The global financial landscape is consistently evolving with the rise of cryptocurrencies, presenting investors with a plethora of opportunities. Many investors are perpetually on the hunt for cheap altcoins that have the potential to explode in value. But which altcoins are currently the most affordable, yet also promising? Here is the top 5 cheapest cryptos to buy in 2023.
Why Seek Out Cheap Cryptos?
When people hear the term “cheap crypto”, they might instinctively think it’s an opportunity to buy a large amount for a low price and then make massive profits when its price rises. However, the real value isn’t solely based on its price per coin. The market capitalization, which is calculated by multiplying the coin’s current price by its total circulating supply, gives a more realistic representation of the coin’s total value in the market.
A crypto with a low price but a large circulating supply might have a high market cap, indicating it might not be as cheap as it seems. Thus, seeking out undervalued cryptos with promising utilities, rather than just low prices, is crucial.
Bitcoin: Most Expensive Crypto
It’s challenging to discuss cryptocurrencies without mentioning the pioneer, Bitcoin. When it first made its debut in the financial markets, Bitcoin was a novelty, trading for mere pennies. Over the years, however, it solidified its position as the premier digital asset, with its price soaring to unprecedented levels. By a certain point, it breached the $70,000 mark, showcasing the immense potential even the most modestly priced coins could have, given the right conditions and adoption rate.
Top 5 Cheapest Cryptos to Buy
1- APENFT (NFT)
At the forefront of our list is APENFT. This cryptocurrency is deeply rooted in the world of NFTs (Non-Fungible Tokens). An NFT represents ownership or proof of authenticity of a unique item or piece of content on the blockchain. APENFT, with its price currently standing at an astonishingly low $0.0000003286, aims to register world-class artworks as NFTs on the blockchain. It acts as a bridge between renowned artists and blockchain, promising an innovative synergy between the world of art and technology.
2- BitTorrent New (BTT)
Originally a popular peer-to-peer file sharing protocol, BitTorrent has ventured into the cryptocurrency space with BitTorrent Token. Why “New”? In an attempt to optimize the platform and integrate blockchain capabilities, a newer version of the BitTorrent token, commonly referred to as “New” or BTT, was introduced. This cryptocurrency is designed to incentivize users to share files and foster faster download speeds within the BitTorrent network. As of now, its price stands at $0.0000004621.
3- Pepe (PEPE)
The world of memes is vast and ever-evolving, and Pepe has managed to make its mark, both in meme culture and in the crypto space. Stemming from a popular internet meme, Pepe as a crypto aims to capitalize on the cultural phenomenon that is meme currencies. Currently, the price of PEPE stands at $0.000001346.
4- Shiba Inu (SHIB)
Another entrant from the meme coin universe, Shiba Inu or SHIB, was initially started as an experiment to create a spontaneous decentralized community. Its canine mascot is a nod to the Dogecoin dog, but Shiba Inu aims to carve its niche, especially with the introduction of its decentralized exchange, ShibaSwap. SHIB’s current price sits at $0.00001091.
5- eCash (XEC)
Stemming from a vision to bring electronic cash to life, eCash follows the ideals set by the original Bitcoin visionaries. It’s a continuation of the Bitcoin Cash project and embodies the pursuit to become a scalable and usable cryptocurrency for daily transactions. As of this writing, its price is $0.00002911.
Which One Will Reach $1?
When speculating which of these cheapest cryptos could potentially reach $1, market capitalization plays an indispensable role. Market cap, a product of current price and circulating supply, provides a clearer picture of the coin’s total value in the market. A cryptocurrency with a market cap already in the billions might find it challenging to experience 1000x growth simply because it would require an astronomical amount of money to flow into that asset to propel its value.
Conversely, coins with a market cap in the millions possess the potential to 10x or even 100x, provided the project gains significant importance, adoption, and utility in the ecosystem. Investors must approach with caution, always considering market cap and potential utility when predicting future prices. Always remember that the crypto market is volatile, and past performance isn’t indicative of future results. Investing wisely and responsibly is key.