative pick on the list. Accordingly, those looking at investing in XRP at these levels should practice appropriate risk management.
On the date of publication, Chris MacDonald 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.