The best cryptocurrencies of 2022
What are altcoins? Which cryptocurrency is better? Criteria for selecting altcoins for trading. TOP of the best cryptocurrencies of 2022 worth less than $ 1.
Welcome you friends! If you are looking for the best cryptocurrency for investments in 2023, then you have come to the address. More than 5,200 altcoins are currently on the market, but which of them deserve attention, and which ones are best avoided? In this guide, we will tell you which cryptocurrency is best for investment, what are the altcoins and what are their advantages over bitcoin, how to choose altcoins for trading, where you can buy cryptocurrencies, and also introduce you to the best cryptocurrencies of 2023.
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What are altcoins?
Altcoins are all cryptocurrencies with the exception of bitcoin, that is, it is an alternative to bitcoin. Altcoins are often traded for less than $ 1. Such coins often attract the attention of investors, as they can significantly increase in price in a short time. In this article, we will only consider cheap 2023 altcoins, which cost literally a few cents.
According to Coinmarketcap, cheap altcoins make up almost 35% of the entire cryptocurrency market. The list of cryptocurrencies is huge, but only some of them will turn out to be highly profitable. Since most cryptocurrencies may not survive until the end of this year, and everyone will soon forget that they ever existed, it is important to develop a reliable algorithm for selecting such coins.
All cryptocurrencies can be conditionally divided into the following categories:
- Mining-based cryptocurrencies;
- stablecoins (cryptocurrencies tied to the rate of fiat currencies);
- Security tokens (digital analogues of securities);
- Utility tokens (a digital asset that gives its owner the right to access network products).
Most cheap cryptocurrencies are volatile and can be subject to price manipulation through pump and dump schemes. However, not all altcoins are the same, they are very different from each other.
Why invest in altcoins?
If you still don’t know whether it’s worth buying cheap cryptocurrencies, let us name the main reasons why you need to invest in altcoins today:
- Altcoins offer a high reward ratio. Many of the cryptocurrencies are underestimated, and along with the potential for mass adoption of blockchain technology, we can expect that the cost of altcoins will be higher in the foreseeable future.
- Diversification of investments. If you want your crypto portfolio to generate constant profits, you need diversification. The collapse of the cryptocurrency market against the backdrop of an outbreak of coronavirus could not destroy every coin. Moreover, there are coins that showed positive dynamics during the crisis.
- Some cryptocurrencies offer passive income. Recently, an alternative to mining has appeared - this is cryptocurrency staking. Just holding a certain cryptocurrency in your wallet or exchanger, you can make money. Receiving dividends from cryptocurrencies works in the same way as dividends on shares.
We hope that now you see the value that you can get by buying cheap altcoins.
Before we choose the top best cryptocurrencies for investment in 2023, let's consider what criteria should be considered when choosing altcoins.
See also cryptocurrency brokers.
How to choose altcoins for investing?
In this section, we will analyze our list of criteria for selecting cryptocurrencies before buying them:
- Turnover from 10 million to 1 billion coins;
- Market capitalization of at least $ 20 million;
- Cryptocurrency should be presented on the largest cryptocurrency exchanges (Binance, BitMex, OKEx, Huobi, etc.);
- The growth percentage over the past 7 days should exceed 50% (you can view these indicators in Coinmarketcap);
- High liquidity - at least $ 1 million per 24 hours;
- Presence on social networks (Twitter, Facebook, Reddit and cryptocurrency forums);
- Experienced blockchain development team.
And last but not least, use technical analysis to find cryptocurrencies with a limited range, trading at the support level.
Where to buy cryptocurrencies?
Like the Bitcoin exchange, there are cryptocurrency exchanges that specialize in offering digital currencies that trade for less than $ 1. The largest cryptocurrency exchange that offers a huge selection of altcoins is Binance . On the Binance exchange, crypto traders can trade more than 685 coins with an average trading volume of $ 3.9 billion for 24 hours.
The full list of the best cryptocurrency exchanges for 2023 for buying and selling cheap altcoins includes names such as:
- HitBTC gives you access to over 827 coins and an average daily volume of $ 650 million;
- Hotbit gives you access to more than 625 altcoins and an average daily volume of $ 2.3 billion;
- KuCoin gives you access to over 447 cheap cryptocurrencies and an average daily volume of $ 40 million;
- OKEx gives you access to more than 372 coins and an average daily volume of $ 1.9 billion;
- Bitfinex gives you access to over 277 altcoins and an average daily volume of $ 93 million.
It’s almost impossible to buy altcoins for less than $ 1 directly for fiat money. Most cryptocurrencies are traded in exchange for BTC or Ethereum. If you do not have bitcoins, you first need to buy BTC, and then exchange them for your cryptocurrency .
Only altcoins with a strong foundation will succeed and emerge victorious after the COVID-19 crisis. Although more money will be returned to bitcoins and other safe coins, we believe that these cryptocurrencies can bring maximum return on investment.
See also what Bitcoin brokers are.
TOP 10 best cryptocurrencies for trading in 2023
In this section, we will consider in detail which cryptocurrencies are best invested in 2023. At a time when we are in a bear market because of fears of the COVID-19 coronavirus, professional crypto traders know that the best opportunities appear during times of crisis.
When the cryptocurrency market recovers, this list of the best cryptocurrencies worth less than $ 1 will show the best return on investment in 2023.
1. Cryptocurrency Ripple (current XRP price is $ 0.20)
Ripple is also known as the most popular cryptocurrency among world banks. The XRP payment system has existed since 2012, and it reached a record high of $ 3.5 in January 2018. According to Coinmarketcap, Ripple is the fourth cryptocurrency in the world by market capitalization.
2. Stellar cryptocurrency (current XLM price is $ 0.08)
Stellar currently ranks 13th in the world in terms of market capitalization. XLM has a great use in the sense that it helps people convert cryptocurrencies into fiat currencies. Stellar hit a record high of $ 0.83 in January 2018.
3. Cryptocurrency Basic Attention Token (current BAT price is $ 0.25)
4. Cryptocurrency Enjin Coin (current ENJ price is $ 0.20)
Enjin Coin is ranked 50th among the best cryptocurrencies in the world. ENJ has entered into one of the largest cryptocurrency partnerships with Samsung, one of the largest mobile communications companies in the world. Enjin Coin also has partnerships with Unity, the most popular game engine in the world, so any crypto portfolio should include this coin. The maximum ENJ for all time was $ 0.44.
5. Cryptocurrency Steem (current price - $ 0.23)
Steem is one of the most active blockchains in the ecosystem with over 1 million active users. Steem is an application that focuses on providing social networks and other types of Internet communication services. Steem currently ranks 74th on Coinmarketcap. He hit a record high of $ 7.21 in January 2018.
6. Cryptocurrency Ren (current price - $ 0.09)
Ren cryptocurrency has great potential for growth in the coming years. Ren facilitates transactions between cryptocurrencies and tokens. Basically, you can transfer any coin or token between blockchains. Ren's record high of $ 0.18 was recently reached in August 2023.
7. Ravencoin cryptocurrency (current RVN price is $ 0.02)
Ravencoin has gained great popularity in the cryptocurrency market. According to Coinmarketcap, RVN is 56th among the best cryptocurrencies. Ravencoin reached its all-time high of $ 0.07 in April 2023.
8. Tron cryptocurrency (current TRX price is $ 0.018)
Tron is another digital currency that is a good candidate to become a hit in the coming years. Tron has one of the largest online communities in the crypto space, and its daily volume is about $ 1 billion. TRX ranks 16th among the most popular cryptocurrencies, and in January 2018, it reached its all-time high of $ 0.20.
9. Cryptocurrency OMG Network (current OMG price is $ 1.68)
OMG Network is another cheap cryptocurrency you can buy today. Previously, it was called OmiseGO. This coin with limited supply and average daily volume exceeding OMG's market capitalization has a real potential to increase its value several times. In January 2023, OMG hit a record high of $ 25.49.
10. Cryptocurrency Ontology (current ONT price is $ 0.57)
Ontology is another cheap cryptocurrency with huge potential in 2023 and beyond. The ONT is trading below its market cap, and this divergence could be a catalyst for the next Ontology price spike. The ONT cryptocurrency hit a record high of $ 9.91 in May 2018.
See also Ethereum brokers.
Thus, you have good reason to look for the best cryptocurrencies for less than $ 1 to invest in 2023. Altcoins can give you the opportunity to get acquainted with innovative projects and diversify your investment portfolio.
Of course, no one can predict with 100% certainty which cryptocurrency is best for investing in 2023. However, we know from history that as cryptocurrency markets become larger, over time they tend to increase at lower rates. In addition, altcoins that cost a penny can grow several times in comparison with the giants of the cryptocurrency market.
Risk Warning. This is not financial advice, all that is presented in this guide is solely our personal opinion. Do your own analysis before making any investments.
Read also the article "How to withdraw bitcoins through the LocalBitcoins platform?".