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Cryptocurrencies are all the rage these days, especially with speculative investors. What was once a “margin” investment is now front and center in the financial press. Even financial networks like CNBC talk about Bitcoin daily and keep an on-screen indicator showing the current price.
Put all of this together and now even the average investor is well versed in bitcoin and the cryptocurrency movement. However, it is possible that many people are still unaware that Bitcoin is not the only cryptocurrency out there. In fact, there are plenty of other options if you want to get your crypto fix away from the big names. Just be aware that every cryptocurrency is unique, and you should consult your financial advisor before you invest in any of these speculative products.
What are the best cheap cryptocurrencies to buy?
If you are ready to invest in some cryptocurrency, check out the 10 cheap options that can bring good returns in 2022.
1. XRP (XRP)
- Currency rate as of December 22: $0.9635
XRP is an open source cryptocurrency that uses an open source distributed ledger called the XRP Ledger. It was developed by Ripple, an enterprise blockchain company that facilitates global transactions. Ripple says that XRP is designed for payments and can settle transactions faster, more reliably, and at a lower cost than is possible via the global standard payment infrastructure.
Although Ripple is currently embroiled in a lawsuit brought by the US Securities and Exchange Commission, which alleges it engaged in the trading of unregistered securities, the price of XRP, while volatile, is up about 315% since the beginning of the year – but you can still buy it For less than 1 dollar. Moreover, a new lawsuit by a government watchdog group alleging that SEC officials are biased against Ripple and XRP and have a conflict of interest could help resolve the lawsuit against Ripple in favor of investors.
2. Dogecoin (DOGE)
- Currency rate as of December 22: $0.1757
Dogecoin originated as a joke, but it has become totally real for all those who profit from it now. The coin is certainly still “cheap” at around $0.17 per coin as of December 21, especially compared to its peak of $0.68 in May. But the current price is up over 2,860% since the beginning of the year when you could have bought DOGE for less than half a cent.
Unlike many other cryptocurrencies that serve physical functions, Dogecoin was created as a parody of Bitcoin. Earlier this year, encryption rose sharply based on the hype on message boards and Elon Musk’s tweets. This is the same kind of speculation that drove GameStop up by more than 400% in a single week earlier this year. Of course, this most likely does not matter to those who generate real profits and who are still looking for “cheap” cryptocurrency. This could pay off next year. In mid-December, Musk announced in a tweet that Tesla would make some merchandise purchasable with the Doge and see how it goes.”
3. Chainlink (link)
- Currency rate as of December 22: $20.25
According to Coinbase, Chainlink is another Ethereum token that powers Chainlink’s decentralized oracle network. This network is used for secure communication with external data sources, APIs, and payment systems.
Chainlink describes itself as enabling real-world data and off-chain computations to expand the capabilities of smart contracts while maintaining the benefits of blockchain technology, i.e., guarantees of security and reliability. Chainlink price is moving choppy but still below $20 per coin, up around 59% from the start of the year but down significantly from 52-week highs, giving new investors a chance to buy cheap.
4. USD Coin (USDC)
- Currency rate as of December 22: $0.9995
The US dollar currency is a stable currency, which means that its value is tied to the value of another asset – in this case, the US dollar. This makes it remarkably stable compared to other cryptocurrencies, as US dollar prices deviate by only a few hundred percent before returning to $1. Although you cannot earn money by buying low and selling high as you would with other tokens, you can earn interest by lending your currency in US dollars through a decentralized funding platform like Aave.
The US dollar is jointly managed by crypto exchange Coinbase and Circle, a digital payments company that announced in July its plans to go public through the merger of a special purpose acquisition firm with Concord Acquisition Corp. The deal values Circle at an enterprise value of $4.5 billion, according to the announcement. Coinbase began publicly trading in April.
5. Cardano (ADA)
- Currency rate as of December 22: $1.34
At just over $1.00, Cardano remains a very cheap cryptocurrency for most investors, even after gaining nearly 610% since the beginning of 2021.
According to Coinbase, Cardano is a blockchain platform built on a proof-of-stake consensus protocol called Ouroboros, which can verify transactions without high energy costs. Development on Cardano uses the Haskell programming language. The symbol for Cardano’s symbol, ADA, comes from the 19th century mathematician, Ada Lovelace. According to its developers, Ouroboros allows the decentralization of the Cardano network and provides the ability to sustainably scale to global requirements without compromising security.
6. Polygon (Matic)
- Currency rate as of December 22: $2.57
Polygon is a decentralized application built on the Ethereum network as a way to extend Ethereum into a multi-chain platform. Powered by crypto exchanges Coinbase and Binance, Polygon could be the solution developers need to deploy decentralized applications faster, more efficiently and at a lower cost, Bezinga noted, calling MATIC a promising “Layer 2” token — that is, one built on the existing blockchain. All cryptocurrency investments are highly speculative, but it may be a good sign that MATIC showed resilience during the sell-off in early December, rising 21% while other cryptocurrencies fell, according to US News.
7. Excellent (XLM)
- Currency rate as of December 21: 0.2703 USD
Stellar is their own payment network, and they use Stellar Lumens as their currency on that network. While anyone could use the network, it was conceivable to connect financial institutions that conduct large transactions. On the Stellar network, these types of transactions can be conducted almost instantly with little or no cost, unlike traditional or even competing blockchain networks. The price of Stellar Lumens has been very volatile over the past year, but its price has nearly doubled since the beginning of 2021.
8. Cord (USDT)
- Currency rate as of December 22: 1 dollar
Tether is an Ethereum token associated with the value of the US dollar. At $1 per token, or within a few hundred cents of a dollar, Tether is still one of the most expensive cryptocurrencies available. However, this price is unlikely to move like many other cryptocurrencies because Tether, like the US dollar, is a stablecoin that is pegged 1 to 1 in value to the value of the US dollar.
9. Decentraland (MANA)
- Currency rate as of December 22: $3.32
Decentraland is the token behind the Ethereum blockchain-based virtual reality game of the same name. Securities.io describes Decentraland as a 3D virtual world where users buy land to develop and monetize content, purchase goods and services, and visit other properties. With a market capitalization of $6.012 billion, this crypto venture isn’t exactly child’s play. In fact, the Decentraland Index is up 4,025% since the beginning of 2021.
10. Shiba Inu (Chip)
- Currency rate as of December 22: $0.00000363
Shiba Inu is a meme anonymously created to talk about Dogecoin – which was created to talk about Shiba Inu – that is, Japanese dog breed – memes circulating around the internet. Despite its strange beginnings, Shiba Inu has a market capitalization of $18 billion, according to CoinMarketCap. It is only one of the many cryptocurrencies currently available, but it is the most popular of all.
Part of their appeal as digital currencies to invest in is the community that is growing around them. This community created a non-fungible token project around the Shiba Inu coin. According to the Shiboshis website, NFTs, called Shiboshis, have traits that go along with the upcoming Shiboshi game. Players who own Shiboshi will be able to use it in play. This means that Shiba Inu could join the ranks of game currencies such as Decentraland, to expand its appeal, and possibly boost its growth.
At the moment, the coin is still very volatile. On January 1st, the coin was valued at $0.00000000074 (ie 10 zeros). The current price is $0.0003299, an increase of 44,580,981% – but down more than 58% from its all-time high of $0.00008 on October 26.
Daria Oleg contributed to this article.
Data is accurate as of December 21, 2021, and is subject to change.
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