It is said in the world of investing, the best investor is the person who enhances their portfolio. This is true, which is the reason why people today look for the best options to invest in and get the highest returns on them. Cryptocurrencies have become popular with many people investing in them after the huge increase in the prices of Bitcoin, Ethereum, and other top cryptocurrencies. There are a huge number of choices when it comes to investing in cryptocurrencies. Big options like Bitcoin and Ethereum are undeniable decisions, however, there are different and/or cheaper options in the form of penny coins with more growth potential that you can invest with and diversify your portfolio.This article includes the ten best penny cryptocurrencies.
1. Ethereum (ETH)
Ethereum is a decentralized cryptocurrency that uses Ether as its primary currency. The Ethereum blockchain can be useful in enabling smart contracts and fill in as a platform to create and manage other crypto coins. Ethereum was first announced in 2013 by Vitalik Buterin in the year 2013. It was a company with a market capitalization of over $400 billion by September 14, 2021. We can see a consistent development.
The list of top 10 penny cryptocurrencies is incomplete without the most steady-worth cryptocurrencies. Tether is beneficial for crypto investors as it provides a way to avoid the extreme volatility of other cryptocurrencies. Furthermore, having USDT (instead of the US Dollar) removes the transaction costs and delays that reduce trade execution within the crypto market.
3. Binance USD
Binance USD (BUSD) is a 1:1 USD-backed stable coin given by Binance endorsed and managed by the New York State Department of Financial Services (NYDFS). Binance USD strives to be a reliable and efficient marketplace that provides access and trades a healthy variety of crypto assets.
4. Stellar (XLM)
The platform focuses on remittances and cross-border payments. It has become one of the main cryptocurrencies with over $531 million trading in a day. Furthermore, it is listed among the top 13 world's most significant cryptocurrencies in the world. Stellar is maintained by the Stellar Development Foundation, which is a non-benefit association set up in 2014. Jed McCaleb co-founded it, yet he left the organization in the year 2014 just to begin his endeavor.
XLM aims to be an open financial system that will provide access to all pay levels for performing low-cost financial services. Some of the major services they provide are mobile money, settlements, mobile branches, micropayments, and more.
Stellar years reduce the necessary time and cost for international money transfers; so, they need to make impartial access to the worldwide financial system. It has a magnificent application that helps people to convert crypto to fiat currency. Their highest price in 2018 was $0.83, and at this point, their cost is around $0.340.
5. Cardano (ADA)
Cardano uses its Ouroboros confirmed Blockchain to enable secure transactions and ensure your privacy. The currency it uses is called ADA. Cardano uses a "proof-of-stake" method to validate all transactions made on its blockchain. This is more powerful than Ethereum's "proof-of-work" systems used by Bitcoin and Ethereum. Cardano was founded in the year 2015 by Charles Hoskinson in 2015. On September 14, 2021, ADA was trading with a capitalization of $76 billion.
6. Ripple (XRP)
Undoubtedly, this is one of the most famous cryptocurrencies in the market. Ripple is a technology that goes about as both a cryptocurrency and a digital payment network. The company launched a native currency known as XRP and it is based on an open-source blockchain named the XRP Ledger. XRP remains a promising penny cryptocurrency. This is little surprise considering that Ripple's market cap is in the hundreds of millions of dollars. The difference between the market cap and valuation is that a total of 100 billion tokens are in the range of XRP. When it comes to investing in cryptocurrencies, XRP is one of the most amazing investment options.
Following up on the best 10 penny digital currencies is Dogecoin. An open-source cryptocurrency launched in 2013 by Jackson Palmer and Billy Marcus. Dogecoin at first began as a joke based on a popular meme. The creators of Dogecoin envisioned it as a fun, lightweight cryptocurrency that would appeal more to the core bitcoin audience. It has since exploded in popularity due to the interest of Elon Musk. There is no limit to the number of Dogecoins that could be mined, and its market cap, as of October 14, 2021, is $31 Billion. The highest price of 1 DOGE was recorded on May 8, 2021, reaching $0.7376 per coin. It may appear to be that the price is falling, but in 2022 it will accelerate.
8. Basic Attention Token (BAT)
The Basic Attention Token or BAT is based on the Ethereum blockchain and promotes itself as a productive method of digital advertising. It is one of the most amazing penny cryptos to invest in because they have the best projects in the crypto world. BAT holds the 34th position internationally in terms of market capitalization. It is also used by the BAT decentralized blockchain-based trade for digital advertising. Advertisers primarily use their tokens to pay distributors for the advertisements based on user attention. Users are even paid with tokens as a reward for viewing ads. BAT reached an all-time high of $0.88 in January 2018, and so far, their price is trading around $0.679.
DAI is an Ethereum-based stablecoin whose issuance and improvement are overseen by the Maker Protocol and the Maker DAO Decentralized Autonomous Organization. The cost of DAI is delicately fixed to the US dollar and is collateralized by a mix of other cryptocurrencies that are stored into savvy contract vaults each time another DAI is stamped.
10. VeChain (VET)
VeChain is a blockchain-as-a-service platform generally for enterprises that aims to solve real-world financial issues. It involves IoT to track and provide proof of authentication of goods and services in the course of business. They offer two sorts of tokens to their users: VeChain Token (VET) and VeThor Token(VTHO). The current value of one VeChain is $0.1115; they simply trade at $0.20 after making a huge profit of 4500% in just one year. Given its use case in the vast supply and logistics industry, it seems to be an important penny stock to invest in.
Sometimes it is better to be safe rather than be sorry. Ample amount of time must be taken to research before making any decisions to invest in cryptocurrency. Even the proteges in the cryptocurrency world can go wrong as the cryptocurrency market is known to be volatile. Doing your own due diligence and taking the time needed to learn all about cryptocurrencies will bring about benefits for you.
These are probably the best penny cryptocurrencies to invest in, however, the best thing is to do some more research as per your requirement while investing. The reason behind this is that you will gain information about the crypto world and clear your doubts about investing.
A well known advice is to never invest money into penny cryptocurrencies that you cannot afford to lose. Due to the volatility nature of the cryptocurrency market, it is also important to stay calm when things do not go your way. Analyze the reasons before taking necessary action.
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*Disclaimer: The article should not be taken as, and is not intended to provide investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Spiking strongly recommends that you perform your own independent research before making financial decisions.