5 Cheap Cryptocurrencies To Buy For Short-Term Profits – May 2022 Week 4

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Last Updated May 26th 2022
6 Min Read

The market crash has opened the best opportunity for investors to buy the dip. Find out the best cheap cryptos to buy for short-term profit. 

The cryptocurrency market continues to waver between recovery and losses. However, these volatilities probably won't destroy the industry; instead, they create buying opportunities for investors once the waves are settled. The price of several altcoins rose today as cryptocurrencies moved higher and the broader market jumped. Here are the 5 cheap cryptocurrencies to buy for short-term profits in May 2022. 

 

Ethereum Classic (ETC)

With IOHK taking it upon themselves to enhance the development of ETC, Ethereum Classic got a major boost, making it the best cheap crypto to buy now.

Ethereum Classic came into being after a split in the Ethereum blockchain. It is an open-source blockchain-based platform that supports smart contracts and decentralized applications (dApps). ETC provides a Turing-complete virtual machine, called the ‘Ethereum Virtual Machine,’ to execute scripts or instruction sets. 

ETC tops the list of the 5 cheap cryptocurrencies to buy for short-term profits in May 2022, thanks to its focus on improving performance. Ethereum Classic provides a permissionless way to manage digital assets eliminating the need for intermediaries, excessive fees, and governmental restrictions. Its price might grow significantly in the next few years if the platform manages to achieve its promises to become more interoperable with Ethereum and other blockchains and enhance the security of its users. 

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Crypto assets are a highly volatile unregulated investment product.

Terra (LUNA)

LUNA is one of the most promising tokens and the best cheap crypto to buy for short-term profits. 

Until the market crash of May, Terra LUNA was one of the best-performing digital currencies in 2022. The recent crash wiped out almost 99% of LUNA’s value. But Terra is slowly regaining its attention with new developments and plans. 

Terra blockchain is designed to facilitate stablecoins, cryptocurrencies pegged to real-world currencies like the U.S. dollar or the euro. Reports say that the team behind UST and LUNA is proactively preparing to defend the stability of the $UST peg under these macro market conditions. The team has also laid out some recovery plans.

Moreover, experts believe that as long as the fundamentals of the project remain stable, the price of LUNA could likely increase, recovering some of the loss. 

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Crypto assets are a highly volatile unregulated investment product.

Loopring (LRC)

LRC is making big gains, adding it to the list of 5 cheap cryptocurrencies to buy for short-term profits in May. 

Loopring is an emerging protocol of DeFi that uses multiple virtual currencies, including LRC, its native utility token. It is an open protocol developed to focus on building decentralized crypto exchanges. The protocol also allows users to create a non-custodial, order book-based exchange on the Ethereum network using zero-knowledge proofs (ZKP). 

The purported goal of the protocol is to encourage a global network of users to operate a platform and promote the development and production of new forms of crypto-asset exchanges. 

One key factor that pushed LRC to the limelight is the release of a new digital wallet leveraging Loopring's technology by GameStop. The video game retailer has released digital wallets for storing in-game non-fungible tokens (NFTs) that utilize Loopring's technology for faster transactions. Eventually, the strong adoption of GameStop's NFT marketplace would create significant bullish momentum for the LRC token, making Loopring the best cheap crypto to buy now for the short term. 

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Crypto assets are a highly volatile unregulated investment product.

Shiba Inu (SHIB)

Shiba Inu has created a great opportunity to buy the dip for investors now. 

Shiba Inu, the meme coin, became a household name in 2021, with its price soaring more than tenfold in October 2021. Several crypto exchanges began accepting it for listing thanks to the token’s growing popularity and market capitalization.

Despite popular belief that a meme coin like SHIB is solely driven by hype, the Shiba Inu ecosystem supports numerous valuable utilities, including NFTs and a DeFi platform in ShibaSwap. This is the right time to buy SHIB as the most significant developments are coming up this year and have the potential to explode this coin.

The launch of Shibarium and the Shiberse would be a game-changer for this project. Shibarium is designed as a scaling protocol for Ethereum, which is the network that Shiba Inu is running on. With the launch of this scaling protocol, SHIB will significantly reduce the amount of gas that users have to pay when transacting SHIB, adding Shiba Inu to the list of 5 cheap cryptocurrencies to buy for short-term profits.

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Crypto assets are a highly volatile unregulated investment product.

Celo (CELO)

Celo is one of the best-performing mid-cap cryptocurrencies in the market today. 

Celo is a smartphone-based DeFi ecosystem that aims to expand cryptocurrency adoption in some innovative and interesting ways. The platform incorporates a proprietary payments infrastructure, stablecoins, a custom-built blockchain, and advanced programmability. Celo was designed to enable the creation of next-generation dApps and streamline global payments for billions. 

Celo boasts a growing ecosystem covering a broad sweep of DeFi apps, exchanges, gaming platforms, NFT markets, payment services, and staking pools. One key factor for buying CELO now for short-term profit is the announcement made by Celo Foundation that an extensive incentive program has been initiated to entice developers to its network. Thanks to its network's mission to increase crypto adoption among smartphone users, Celo has gained interest among investors. 

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Crypto assets are a highly volatile unregulated investment product.

The Bottomline

These projects certainly look interesting and have certain strong capabilities that make them a good investment option. If you are fairly new to the crypto world, these could be the 5 cheap cryptocurrencies to buy for short-term profits in May 2022. 

Read More:

How To Buy Ethereum Classic (ETC)

The 5 Best Ways To Buy Loopring (LRC)

How To Buy Shiba Inu (SHIB)

15 Most Promising Cryptocurrencies To Invest In

Top 10 Metaverse Cryptocurrencies That Are Set To Explode

Top 10 DeFi Cryptocurrencies That Are Set To Explode

How To Make Money With Cryptocurrency - Top 10 Proven Methods