The list of cheap cryptos to buy is one that’s really long. I mean, really long.
Finding tokens worth less than $1 apiece or with valuations that appear to be very attractive (at least relative to the last boom cycle) isn’t that hard. After all, this sector has been absolutely clobbered with the overall sector declining around 65% over the past year.
Many tokens likely deserved to have their valuations taken down. After all, the excesses that drove the entire market higher in such a short amount of time were unlikely to be sustained.
As the Federal Reserve and other central banks around the world remove the incredible excess liquidity which drove this bubble, valuations are getting reset to more appropriate levels.
That said, the argument can be made for certain tokens that this selling pressure may have overshot. For certain tokens, this market may present long-term buying opportunities for aggressive investors. Here are seven cheap cryptos to buy that I think fit this bill.
The Sandbox (SAND-USD)
As far as metaverse-related tokens go, The Sandbox (SAND-USD) is certainly a top token many investors are watching.
I’ve had my eye on this project and included it as one of the cheap cryptos to buy now. In my view, the metaverse may provide compelling growth for long-term investors.
The Sandbox provides a blockchain-based metaverse. It is a virtual game that uses a play-to-earn model. It lets users create, sell, collect and buy digital assets as non-fungible tokens.
Users can also make and monetize their own games and earn SAND when someone plays those games.
This metaverse project has witnessed immense growth recently. The token was on a constant rise in 2021 and crossed the $1 mark toward the last quarter. It continued on an upward trajectory and reached $8.40 in November.
However, this cryptos price has taken a downturn and now sits at around $0.85. This is approximately 90% below the token’s peak but is actually 50% above its all-time low.
Should this market continue to rally, SAND could be an interesting momentum play at these lower levels.
One of the cheap cryptos to buy that doesn’t get much attention, but probably should, is Polkadot (DOT-USD).
Polkadot allows for more complex projects that span various blockchains, in a more efficient way.
What differentiates Polkadot is its parachains. These are a series of connected blockchains. Different blockchains supporting different projects can operate using the Polkadot infrastructure. This allows for speed and efficiency for each individual blockchain while allowing projects to benefit from Polkadot’s security.
This project gained attention from investors inside and outside the corporate world. Most notably, Deutsch Telekom, which is Europe’s largest telecom company, recently purchased a massive amount of DOT. It further plans to extend infrastructure to users staking assets on Polkadot.
Should adoption like this continue to take hold, Polkadot could have a bright future. Thus, at these levels, this token is much more attractive to long-term investors.
Tron (TRX-USD) is certainly one of the cheap cryptos to buy, with the lowest price-per-token on the list.
It’s not just this token’s low price that ought to be appealing (though for many retail investors, that may be the case). Rather, it’s Tron’s decentralized virtual machine that creates what the developers behind this project believe could be a decentralized internet.
Thus, while the term “Web3” is rather nebulous, Tron’s platform certainly would fit into this category. The idea is to allow developers to use Tron to create complex protocols through smart contracts.
This platform is famous for its transaction speed. Reports suggest that Tron is capable of 2,000 transactions in a second. That’s relatively fast in the crypto world. In addition, This platform does not cost its users a penny to use. That’s some real utility-generating potential for those looking for the potential for ecosystem growth.
Soon after its launch, this crypto player generated $70 million to develop its ecosystem. Should its ecosystem grow as fast as many think it will, Tron could be an intriguing option to consider in this environment.
A unique crypto project using an open-source distributed ledger, XRP (XRP-USD) is mainly aimed at enterprise customers seeking to complete cross-border transactions in a cost-efficient way.
Developed by Ripple Labs, XRP’s goals have materialized, to some degree. The platform has seen growth among customers seeking quick settlement times and lower fees than the traditional banking system.
Indeed, if there was one way crypto was supposed to change the world, this is perhaps it. Thus, XRP’s immediate appeal is easy to understand for the average investor.
That said, since a lawsuit was launched against Ripple Labs in 2020 by the SEC, this is a token that’s been one some investors have been avoiding. Any sort of legal overhang is reason enough for many investors to steer clear of a particular investment.
That said, some experts believe Ripple Labs (and therefore XRP) could come out ahead in this dispute. Overall, the judge seeing this case has sided with Ripple on a number of key issues. Obviously, a positive resolution to this case would be a massive catalyst for XRP moving forward.
The SEC’s assertions that XRP is a security is one they’re making for many tokens. Thus, the outcome of this case will be precedent-setting for the entire sector.
Accordingly, even investors who don’t want the litigation-related risk with XRP will want to watch this token closely in the coming months.
Trading at less than $1 per token, Cardano (ADA-USD) is another token I’d put in the bucket of cheap cryptos to buy.
Of course, being a top-10 cryptocurrency by market capitalization, Cardano is no small token. Many may say this project is far from cheap, with a market capitalization of around $15 billion at the time of writing.
Fair enough. But considering how far this token has fallen from its peak of around $2.38 (it’s at $0.44 at the time of writing), there’s some value to be had for those who think new all-time highs will eventually come.
Via a proof-of-stake protocol called Ouroboros, Cardano allows for relatively speedy transactions without the high energy costs seen in other large-scale platforms.
On a number of metrics, Cardano is among the most sustainable and scalable platforms out there. Thus, long-term investors bullish on crypto moving toward sustainable growth may like how this project is positioned.
This past year, Cardano has processed more than 20 million transactions without any downtime.
Furthermore, the highly-anticipated ADACash was recently launched. This rewards token gained more than 10,000 users in August. Further, as of early September, the platform was building more than 1,000 projects on its blockchain.
A future update called Hydra might boost ADA’s processing speed significantly. For those looking for a set of catalysts poised to take a project higher, investors can take their pick with Cardano.
One of the more interesting layer-2 networks out there worth considering is Polygon (MATIC-USD).
This decentralized platform, which is built on top of Ethereum (ETH-USD), provides improved scalability Ethereum network users. This massive ecosystem of projects has grown to a degree many thought would be possible. However, with this growth, has come relatively slow speeds and high transaction costs for Ethereum users.
Polygon looks to solve this via turning Ethereum into a multi-chain system. Running parallel to Ethereum, users can transact on Polygon, taking advantage of much lower fees. Investors can think of this project as adding another fast lane to Ethereum’s clogged roads.
Polygon has seen a number of compelling surge attempts during this bear market. Should the market start to rally, this is a token I think investors will want to keep an eye on.
Polygon is one cheap crypto I think is worth a look at these levels.
Like The Sandbox, Decentraland (MANA-USD) offers a metaverse experience.
That said, Decentraland’s rise is attributable not only to the surge in interest around the metaverse but also interest around the NFT craze.
In Decentraland, users can purchase parcels of land with MANA tokens. Thus, with the digital real estate boom of last year, this token received interest.
Much as with physical real estate, digital real estate has been in decline this year. Over the long-term, corporate adoption of the Decentraland platform will be something to watch.
A number of notable companies have taken space on this platform in a bid to appeal to a wider audience. Should these catalysts continue, there’s a lot to like about how Decentraland is positioned.
This is perhaps one of the more speculative bets on this list. That said, for aggressive investors seeking potential momentum plays in the digital asset space, I think this is one to keep on the radar right now.
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.