The cheapest cryptocurrencies for 2023

Cryptocurrencies have become popular assets in the past few months. Investors buy digital coins for many reasons, including hedging against inflation and diversifying their portfolios. Unfortunately, the prices of most cryptocurrencies like Bitcoin and Ethereum are out of reach for most retail investors. 

Most traders interested in BTC and ETH prefer to use fractional investing, where they buy a small portion of the coin. Other investors realize the close correlations that exist among cryptocurrencies and opt for those with a significantly lower price.

Cardano (ADA)

Cardano is a blockchain project that seeks to become a better alternative to Ethereum. It is a smart contract protocol that makes it possible for developers to build decentralized applications (dApps). In the past few months, it has been used by thousands of developers in most industries, like Decentralized Finance (DeFi), Non-Fungible Tokens (NFT), and the metaverse.

Some of the top DeFi platforms in Cardano’s ecosystem are SundaeSwap and MuesliSwap. In total, Cardano has a total value locked (TVL) of over $83 million. It also handles NFTs worth over $1 million every day. 

ADA, Cardano’s native token, was trading at $0.40 in November. Some of its key catalysts are the growing popularity of the coin, high staking rewards, and its expanding ecosystem.

Ripple (XRP)

Ripple is one of the most popular cryptocurrencies in the industry. XRP has a market cap of over $21 billion. It has consistently remained in the top ten of the biggest coins in the industry.

Ripple is different from other popular cryptocurrencies like Bitcoin and Ethereum. For one, XRP is not mined. Instead, Ripple Labs releases 1 billion XRP coins from escrow every month. Another difference is that Ripple is in the payment industry, where it helps companies simplify their money transfer process.

XRP was trading at $0.4553, making it one of the most affordable cryptocurrencies in the sector. A key risk for investing in XRP is that a lawsuit filed by the SEC is pending in the US. A negative ruling could push the coin much lower, and vice versa.

Dogecoin (DOGE)

Dogecoin is another relatively inexpensive cryptocurrency. It is a giant coin that is valued at more than $13 billion. DOGE became extremely popular in 2021 when Elon Musk, the richest person in the world, started promoting it. Its popularity also led to the creation of many cheap meme coins like Tamadoge, Shiba Inu, and Dogelon Mars.

Dogecoin was trading at $0.10 and is a top cheap cryptocurrency to buy because of its popularity among traders. It is also highly liquid and is provided by most online cryptocurrency exchanges.

Tron (TRX)

Tron is a blockchain operating system that was started by Justin Sun. It is a smart contract platform that makes it possible for developers to build and host apps. In a given day, Tron processes transactions worth billions of dollars. Tron also launched USDD, an algorithmic stablecoin valued at over $700 million.

Tron has become a leading player in the DeFi industry. Its DeFi ecosystem has a total value locked (TVL) of over $5 billion. It has also become a fast-growing player in the NFT industry. TRX has consistently traded below $1 and has remained in the top 20 list for years. 

The bottom line

Cryptocurrency investors that are put off by the high price of Bitcoin and Ethereum can take advantage of other cheap coins and tokens. Some cryptocurrencies even trade for less than $0.0001. However, as an investor or trader, it is important for you to do a lot of research before you invest in any coin. Further, you should always use the best risk management strategy to avoid substantial losses.