We have reviewed the 5 best altcoins to buy for under a dollar, as each project has its own unique qualities 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 interesting blockchain projects in development. The digital asset entered 2023 with a positive momentum, bringing with it the success of the best cryptocurrency protocol with development activity in 2022.
Cardano has one of the highest ratings for developer engagement among 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 transaction fees.
Cardano has put in a significant amount of effort to gain market share in Africa and has agreements with various governments and organizations across the continent. As we stated as Kriptokoin.com, ADA is instantly priced below $0.31 and ranks 9th by market cap. Trading volume reached a 2-month high in January, as large whale transactions surged on the net after 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 transactions happen on sidechains, routing traffic off the Ethereum main chain, allowing for faster, cheaper transactions. Since its mainnet debut in early 2021, Polygon has seen very rapid growth with projects like AAVE and 1Inch launched on the network to take advantage of its reduced fees compared to Ethereum.
By current market cap, Polygon is the tenth largest cryptocurrency in the world with a market cap of $7.5 billion. It broke above its all-time high of $2.50 at the end of 2021 but is currently trading at $0.8641.
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 VET. In 2018, VeChain went through a rebranding process that included the introduction of its native blockchain and the move to the VET token.
By staking VETs, holders can earn rewards in the form of VeThor Tokens (VTHO) through the VeChain network, which uses a proof-of-authority consensus process. The computations and operations of the blockchain are powered by VTHO. Regarding the total market cap, 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 meme coin, Shiba Inu (SHIB), has been rated as one of the most interesting cryptocurrencies of 2022. Indeed, Shiba Inu is among the top three most-watched cryptos in 2022, according to data obtained by the world’s largest crypto exchange Binance.
Users holding SHIB can stake it for a return, act as a liquidity provider and have a say in the governance of the Shiba Inu community. Still, SHIB is essentially a speculative token.
Although SHIB is moving away from the platform, it 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 by market cap with a total value of $4.9 billion.
XRP (XRP) for international payments
The primary 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 transactions. This allows transactions 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 settlement of transactions. According to Ripple’s calculations, the XRP ledger can process an average of 1,500 transactions 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.
Although Ripple has been fighting the SEC in court for three years, the company is optimistic that it will ultimately prevail. However, many in the crypto community predict 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.