There are some cryptos to buy for bargain hunters this month. Given that the overall market has moved up amid ETF approvals and other events due to unfold later in the year, there’s a strong case to be made that many of these coins are undervalued.
The cryptos to buy discussed in this article are some of the best options for those looking for cheap bargains. Some of these coins have low market caps, too, which helps strengthen the bull case further.
So here are seven cryptos to buy for discerning investors for the month of February.
Bitcoin (BTC-USD)
Bitcoin (BTC-USD) is one of those cryptos to buy that should be on every investor’s watch list.
Historical patterns suggest a slowdown as the halving event in April 2024 approaches, which traditionally impacts Bitcoin’s value positively. Analysts predict Bitcoin could regain its record high of $69,000 by mid-2024, fueled by increased institutional demand and a broader acceptance of cryptocurrency as a legitimate asset class.
I believe that we’ve yet to feel the impact of the Bitcoin spot ETF that was approved early this year. It may take some time for new retail investors to accumulate Bitcoin and send prices up. But the upcoming halving event is poised to be a strong catalyst.
Furthermore, The performance of these ETFs could provide valuable insights into Bitcoin’s future trajectory and the broader acceptance of cryptocurrencies.
All these factors and more mean that Bitcoin is one of those cryptos to buy.
Ethereum (ETH-USD)
Another big market-cap coin that I feel is undervalued is Ethereum (ETH-USD). This coin is positioned attractively due to the successful transition to Proof of Stake (PoS) with “The Merge,” enhancing its efficiency and scalability. The shift to PoS has made Ethereum deflationary, with validators earning around 5.3% annually.
Furthermore, institutional adoption and investment inflows have been notable, with digital asset inflows reaching their highest level since October 2021. Over $1.76 billion has flowed into digital asset products in the past ten weeks alone.
Analysts are optimistic about Ethereum’s price trajectory. Projections suggest it could double to $5,000 by the end of 2024, making it one of those cryptos to buy.
Cardano (ADA-USD)
Cardano (ADA-USD) is one of those cryptos to buy that I feel has started to become cheap. With a market cap of just $22 billion, it’s one of those lesser-capitalized coins that could make a big move upward this year.
A key highlight for the year is the anticipated Chang hard fork, set to introduce a community-driven governance model. This initiative marks a pivotal shift towards empowering ADA holders.
There are some bullish forecasts on the cards for ADA that I think warrant attention. For example, ADA could surge over 380% within six months following Bitcoin’s 2024 halving event. This forecast is based on improvements to the network and a clarification of regulatory issues.
This then makes ADA one of those cryptos to buy.
Tezos (XTZ-USD)
Tezos (XTZ-USD) is a blockchain network that operates based on smart contracts, much like Ethereum. The blockchain has already seen several protocol upgrades aimed at improving scalability, security, and user participation.
For 2024 and beyond, Tezos price predictions suggest a varied outlook. Analysts forecast that the price of XTZ could reach as high as $1.73 by the end of 2024, with potential growth expected in the following years, reaching up to $6.53 by 2030.
Also, with a market cap of just around $1 billion, it has the potential to shoot the moon if the overall market sentiment turns bullish. These factors lead me to believe that XTZ is undervalued and could lead to solid gains for investors who buy early.
Chainlink (LINK-USD)
I think that Chainlink (LINK-USD) will see a resurgence in popularity. This coin was once a hot favorite, but was dropped in favor of some newer coins.
But there’s some evidence that LINK might be turning a corner, which started last year. Over 19 million LINK tokens were staked in under 7 hours as part of its new staking program. This surge in staking and whale activity contributed to LINK’s price recovery, with the asset marking over 194% gains near the beginning of 2023.
Looking ahead, an AI analysis by CoinCodex predicts a substantial +515% upswing for Chainlink’s price following the 2024 halving, suggesting LINK could reach as high as $89.76. It should be noted that these forecasts should be taken with a pinch of salt, but I feel that investors will appreciate its efforts in tokenizing physical assets on the blockchain.
Algorand (ALGO-USD)
I think Algorand (ALGO-USD) is one of those underappreciated names in the crypto market that has big potential. The reason is that ALGO plans to introduce dynamic round times to enhance network performance, enabling higher throughput and lower block times.
The network is also benefitting from decentralization enhancements and extending developer support to python to make building on the network easier.
Furthermore, the ALGO price prediction for 2024 suggests a positive outlook with an expected increase in value. According to Changelly, the ALGO price is projected to see substantial capital growth for investors.
Polkadot (DOT-USD)
Polkadot (DOT-USD) is another one of those cryptos to buy that I feel has a bright future. There are a few supporting reasons why.
The first reason is that the Web3 Foundation has announced plans to invest significantly in the Polkadot ecosystem to spur further development. The foundation aims to deploy 20 million Swiss Francs and 5 million DOT tokens throughout 2024 to support projects that will have a meaningful impact on Polkadot’s future.
Another is that it’s changing to Polkadot 2.0 throughout the year. This update is poised to revolutionize the ecosystem by transitioning from the current para-chain model.
Also, projections suggest that DOT could experience significant growth, potentially reaching an average price of $138.24 in 2025.
All these factors lead me to think that DOT is undervalued and is, therefore, one of those cryptos to buy.
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
