4 Best Penny Cryptos To Buy That Will Hit $1 In 2023 - Our Picks
XLM - Top altcoin to buy in 2023
VET - Growing penny crypto full of potential
HBAR - Lesser known cryptocurrency that is a must-have
CRO - Up-and-coming cryptocurrency on everyone’s radar
A Closer Look At The Best Penny Cryptos To Buy That Will Hit $1 In 2023
Stellar (XLM)
Stellar is first on our list of penny cryptos to buy that will hit $1 in 2021. The project hopes to revolutionize the global finance industry by facilitating faster, safer, and more affordable interbank transfers. Currently selling at around $0.09, we consider Stellar to be the most promising penny crypto because of its strong fundamentals.
Users can create, send and trade numerous types of cryptocurrencies on this decentralized network. In addition, developers use it to deploy global payment apps, asset exchanges, and micropayment services for both large and small businesses.
Promoting financial inclusion by helping to provide financial services to the world’s unbanked users is the main motive behind the platform. Although priorities shifted over time, Stellar became a bridge between financial institutions by leveraging blockchain technology. As a result, it has a nominal and relatively lower transaction fee of 0.00001 XLM for its users. This low transaction cost attracts millions of users to its network, making it a good investment opportunity.
The price of XLM has shown promising growth to date. Moreover, the team has destroyed half of its lumens and does not plan to create more. This would create a scenario of rarity, and the potential increased value could make XLM an excellent asset to buy and hold.
Other factors that convince us and the market that Stellar will almost certainly blow in the foreseeable future include its well-laid-out roadmap and strong development team. Not to mention that it, too, has received global acceptance from the finance industry, with countries like Ukraine settling on the Stellar network to host its CBDC.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
VeChain (VET)
The enterprise-grade smart contract platform launched in 2015 and is primarily connected to the supply chain industry, which has remained largely untouched for decades. By providing a decentralized trust layer for multi-party ecosystems and having already seen some major successes with high-profile clients, including governments, VeChain has become essential for many organizations.
The platform is a pioneer in the integration of IoT and DLT technologies. Interestingly, VeChain was built from the ground up with IoT integration in mind. The Internet-of-things refers to the network of billions of smart devices currently in use globally. All these devices are smart because they possess some sensors and can communicate data online. Today, these devices encompass an unbelievable array of stuff, from TVs to doorbells and smartphones.
The integration of IoT and blockchain technology makes perfect sense. Blockchain tech provides an affordable way to monitor such a vast amount of data in near real-time via consensus. Use cases like these make VET one of the top 4 penny cryptos to buy that will hit $1 in 2023.
Most crypto experts and the larger crypto community believe that VeChain prices will rise more shortly. By buying VET at current low prices, you can set yourself up for massive profitability when its value shoots.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Hedera (HBAR)
Hedera is a distributed public ledger powered by the Hedera Hashgraph consensus algorithm. HBAR is the native cryptocurrency and is used to pay for transactions on the Hedera network. The network’s DAG-based consensus algorithm enables rapid transactions with very low energy expenditure.
Hedera provides an alternative to traditional databases and is designed to be scalable, fast, and secure. An example of a project building on Hedera Hashgraph is Bartr World, which aims to migrate data from telecommunications companies onto a distributed ledger and solve many of the inefficiencies that currently plague the telecoms industry.
HBAR is one of the best cryptos to buy to diversify your portfolio in 2023. It is governed by a council of reputable organizations from around the world. The network can support the expansion of decentralized technology into other industries, such as telecommunications, as mentioned above.
While blockchain is typically used for financial services, gaming, and digital artwork, the concept of a decentralized, automatically-updating database can be applied to many industries. Hedera Hashgraph is an example of a Layer 1 solution that can merge distributed ledger technology (DLT) with other industries and improve efficiency.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Cronos (CRO)
Cronos is the digital currency that backs the Crypto.com ecosystem. It operates on a proof of authority consensus mechanism, which ensures that transactions are fast, scalable, and cost-effective. Similar to Ripple's XRP token, Cronos serves plenty of use cases, like offering traders of the Crypto.com exchange discounted trading fees.
Token holders can also take advantage of higher APYs when utilizing Crypto.com crypto interest accounts or lower APYs when borrowing funds. However, the overarching reason CRO is deflationary is that Crypto.com regularly engages in token burning.
Many billions of Cronos tokens have been burned to date. CoinMarketCap notes that Cronos originally traded at $0.02 when it hit public exchanges in 2018. However, the token hit an all-time high of just under $0.97 in 2021, representing growth of over 47x. Currently, the token is trading at $0.07, which gives investors a very attractive price point to enter before 2023.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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