Cheap Cryptocurrency: Five Coins You Can Add to Your Wallet Today
When it comes to a cheap cryptocurrency, there are a couple of ways to look at it. And keep in mind, “cheap” is always subjective.
First off, whether you’ve got five bucks or $5 million, just about any cryptocurrency is within reach. The only barrier to entry is usually set up by the crypto exchange. One of our favorite exchanges, Coinbase, has a $2 minimum. That means you can purchase or sell as little as $2 worth of any cryptocurrency on that exchange.
And when it comes to buying crypto, you don’t have to buy a whole coin. Not by a long shot. Take Bitcoin, for instance. Each Bitcoin is made up of 100 million “satoshis.” A “satoshi” is the smallest fraction that a Bitcoin can be broken down into. So as long as Bitcoin is trading for less than $200 million per coin, you can pick up a fraction of it for less than $2.
And I think you’d be hard pressed to find anyone who wouldn’t consider $2 a pretty cheap investment…
The other way to classify a cheap cryptocurrency is to find one that’s undervalued. In other words, it’s trading cheaper than its perceived value. Now, finding an undervalued crypto coin can be a trickier endeavor. But as we’ve seen in the past year, Bitcoin has been outperforming just about every other asset class. And it’s not hard to find analysts who predict a continuation of its bull run.
Will Bitcoin actually hit the $100,000 mark this year, as some forecasters predict? Who knows. But it is within the realm of possibilities. And if it does, that would certainly qualify Bitcoin as a cheap cryptocurrency right now.
But for our purposes, we’re going to look at five altcoins that have a whole lot more room for growth…
Five Cheap Cryptocurrency Coins Ready for Your Wallet
- Ethereum (ETH)
- Chainlink (LINK)
- EOS (EOS)
- Fusion (FSN)
- SafeMoon (SAFEMOON)
Bitcoin’s Closest Rival
We’re starting our list with the second-largest crypto coin by market cap. Ethereum is also probably one of the better-known cryptos out there. Those looking to make a cheap cryptocurrency play could certainly find cheaper alternatives. But Ethereum’s growth potential shouldn’t be ignored. It’s blockchain tech plays a vital role in initial coin offerings. And it is one of the biggest drivers behind decentralized applications. Unlike Bitcoin, Ethereum has moved well beyond the financial sector. If you’ve heard or read about any non-fungible tokens (NFTs), they were probably part of the Ethereum blockchain.
But again, Ethereum isn’t cheap. However, its value has been rising faster than Bitcoin’s. And no doubt you’ve seen how well Bitcoin has performed in the past year. Like we said at the top, “cheap” is relative. But compared with what Ethereum’s value could be a year from now, there’s a good chance it’s trading at a discount. That’s why, despite its current price, Ethereum still deserves a spot on this list of cheap cryptocurrency coins.
Connecting Two Different Worlds
Chainlink is another crypto that hasn’t put all of its eggs in the financial basket. And that’s likely to keep it important for years to come. As its name suggests, the technology developed by Chainlink allows it to act as a connector between decentralized networks (those on a blockchain) and off-chain outside resources. This is a pretty big deal because it allows decentralized applications (those operating on Ethereum, for instance) to access off-chain data.
Any outfit that’s connecting those working on a blockchain with off-chain data requires trust from developers. And Chainlink has earned that trust so far. As blockchain technology is becoming more widespread, Chainlink won’t remain a cheap cryptocurrency for long.
Not Quite the Ethereum Killer
When the EOS coin first came out, it was touted as a big threat to Ethereum. As the native crypto on the EOS.IO blockchain, it is hugely scalable. There are currently more than 100 decentralized apps on its network. And there are thousands who use and rely on it every day. While it didn’t quite kill off Ethereum, it has found a healthy niche right alongside it.
One of the most compelling elements of EOS is its ability to process 1 million fee-less transactions per second. The company has also scored some high-profile partnerships, including the likes of Google. That alone is almost sure to keep EOS rising along with other cheap cryptocurrency coins.
A Cheaper Entry Point
Back when Bitcoin was the talk of the town in 2018, Fusion made a decent splash of its own. However, during this current bull run in the crypto space, Fusion has remained pretty steady. That is to say, its value hasn’t risen much. This is despite the fact that Fusion has been steadily ticking all the boxes on its to-do list.
Fusion has established its ticketed proof-of-stake algorithm. The company has rolled out its smart-contract features. It’s also introduced an NFT-management system. And going forward, it has plans to develop a cross-chain ecosystem to support transactions between blockchains. If Fusion can crack the code on this, that could make it a household name. And that’ll result in Fusion quickly being ushered off any cheap cryptocurrency lists.
The Penny Crypto With Lots of Potential
Any investment has some element of speculation in it. But the SafeMoon cryptocurrency is about as speculative as it gets. Nonetheless, we’ve decided to include it on our list due to all of the interest it’s already garnered, this despite the fact that it’s still pretty difficult to invest in. So, should it land on some of the major exchanges, SafeMoon could skyrocket in value.
One of the more interesting elements of SafeMoon is that it rewards holders and punishes sellers. Those who sell their stake in SafeMoon are hit with a 10% penalty tax. Half of that tax is redistributed to holders. The idea here is that the longer folks hold, the more crypto they get.
For now, the path to entry is a bit arduous. First, users need to set up a crypto wallet. You can check out some of our favorites here. Users need to set up their wallets to work on the Binance Chain Network. Then they need to buy BNB coins in their Binance account and put them in their wallet. Then they need to visit pancake swap. Next, they need to connect the wallet to pancake swap and exchange for SafeMoon. If it sounds tricky, it is. So here’s a video that also explains the process in more detail.
SafeMoon is far from a sure bet. But it certainly qualifies as a cheap cryptocurrency. And based on the laws of supply and demand, continued interest in SafeMoon could send it upwards fast.
The Bottom Line on Cheap Cryptocurrency
The old saying “You get what you pay for” doesn’t really apply to cryptocurrency. It’s all ones and zeros on a server somewhere. But as interest grows and cryptos become more mainstream, those ones and zeros could add up to a serious chunk of change.
We already know the Fed is exploring a digital dollar. Big banks are offering crypto access to clients now. And there are even crypto ETFs out there. The journey of cryptocurrency into the mainstream has just begun. And these cheap cryptocurrencies could turn a healthy profit once they get there.
If you’d like to stay on top of all things crypto, we suggest signing up for our Manward Financial Digest e-letter. In it, Andy Snyder details his journey into cryptocurrency, how he became an expert and what altcoins are getting his attention.
About Matthew Makowski
Matthew Makowski is a senior research analyst and writer at Investment U. He has been studying and writing about the markets for 20 years. Equally comfortable identifying value stocks as he is discounts in the crypto markets, Matthew began mining Bitcoin in 2011 and has since honed his focus on the cryptocurrency markets as a whole. He is a graduate of Rutgers University and lives in Colorado with his dog, Dorito.