Cryptocurrencies are all in the rage these days, particularly with speculative investors. What earlier used to be a fringe investment is now at the front and center of the financial revolution.
Bitcoin, one of the most popular currencies, is recognized and trusted by almost everyone. But new investors are always looking to invest in promising yet inexpensive cryptocurrencies. Keeping this in mind, we have listed the top 5 inexpensive cryptocurrencies to buy before 2023 starts to make profits in the long run.
Stellar (XLM) was launched in July 2014 as an open-source payment network. The platform has the capability to process between 1,000 and 5,000 transactions per second. The team behind the project has a strong road map, which includes increasing network innovation, participation, and scalability.
The ultimate objective of Stellar is to create a single network that supports all of the world’s financial systems. Users may generate, transfer, and receive digital representations of cash using XLM tokens.
The network also has its own decentralized exchange, where users can trade cryptocurrency and other assets. Verified financial institutions called ‘Stellar Anchors’ serve as banks and keep deposits for non-crypto assets. The platform then provides the depositor tokens related to those assets.
To protect the value of the assets, Stellar gives an inflation pool return of 1% each year. With a market capitalization of almost $25 billion as of writing, XLM is a highly-valuable cryptocurrency.
It is also one of the most affordable currencies. During the crypto bull run of 2017, Stellar hit an all-time high of $0.79 before falling again. At the time of writing, XLM is valued at $0.1. Many market commentators think it could hit highs of $1.75 by 2025, making XLM one of the 5 inexpensive cryptocurrencies to buy before 2023.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
XRP‘s consensus protocol verifies transactions. For a transaction to be accepted, it must be approved by a majority of the validators who evaluate it. As such, thanks to this mechanism, Ripple is able to conduct transactions in seconds at a low cost and with minimum energy.
Being one of the most inexpensive high-potential cryptos, XRP has the potential to replace an inefficient and out-of-date international money transfer system. The fact that it has banking connections with over 200 financial institutions is encouraging.
During the aforementioned 2017 bull run, XRP was one of the many digital currencies that produced healthy gains for investors – where it hit an all-time high of $3.40.
XRP has a market cap of over $17 billion at the time of writing. Some price predictions suggest it could hit a price as high as $4 by 2025. As such, at less than $1, it is one of the 5 inexpensive cryptocurrencies to buy before 2023.
Algorand is a Pure Proof-of-Stake blockchain platform that uses algorithmic randomness to solve blockchain’s trilemma. Unlike most blockchain projects, it requires minimal computation as it realizes the unique combination of the Proof-of-Stake algorithm rather than Proof-of-Work. Furthermore, as a public blockchain platform, developers can use it to build decentralized applications on top of it.
It aims to solve the inefficiencies of ledgers, such as scalability, waste of energy, and high cost of transactions. Algorand uses the advantages of both centralized and decentralized blockchain projects. It is efficient and effective, like a centralized platform and governance model of decentralized projects, to ensure accountability.
Algorand is also a good investment because of its growing ecosystem across the board. It has been adopted by developers building applications in all industries, including Automated Market Makers (AMM), analytics, decentralized autonomous organizations (DAO), DEX, governance, oracles, and NFTs, among others.
Decentraland is a virtual reality game on the Ethereum blockchain that uses the MANA token as an in-game currency. Users can purchase goods and services, buy land, visit other players, and create and monetize their own content.
MANA, the native token of Decentraland, is one of the largest gaming cryptocurrencies. Although it has competition from The Sandbox and ApeCoin, and in-game assets are quite expensive, it has some benefits that could push the token forward. For example, users retain ownership of the digital assets they create in Decentraland and can convert them to cryptocurrencies other than MANA.
If the Decentraland metaverse needed a legitimacy boost, it got one in May, when Millennium Hotels and Resorts launched M Social on the platform. According to a press release, this is the first metaverse hotel operated by a hospitality group. The virtual platform has also signed a deal to integrate the upcoming film “The Infinite Machine” and its NFT collection into its metaverse, Variety reported. These factors make MANA one of the top 5 inexpensive cryptocurrencies to buy before 2023.
Tether (USDT) was one of the first and most popular stablecoins - cryptocurrencies that aim to peg their market value to a currency or other external reference point to reduce volatility. Because most digital currencies, even major ones like Bitcoin, have experienced frequent periods of dramatic volatility, Tether attempts to smooth out price fluctuations to attract users who may otherwise be cautious.
The stablecoin’s price is tied directly to the price of the U.S. dollar. The system allows users to more easily make transfers from other cryptocurrencies back to U.S. dollars in a more timely manner than actually converting to normal currency.
Launched in 2014, Tether describes itself as “a blockchain-enabled platform...to make it easier to use fiat currency digitally.” Effectively, this cryptocurrency allows individuals to utilize a blockchain network and related technologies to transact in traditional currencies while minimizing the volatility and complexity often associated with digital currencies.
These unique features make this popular stablecoin one of the 5 inexpensive cryptocurrencies to buy before 2023.