Cryptocurrencies are all the rage these days, particularly with speculative investors. What used to be a “fringe” investment is now front and center in the financial press. Even financial networks like CNBC talk about bitcoin daily and keep a ticker up on the screen showing the current price.
Put this all together and now even the average investor is well aware of Bitcoin and the cryptocurrency movement. However, bitcoin is not the only cryptocurrency out there. There are plenty of other options if you want to get your crypto fix away from the big names. Just be aware that each cryptocurrency is unique, and you should consult your financial advisor before you invest in any of these speculative products.
What Are the Top Cheap Cryptos To Buy?
If you’re ready to invest in some crypto, check out the 5 cheap options that could generate nice returns in 2022.
1. XRP (XRP)
Coin price as of April 11: $0.726
XRP is an open-source cryptocurrency that uses an open-source distributed ledger called XRP Ledger. It was developed by Ripple, an enterprise blockchain company that facilitates global transactions. Ripple says XRP was built for payments and can settle transactions faster, more reliably and at a lower cost than is possible over standard global payment infrastructure.
Ripple is currently embroiled in a lawsuit brought by the U.S. Securities and Exchange Commission, which alleges it engaged in unregistered securities trading. While XRP’s price is well above its low over the past year, you can still buy it for under $1. What’s more, a new lawsuit by a government watchdog group alleging that SEC officials are biased against Ripple and XRP could help to resolve the suit against Ripple in investors’ favor.
Ripple bought back $200 million in Series C shares from one of its investors in what analysts say is a move to strengthen its balance sheet before going public, FXStreet reported. The expectation is that Ripple will announce its IPO after the SEC lawsuit has been resolved.
2. Dogecoin (DOGE)
Coin price as of April 11: $0.1410
Dogecoin originated as something of a joke, but it has become quite real for those who have profited from it. The coin is certainly “cheap” at under $0.15 per coin as of March 8, especially compared to its 52-week high of $0.7376. At $0.119, the current price is the lowest dogecoin has seen in over 11 months.
Unlike many other cryptocurrencies that serve actual functions, dogecoin was created as a satirical take on Bitcoin. Last year, the cryptocurrency rose sharply based on hype on message boards and tweets by Elon Musk. This is the same type of speculation that drove GameStop up by more than 400% in a single week in 2021. Of course, that likely doesn’t matter to those who are generating real profits and who are still searching for “cheap” cryptocurrencies. And this one could pay off in the coming year. In December 2021, Musk announced in a tweet that “Tesla will make some merch buyable with Doge and see how it goes.”
That said, dogecoin has been hit hard by the crypto selloffs of the past few months. Whether it can pull out of the slump remains to be seen, but plenty of investors see the dip as a buying opportunity rather than a sign of doom.
3. Chainlink (LINK)
Coin price as of April 11: $14.15
According to Coinbase, Chainlink is another Ethereum token that powers the Chainlink decentralized oracle network. This network is used to securely connect to external data sources, APIs and payment systems.
Chainlink describes itself as enabling real-world data and off-chain computation to expand the capabilities of smart contracts while maintaining the upsides of blockchain technology, namely its security and reliability guarantees. The chainlink price moves in fits and starts and currently sits at $13.47, down 55% year over year, giving investors a chance to buy cheap.
4. Uniswap (UNI)
Coin price as of April 11: $9.30
As a major player among decentralized exchanges, Uniswap automates the trading of decentralized finance tokens between coin holders, allowing anyone who holds coins to create a liquidity pool for any token pair they choose.
5. Cardano (ADA)
Coin price as of April 11: $0.97
At less than $1.00, Cardano remains a very cheap cryptocurrency — even moreso now, amid the cryptocurrency slump that knocked Cardano back from an all-time high of $3.10 in September 2021 to its current $0.8051.
According to Coinbase, Cardano is a blockchain platform built on a proof-of-stake consensus protocol called Ouroboros, which can validate transactions without high energy costs. Development on Cardano uses the Haskell programming language. The symbol for the Cardano token, ADA, comes from the 19th-century mathematician, Ada Lovelace. According to its developers, Ouroboros allows the Cardano network’s decentralization and provides the ability to sustainably scale to global requirements without compromising security.
So far, Cardano has an impressive record. It has processed over 20 million transactions with no downtime, according to InvestorPlace, and it recently launched ADACash, a rewards token that gained 10,000 users in less than a month. Upcoming projects include a non-fungible token marketplace and an exchange for DeFi transactions. An upcoming upgrade called Hydra should increase processing feeds dramatically, InvestorPlace reported, which could trigger higher prices.
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