3 Cheap Altcoins to Buy If You’re Looking for Penny Cryptos

  • These three cheap altcoins may be among the best picks for aggressive investors right now.
  • Toncoin (TON-USD): This token’s relatively low volatility makes it a top consideration.
  • OKB (OKB-USD): Consistency in terms of growth and a partnership with NEST are reasons to consider this project.
  • BitDAO (BIT-USD): BIT caught the attention of the crypto community after approving a $100 million token repurchase.
cheap altcoins - 3 Cheap Altcoins to Buy If You’re Looking for Penny Cryptos

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Following last year’s “crypto winter,”  a wide range of cryptocurrencies and related projects declined sharply. Altcoins suffered some of the steepest losses. Thus, many investors may be looking to diversify away from these digital assets, rather than attempting to find cheap altcoins to buy right now.

That view certainly makes sense. Many of the same macro catalysts which led to a marked decline in this sector persist. Specifically, interest rates are still rising, inflation remains robust, and investors are looking to deploy capital to more defensive parts of the market. Indeed, until all of that changes, there’s not a lot to like about these more speculative assets.

That said, we saw a nice rally in yesterday’s session, as investors appear to be looking through this year toward greener pastures on the horizon. Most investors appear to expect interest rate cuts to occur sooner than the Federal Reserve is indicating that they will be implemented. If rates are cut sooner rather than later, cheap altcoins could prove to be a unique investment in this environment.

To be sure, the assets I’ll discuss are rather speculative. And cryptos are facing  plenty of challenges that could filter through to 2023.

That said, aggressive investors looking to add exposure to cryptos may want to at least put these tokens on their watch list. Those taking a risk-on approach to 2023 may want to consider adding some exposure to these cheap altcoins while they’re still inexpensive.

TON-USD Toncoin $2.18
OKB-USD OKB $27.06
BIT-USD BitDAO 42 cents

Toncoin (TON)

Bitcoin mining operation. Bitcoin mining farm. GREE stock.
Source: Michal Bednarek / Shutterstock

Compared to other cryptocurrencies, Toncoin’s (TON-USD) volatility has been relatively muted of late. In this space, that’s a good thing, particularly considering the wild swings we saw in 2022.

Trading around $2.20 per token, Toncoin appears to be moving above its resistance with support around its current levels. As a result, over the near term, I think that it could  rally significantly.

But it’s Toncoin’s longer-term view upon which I think many alt coin investors are focusing in on right now. TON’s blockchain and the SafePal hardware crypto wallet have struck a long-term partnership, according to an official release shared by both organizations. Cryptocurrency owners on the Open Network can now transfer their assets through SafePal (SFP).

Additionally, all dApps built on TON can connect with SafePal users natively. Additionally, in the coming months, the SafePal team will also include TON cryptocurrency in an in-browser plugin, greatly expanding TON’s potential user base.

With these medium-term catalysts at play, TON is an intriguing speculative asset to consider right now.

OKB (OKB-USD)

A close-up shot of the concept for a cryptocurrency exchange page.
Source: PixieMe / Shutterstock.com

During Monday’s Asian trading session, OKB (OKB-USD), the utility token of the Seychelles-based cryptocurrency exchange OKX, surged 15%. Following the failure of FTX, OKB sank along with other exchanges. Accordingly, it may be a surprise to some that this exchange’s native token, OKT (which runs on its own blockchain, OKX Chain) gained ground.

There may be reasons for the rally, other than a bounce off the lows. After OKB announcing a partnership with NEST Protocol, the token climbed another 30% this week.

Users of the OKX wallet will be able to immediately access the Futures, Options, Swap, and non-fungible token (NFT) capabilities of the NEST Protocol thanks to this agreement.

The past several weeks have been rather excellent for OKB, which is encouraging for the exchange. At the beginning of the first month of 2023, the price of this exchange-focused token is still rising. Whether this trend continues or not remains to be seen, but for those who are bullish on crypto exchange, TON is a project to keep an eye on right now.

BitDAO (BIT-USD)

Four letter blocks, spelling out Web 3.0.
Source: Shutterstock

A decentralized autonomous organization, BitDAO (BIT-USD) has gained attention recently. The network caught the attention of the cryptocurrency community after approving a $100 million token repurchase.

It’s important to note that BitDAO wants to promote many projects in gaming, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized finance (DeFi).

This week, BitDAO, a platform geared for Web3, rose by the largest amount in some time. This comes following an announcement that the project would buy back $100 million of its BIT tokens following a successful vote on a community proposal. That led to an impressive gain of roughly 30% for BIT in short order.

These sorts of buybacks are what many investors want to see. BitDAO is among the lesser-known projects in the crypto world with some serious funding and growth potential.

For those looking for a more speculative pick right now, I think this is a token worth putting on the radar for 2023.

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.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.


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