We reviewed the top 5 altcoins that can be bought for under a dollar, as each project has its own characteristics and potential for success.
Cardano (ADA), an altcoin that continues its momentum
Founded by Ethereum co-founder Charles Hoskinson, Cardano (ADA) is one of the most diverse blockchain projects in development. The digital asset entered 2023 with a positive momentum, with development activity in 2022 and the success of the best cryptocurrency protocol.
Cardano has one of the highest ratings for developer affiliate amid all cryptocurrencies. It has been developed with a scientific mindset and a research-oriented methodology. Last year, the project’s Alonzo upgrade brought smart contract capabilities to the network. NFTs are also functional in the ecosystem and Cardano is a viable network for them because of its cheap process prices.
Cardano has made significant efforts to gain market share in Africa and has agreements with various governments and organizations across the continent. Process volume hit a 2-month high in January, with large whale processes in the net following a 30% price increase for ten days from 30 December.
Polygon (MATIC), known as Matic Network
Polygon (MATIC), formerly known as Matic Network, is an ERC-20 token running on the Layer-2 blockchain network. Polygon’s processes happen on sidechains, routing traffic from the Ethereum main chain, allowing for faster, cheaper processes. Since its mainnet launch in early 2021, Polygon has seen rapid growth with projects like AAVE and 1Inch launched on the network to take advantage of its reduced prices compared to Ethereum.
Compared to the current market value, Polygon is the tenth largest cryptocurrency in the world with a market cap of $7.5 billion. It rose above its all-time high of $2.50 at the end of 2021, but is currently trading at $0.8641.
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VeChain (VET) for the supply chain
VeChain (VET) was created to help track tangible goods throughout the supply chain. By combining blockchain technology with real hardware tied to commodities,
Former Louis Vuitton China CIO Sunny Lu founded VeChain in 2015 as a subsidiary of Bitse, a blockchain technology firm. When the altcoin was first released on Ethereum as an ERC-20 token, it was formerly known as VEN until the exchange was renamed altcoin VET. In 2018, VeChain went through a rebranding process that included the introduction of its native blockchain and the transition to the VET token.
By staking VETs, holders can earn rewards in the form of VeThor Tokens (VTHO) through the VeChain network using a proof-of-authority consensus process. The computations and processes of the blockchain are powered by VTHO. Regarding the total market capitalization, this altcoin is currently ranked 34th. Currently, VET is trading at $0.01782, the 36th largest crypto asset by market cap.
Meme coin Shiba Inu (SHIB)
The dog chest coin, the altcoin Shiba Inu (SHIB), is rated as one of the most diverse cryptocurrencies of 2022. As a matter of fact, according to the information obtained by the world’s largest crypto exchange Binance, Shiba Inu is in the middle of the top three most watched cryptos in 2022.
Users holding SHIB can stake it for a return, act as a liquidity provider and have the say in the administration of the Shiba Inu community. Still, SHIB is basically a speculative token.
Although SHIB is moving away from the platform, it still has a presence in the gaming industry thanks to the use of NFT. Therefore, the SHIBOSHIS project aims to provide its owners with access to VR games, token trading and digital land acquisition.
SHIB is trading at $0.000008964, the 16th largest cryptocurrency compared to its market cap with a total price of $4.9 billion.
XRP (XRP) for international payments
The most important use of XRP is as a blockchain for faster and cheaper international payments. Neither Proof-of-Work nor Proof-of-Stake is used in the XRP consensus process. Instead, updates requested in the previous ledger are validated by validating the servers. In XRP’s blockchain, no governing body decides who can create nodes or verify processes. This allows processes to be processed quickly in many currencies, which attracts more investors leaving the old and sometimes slow SWIFT network.
With new ledgers created every three to five seconds, XRP’s blockchain facilitates instant conclusion of processes. According to Ripple’s calculations, the altcoin XRP ledger can process an average of 1,500 processes per second (TPS) and 65,000 TPS in total capacity. By comparison, Bitcoin and Ethereum have settlement rates of 5 TPS and 15 TPS respectively.
While Ripple has been fighting the SEC in court for three years, the company is optimistic that it will ultimately win. However, many in the crypto community assume that the price of XRP will increase. At the time of publication, XRP was trading at $0.36, the sixth largest crypto asset by market cap.