7 Promising And Cheap Cryptocurrencies To Invest In 2023

Last Updated December 29th 2022

12 Min Read

Best promising cryptocurrencies to buy and invest: 7 cheap coins to add to your Portfolio

When it comes to cheap cryptocurrencies to invest in, the top promising coin positions have to go to Dogecoin, Cardano and Chainlink.

As 2023 has progressed, the cryptocurrency sector has shown huge strides. Some of this can be attributed to their ability to rebound after the outset of the pandemic, surprising many industry sceptics.

In 2021 cryptocurrencies were performing better and rebuilding faster than the stock market itself, seeing the crypto sector lock at an all-time high.

Outside of dominant cryptocurrencies such as Bitcoin, many alternative cryptocurrencies have been showing major growth. Although some of the smaller altcoins have been trapped in a pattern of trading sideways, 2021 has seen this finally come to an end. Many of these currencies are now yielding new peaks, living up to the faith put in them by long-time investors.

The explosion of the decentralized finance sector (Defi) and with it individual cryptocurrencies, has provided some incredible investment opportunities and continues to do so. For those looking to invest in cryptocurrency, the main questions will be about expected profits and low initial costs.

Affordability is where the altcoins have the market cornered. As the prices of the leading coins skyrocket, many investors are unsure of the systems’ scalability from the now high entry point. However, altcoins have the advantage of being either younger or slower off the mark. This might seem like a downside, but it means that they are in the early stages of their potential growth and are still cheap investments for those who are newly interested.

We have identified top 7 promising and cheap cryptocurrencies to invest in 2023 if you are looking to add this booming industry to your portfolio.

1. Dogecoin (DOGE)

Dogecoin is one of the more well-known altcoins and is definitely the cryptocurrency with the strangest origin. Dogecoin began its life as a literal underdog of the cryptocurrency world. The founders, Billy Markus and Jackson Palmer created it as nothing more than an interactive meme. The coin owes its image to the Shiba Inu dog memes popularised around 2013, the same year the DOGE was launched.

This sudden increase is partly due to corporate manipulations in the form of Twitter publicity given to the coin by Elon Musk and other celebrities. But it also reflects the growing adoption of cryptocurrency and large-scale trust in this coin in particular. Dogecoin is definitely a cheap crypto coin to buy and invest in 2023.

Dogecoin has also proven that it does not only have celebrity support but public support as well. In January 2021 it was Reddit users who rallied in support of the coin after an initial comment was made by Musk and this resulted in an 800% spike in share price. Dogecoin continually shows an impressive ability to withstandt the market.

Dogecoin may be an odd addition to your investment portfolio, but with its huge growth potential and proven resilience, it could prove a very profitable one.

Read Also: Dogecoin Price Predictions

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

2. Cardano (ADA)

Next on the list of the cheapest cryptocurrency to buy in 2023 is Cardano ADA. While most of the institutional focus over the past couple of years has been on Bitcoin and Ethereum, Ethereum’s co-founder’s solo project Cardano is well worth your attention. This cryptocurrency was not immune to the long periods of resistance seen across most altcoins. This is a contributing factor to the low cost of ADA which is still just over $1.24.

While DOGE is still a cheap cryptocurrency to invest in, Cardano has several unique selling points which make it stand out. The main one is its pledge to be more eco-friendly than other cryptocurrencies. Cardano’s system uses 0.01% of the energy per transaction that rival Bitcoin is estimated to use, making it a much greener addition to a portfolio.

The greener system pivots on the company’s shift away from the proof-of-work method used by bitcoin. Instead, Cardano operates a proof-of-stake consensus mechanism which is proving to be a much more energy-efficient alternative.

Much of its success is owed to their upgrades which now allow smart contracts, creating a much faster and more scalable system than they were previously operating with. The network is going forward with a forceful trajectory of decentralization. With the price is still low, it is more than deserves its place as a promising and cheap coin to consider in 2023.

Check Out: Cardano (ADA) Price Prediction

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

3. Chainlink (LINK)

Halfway down the list of the most promising and cheap cryptocurrencies, we have to say Chainlink. LINK was created as a method of replacing the current system of legal agreements, as well as automated and centralised digital agreements.

Instead, it allows smart contracts to be made, which run on blockchain and are connected to the outside world via a decentralised oracle. The company focuses on this decentralised oracle rather than the oracle functions used traditionally which are still embedded within the central system.

Their new decentralised network and cryptocurrency aim to be far more secure by allowing the smart contract they create to sit firmly outside of these traditional institutions and pathways. It provides decentralized connectivity through its services, to both its node operators and any contributing network users. All of this is fast revolutionising the way digital agreements are made and in turn how business is done.

Chainlink may be grouped with the other smaller-scale altcoins, but it has a respectable total value lock currently of 18bn. This is with the coin still quite young; being set up by Sergey Nazarov 2017. The outlook was uninspiring in the beginning, with LINK trading sideways for the first two years, only beginning to show minor signs of progress in the latter half of 2019.

Read More: Chainlink Price Predictions

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

4. Uniswap (UNI)

Another cheap cryptocurrency to invest in 2023 is Uniswap. The UNI coin to come out of the Defi sector is the young cryptocurrency UNI, which is the native coin of Uniswap. The system developed by Uniswap is what allows smart contracts to interact between units on Ethereum blockchains. This central position in the Decentralized crypto exchange (DEX) has helped to promote the adoption of UNI as a viable cryptocurrency.

Uniswap focuses on giving liquidity providers the incentives they need to ensure that this liquidity is constantly available to keep the system running. As the UNI currency is native to the Uniswap DEX, which is the largest of its type, it is unique in the cryptocurrency sector.

Although this coin only appeared on the scene in September 2020 it has already proven itself to be a promising cryptocurrency player. While the signals are all positive with this coin, the price is still low. At its highest so far UNI sat attainably under the $50 mark, still low enough for investors to make the most of the predicted escalations.

UNI has been on a distinct upward trend since November 2020. At that time it reached a low of $1.81 before steadily climbing to its current price of $15. This last figure is representative of the price after the correction period following its peak of $44 in the first week of May 2021.

This system is the first to allow for margin trading and has the 20th largest market cap. These factors go some way to accounting for Uniswap’s success, but there is no telling how much expansion this particular system will undergo. It has been marked by experts as one to watch in 2023 and is a definite contender when looking to make investments in low-cost cryptocurrency.

Don't Miss: Uniswap Price Predictions

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

5. EOS.IO (EOS)

EOS.IO’s blockchain-based cryptocurrency was launched by Dan Larimer in 2018. The EOS.IO system was developed by the company block.one and continues to have the backing of their CEO Brendan Blumer. Due Blumer’s endorsment of the cryptocurrency, a record $4 Billion was channelled into supporting the coin in their initial investment period; fast making this coin a contender in the cryptocurrency sector.

EOS also boasts one of the best transaction speeds in the industry, allowing time-sensitive smart contracts to be made under critically tight time constraints. They also state a heavy focus on security at both ends of all transactions, ensuring that each movement within their system is verified and meets the necessary web-security standards.

All of this being said, the company has not been without its losses. In fact, the summers of 2019 and 2020 saw very poor performances, each with sustained periods of loss. They also have a market cap of 3B which is not one of the highest being boasted in the sector. However, this has kept EOS a very cheap cryptocurrency to invest in 2023.

The tides have turned for EOS in 2021 and there has been a marked upward trend. If this continues, given the scalability and infrastructure of this cryptocurrency, it could make a good portfolio addition, particularly while prices are still low. Currently hovering under $3.29 per coin, EOS now holds a very promising position in the market.

Read Also: EOS Price Prediction

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

6. Tron (TRX)

When it comes to finding very cheap cryptocurrencies to buy, Tron is definitely worth considering. It is a young up and comer, much like its founder and CEO Justin Sun; who made Forbes’ ‘30 under 30 Asia’ list in 2017 for consumer technology.

So far Tron has hit a high of only $0.3, which might make it seem like making money with Tron is impossible. But when you look over the past year, the coin is up 343.93% which is a very good return on your initial investment. This upward trajectory is also steeper than that of EOS or even Chainlink, both of which have shown lesser increases of around 220% over the last twelve months.

Tron is a cheap cryptocurrency with potential, the movements are positive and the initial buy-ins are extremely low. With a market cap currently at $7B and a total supply marked at $101.88B there is clear scalability. With so much room to grow, this coin is not one to be counted out. Particularly when getting in on relative ground level is still achievable, unlike the already inflated leading coins such as bitcoin, Tron could see low investment capital go a very long way.

Check Out: TRON Price Prediction

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

7. XRP

Finally, we would end the list of the best cheap crypto to buy with XRP.

Ripple is yet another blockchain-based digital system that supports decentralized global transactions. Its native coin XRP allows the system to provide liquidity to those looking to make cross-board transactions, much like the other altcoins. Although more expensive than Tron, Ripple is still a cheap cryptocurrency to invest in; currently at $0.79 per unit.

As far as scalability is concerned, Ripple aims high. They have stated an intention to eventually rival Visa in the magnitude of global transactions occurring. This would be supported by their 4-second transaction speed which also allows them to massively reduce their energy consumption compared to the larger and slower systems at work across the cryptocurrency sector.

For those looking for cheap cryptocurrency to invest in 2023, XRP is definitely worth investigating further as this coin is finally proving bullish in the market. Although the previous lack of growth is initially offputting for investors, 2021 has definitely changed the crypto market for the better. This makes even the previously unresponsive cryptocurrencies worth consideration as the upward trends are only accounting for the year to date, and further increases in 2023 can only be speculated upon.

Don't Miss: Ripple Price Predictions

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

While Bitcoin and Ethereum may still seem to grab the more notable investors and high level institutional interest, their success has given the cryptocurrency sector as a whole a huge injection of stability. With the new financial phase seeing greater cryptocurrency adoption taking place, 2023 is an excellent time to think about getting on board. While Bitcoin might be a larger investment than you want to make for your first crypto-purchase the cheaper cryptocurrencies are growing right alongside it as the Defi sector continues to expand.

Now that more infrastructure is being put in place, for greener cryptocurrency mining, greater liquidity and the wider usage of cryptocurrency in the global marketplace the outlook is very positive. These steps are creating more room for the exceptional growth that cryptocurrencies claim to offer their investors. This may also then allow for a less bearish experience of cryptocurrency, leading to a more relaxed upward trend.