Beyond Bitcoin: 5 cheap cryptocurrencies that could make you rich in the long term.
The process of buying cryptocurrencies is pretty simple. However, purchasing the right cryptocurrency without a time-tested strategy can pose a fair challenge.
Presently, there are over 15,000 cryptocurrencies in existence, and the field is ever-expanding. With all the benefits that cryptocurrencies provide, people have become more enthusiastic about investing in this emerging asset class. However, picking the most profitable ones amongst the crowd can become a mighty task. Thus, here is a list of 5 cheap cryptocurrencies to buy in June 2022 to earn massive returns in the future.
Ripple (XRP)
Ripple is more than just a cryptocurrency. It is a unique payment protocol designed to simplify global and cross-border payments. The network's native currency, XRP, is the digital token that enables the use of the network's services.
Ripple is one of the leading providers of crypto solutions. The team describes XRP as a practical token for applications across the financial space. It permits users to transfer money at low costs, attracting banks and retail investors.
A vital value proposition of Ripple is its minimal transaction costs while offering transaction finality of under five seconds – meaning that customers can transfer funds in a fast and efficient manner. It is a permissionless, open-source, and decentralized technology that is carbon neutral, meaning it is environmentally friendly.
The increasing adoption of cryptocurrencies for payments will only draw more attention to the affordable, safe, and easy transactional capabilities of XRP. Naturally, this will impact its demand and, by extension, its value as the years go by. These aspects make XRP one of the top 5 cheap cryptocurrencies to buy in June 2022.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Shiba Inu (SHIB)
There is a lot of hype around Shiba Inu, making it one of the biggest gainers in the last bull run. This hype around it is still there despite the price correction, which is evident in the fact that it is still one of the cryptos that trend at the top in search engine rankings despite its bearish price action.
Such hype shows that Shiba Inu has a strong community, essential for its long-term value appreciation. This visibility and community support help drive investor demand and adoption long term. In addition, its low price makes it one of the more cheap cryptocurrencies to buy in June 2022.
Besides the hype, Shiba Inu has a lot going for it at the moment. The cryptocurrency’s adoption has shot up quite strongly in the last months, which is impressive for a crypto that is only a few years old. The best part about having a strong community is that once Shiba Inu turns bullish again, there will be FOMO on social media and other platforms. It is a factor that could easily see this crypto make new highs quickly as buying pressure from new money outstrips supply.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Dogecoin (DOGE)
Last year Dogecoin (DOGE) saw its price jump into the new record-high territory after a tweet shared by Tesla CEO Elon Musk. But with a pullback in Dogecoin price, many investors are wondering if DOGE is a buy right now.
Dogecoin has been a “free and fun” competing cryptocurrency since its inception in 2013. However, with patronage by well-established investors such as Elon Musk and Mike Cuban, the coin appears destined to soar to new highs soon. Therefore it is better to cash in on this coin while it is still one of the 5 cheap cryptocurrencies to buy in June 2022.
Another factor boosting the investability quotient of Dogecoin is its listing in multiple popular exchanges worldwide, like Coinbase. Increased access to DOGE worldwide will result in a price pump-up soon enough.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Cardano (ADA)
Cardano is a popular, fast-growing blockchain technology that stands for secure and sustainable blockchain. In some ways, it is similar to the Ethereum blockchain. However, Cardano is considered a more scalable, interoperable, and sustainable blockchain, intending to improve upon Bitcoin and Ethereum.
One of the most common complaints of Bitcoin and other popular cryptocurrencies is that their blockchain networks, which are based on proof-of-work consensus mechanisms, waste a lot of energy. Cardano uses a proof-of-stake consensus mechanism, making it a more durable and scalable blockchain.
Furthermore, it has a transaction rate of over 250 transactions per second (TPS), compared to 4.6 TPS for Bitcoin and 15 to 45 TPS for Ethereum 1.0. As a result, this drop could be an excellent time to lock in your Cardano investments.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Tron (TRX)
Founded by Justin Sun, Tron (TRX) has always been one of the most popular cryptocurrencies. While it initially had a particular focus on the Asian markets, it has since exploded to become a global phenomenon due to the continuous marketing efforts of Sun.
Towards the end of 2021, Justin Sun decided to leave the protocol and dissolve his company – Tron Foundation. Since then, the protocol's governance has been overseen by its community via a DAO (decentralized autonomous organization).
TRX is one of the top 5 cheap cryptocurrencies to buy in June 2022 because of the efficiency of the underlying Tron network in stablecoin settlements. Unlike Ethereum ERC20, Tron’s TRC20 is fast and cheap. Users prefer to spend USDT and USDC using the TRC20 network to play fewer transaction fees. This has increased Tron's utility and will continue doing so in the future.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
In Conclusion
The main goal of listing these 5 cheap cryptocurrencies to buy in June 2022 is to give new investors a starting point for their crypto journey. Of course, as an investor, you should always make these decisions based on extensive research and your personal risk appetite.
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