As the undisputed leader among cryptos, Bitcoin (BTC-USD) might appear a compelling opportunity based on its relative discount. In April, Bitcoin popped its head briefly above the psychologically important $30,000 level. Recently, however, regulatory fire directed against virtual currency platforms Binance and later Coinbase (NASDAQ:COIN) clouded the blockchain ecosystem.

To be fair, community support for cryptos remain intensely loyal. Further, decentralized digital assets got a major lift late last week from asset management firm BlackRock (NYSE:BLK). According to a CNBC report, the firm took the first steps to launch a spot Bitcoin exchange-traded fund. If this move goes the distance, it may further expand accessibility for the cryptocurrency sector.

Interestingly, BlackRock seeks Coinbase as the Bitcoin custodian for its proposed ETF. Fundamentally, this announcement could pressure regulators as it would pit government oversight against the will of public investors. Therefore, it’s not correct to suggest that cryptos are completely done.

However, BTC and the major virtual currencies continue to struggle amid nuanced details suggesting waning consumer strength. Therefore, it might make sense to consider underappreciated cryptos. Given that these high-risk digital assets stand on the outside looking in, they might represent better opportunities. If you’re the extreme gambling type, here’s an enticing list to consider.

BCH-USD	Bitcoin Cash	$109.44
APT-USD	Aptos	$7.15
XLM-USD	Stellar	$0.08
ICP-USD	Internet Computer	$4.10
FIL-USD	Filecoin	$3.77
STX-USD	Stacks	$0.67
ETC-USD	Ethereum Classic	$15.58

Bitcoin Cash (BCH-USD)

While Bitcoin gets all the love, less interest has been directed to Bitcoin Cash (BCH-USD) throughout the post-pandemic boom-bust-maybe-boom cycle. At the same time, this framework just might make BCH the better deal. A hard fork (or off-shoot) of the original Bitcoin blockchain, Bitcoin Cash benefits from notable improvements, particularly in the speed and scalability department.

Primarily, what might drive interest toward BCH is that it’s “undervalued” relative to Bitcoin. In my opinion, it’s not really possible to deliver a reliable, objective measure of which cryptos are undervalued. However, by an admittedly simplistic view, BTC gained over 62% of market value since the beginning of this year. In contrast, BCH moved up under 11% during the same period.

Is this comparison definitive? Absolutely not. Obviously, Bitcoin benefits as the pioneer of the blockchain and crypto concepts. At the same time, it’s possible for Bitcoin Cash to piggyback off the brand name. At just under $107 a pop, it may be worth a shot for speculators.

Aptos (APT-USD)

One of the more popular alternative cryptos or altcoins for dedicated advocates of the blockchain ecosystem, Aptos (APT-USD) currently carries a market capitalization of $1.45 billion. As I write this, APT is ranked number 33 among all virtual currencies, which is an impressive accomplishment. Bear in mind that nearly 26,000 cryptos circulate today.

Near-term sentiment appears robust, especially compared to the majors. In the trailing 24 hours, APT gained almost 5%. During the past seven days, it moved up to just a hair over 13% (amid robust bull-bear tug-of-war). This print compares very favorably to Bitcoin, which gained under 3% in the past 24 hours and under 5% in the trailing week.

What’s attractive against a longer-term framework is that Aptos’ price action runs roughly inverse to major cryptos. For example, in the trailing 365 days, APT lost about 18% of market value. On the other hand, Bitcoin gained over 31%. I’m not guaranteeing anything with this comparison. Still, APT might be more appealing for those looking for “undervalued” virtual currencies.

Stellar (XLM-USD)

Part of the first generation of altcoins, Stellar (XLM-USD) enjoys a strong following among blockchain loyalists. While XLM may have been overshadowed by the coins and tokens associated with advanced smart contract-based blockchain projects, it’s been steadily gaining ground. Presently, Stellar commands a very respectable market cap of $2.16 billion. That’s good enough for number 28 among all cryptos, just ahead of Bitcoin Cash.

Admittedly, recent stats for XLM has been spotty compared to major cryptos and the digital assets outside the top 10. In the past 24 hours, XLM gained only 1% of market value. Over the course of the trailing week, Stellar actually dipped more than 3%. While not inspiring immediate confidence, the red ink could represent a green light for extreme contrarian speculators.

Specifically, in the trailing one-year period, XLM hemorrhaged about 29% in the charts. For context, the total value of all cryptos moved up over 21% during the same period. Nevertheless, the inverse performance might appeal to those seeking a discount. Keep your eye on this one.

Internet Computer (ICP-USD)

A quirky name among the high-level also-rans among cryptos, Internet Computer (ICP-USD) enjoys robust support from those in the know. At the moment, it doesn’t seem like it, which is a significant distraction. In the past 24 hours, ICP slipped 0.4%. And over the trailing seven days, ICP gained just under 5% of market value, a hardly remarkable stat.

Still, ICP deserves respect. Commanding a market cap of $1.73 billion at time of writing, ICP is ranked number 30 against all other cryptos. What’s more, the underlying blockchain offers much utility. According to Coinmarketcap, the cryptography-inspired ICP network claims to have built the first “world computer” that can be used to build almost any online system or service.

It’s also underappreciated relative to other popular cryptos. Trading hands at just under $4, ICP gave up almost 32% of market value over the past one-year period. However, it’s possible that the token hit a bottom in December last year. If so, a possible turnaround may yield substantial returns.

Filecoin (FIL-USD)

A lesser known though still incredibly intriguing virtual currency, Filecoin (FIL-USD) currently prints very modest performance stats. Over the last 24 hours, FIL only gained less than 0.3%. For the trailing one-week period, it swung a bit over 1%. By all accounts, these are pedestrian figures, especially when you’re talking about cryptos.

Nevertheless, Filecoin presents a compelling long-term case for both speculators and investors that have nothing better to do with their pocket change. Facilitating a shared economy centered on cloud-based storage, individual contributors to the FIL network can offer extra computing storage. In return, these contributors receive blockchain reward tokens for their troubles.

On the flipside, internet users seeking storage in the clouds can elect to help their fellow human – as opposed to a giant corporation – by doing business with regular folks. While this arrangement sounds like a utopia, Filecoin must sustain and bolster its value to make the network worthwhile. In the trailing year, FIL lost almost 33%. It’s a heavy risk but the underlying narrative may entice speculators.

Stacks (STX-USD)

While some of the lesser-known cryptos above have printed modest stats recently, the same can’t be said about Stacks (STX-USD). Over the past 24 hours, STX gained a blistering 11.5%. Across the prior one-week period, it returned just over 18% of market value. Based on the charts, it might not be done.

After incurring a sharp low in the mid-month session, the bulls stormed back into the opportunity with a vengeance. Better yet, the latest rally has been accompanied by rising volume – which is the confirmation that you want to see. In weeks earlier, I had warned about the major cryptos that volume trends declined against a rising price profile. That’s usually a negative sign.

What makes STX intriguing too is that at the current price of over 62 cents, it gained 67% in the trailing year. Nevertheless, the robust enthusiasm that Stacks courted over the last few days suggest that momentum can carry it higher still. Easily, it’s one of the cryptos to watch.

Ethereum Classic (ETC-USD)

While most virtual currency investors recognize and respect Ethereum (ETH-USD), the original blockchain – Ethereum Classic (ETC-USD) – represents an entirely different matter. To make a long and complicated story short, the original Ethereum suffered a severe data breach. Rather than move forward, most developers agreed to start a fresh offshoot, which is the Ethereum we know today. However, the original became Ethereum Classic.

To be sure, ETC enjoys only a fraction of the following that Ethereum commands. Further, the data breach incident continues to cloud the ETC network. Still, Classic benefits from a small but loyal following. It’s also a respectable name among cryptos based on value. At the moment, ETC carries a market cap of $2.17 billion, ranked number 27 among all blockchain assets.

It’s also great value on a relative scale. True, against the trailing year, ETC is down only about 6%. However, in August of last year, the coin reached a price of $43.53. Against that high benchmark, ETC fell nearly 65%. For extreme speculators, Ethereum Classic could be quite the gamble.

On the date of publication, Josh Enomoto held a LONG position in BTC, BCH and ETH. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.