This cryptocurrency has no association with the popular Tron film series. Despite that, TRON (TRX-USD) is one of the more interesting, affordable, and seemingly undervalued cryptos currently available to investors.
And, while the cryptocurrency has risen 22% so far in 2023, its gains pale in comparison to those achieved by sector leaders Bitcoin and Ethereum. Plus, Tron’s current price is 5% lower than where it was trading at 12 months ago.
Created in 2014, Tron was designed, in part, based on Ethereum and helps to facilitate smart contracts. Also like Ethereum, TRX operates on an energy-efficient, proof-of-stake protocol, as well as a decentralized, open-source blockchain operating system.
Tron is an investor favorite when it comes to smaller, lesser-known cryptocurrencies. And despite Tron’s ups-and-downs of the past year, TRX has gained over 60% since 2018. Now might be a good time for investors to take advantage of an attractive entry point in this crypto.
Solana (SOL-USD) doubled in the first quarter of the year, but it remains 85% below where it was trading at in April 2022. Investors looking to buy the dip of a cryptocurrency should consider SOL. The cryptocurrency’s price has been negatively impacted by several high-profile hacks, the most notable one involving $320 million of Ethereum that was stolen from the Solana platform. Developers have spent much of the last year improving the security of Solana and protecting investors’ capital.
Beyond security improvements, another reason to consider SOL is that its public blockchain platform is able to facilitate smart contracts. This gives Solana a use that many smaller cryptocurrencies, such as Dogecoin (DOGE-USD, lack.
And while the price of Solana has been turbulent, it has been gaining ground alongside most other cryptos this year. Many crypto fans also like the fact that Solana offers fast processing speeds and has comparatively low user fees.
Undervalued Cryptos: Cardano (ADA)
After bottoming this past December, Cardano (ADA-USD) has been on an upswing in 2023, having gained 53% since the start of January. However, trading at 38 cents a token and still down 68% over the past 12 months, ADA looks undervalued and ripe for the picking.
Cardano appears to be a bargain considering that its current price is 86% below its all-time high of $2.85 reached in August 2021. And some crypto bulls continue to view Cardano as an up-and-comer in the sector.
Cardano competes directly with Ethereum in the realm of decentralized finance (DeFi) and smart contracts. Cardano’s underlying blockchain technology got a boost in late 2021 when it completed what’s known as the “Alonzo hard fork.”
Some analysts say that upgrade put Cardano on equal footing with ETH. Yet investors can buy ADA for a fraction of the $1,800 that it costs to purchase a single Ethereum token.
ADA is now preparing for another upgrade, called “Hydra,” that promises to make the cryptocurrency even more powerful and efficient.
On the date of publication, Joel Baglole 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.