The low investment rates in Pakistan and most developing countries is a combined result of the economic conditions of the masses and the unavailability of small investment opportunities. The traditional investment options are too expensive while stocks are too complicated for a common man. Amid these circumstances, crypto shortly became famous for introducing small investment gateways.
Crypto’s easy-to-start mechanism, strengthening global community, involvement of market leaders, the backing of governments, and its decentralised nature made it immensely popular. Housewives or students looking for side incomes to professional investors, all are eager to cash into the crypto world. And now when cryptocurrency is being accepted as payment options in many sectors, the trust around crypto has also increased.
However, bitcoin, the first cryptocurrency that started off being worth a fraction of a dollar, has reached $42,144 as of today and an all-time high of $65,000 in February last year. Ethereum, though focuses on building decentralised applications on its blockchain, has also been increasing rapidly in value, hitting an all-time high of $4,200 in 2021.
A part of bitcoin or Ethereum can be bought but if you wish to trade cryptocurrencies, the key is to buy low and sell high. To generate above-average returns in the crypto world, one needs to look for inexpensive cryptocurrencies to buy.
Luckily, there are a few cryptocurrencies that are cheap right now but show promising prospects in the near future. Let’s unpack the best inexpensive cryptocurrencies of 2022.
- USD Coin
- XRP
- Cardano
- Tether
- Dogecoin
- Chainlink
- Dentraland
- Vechain
- Lucky Block
- Polygon
USD Coin | USDC
Current Price: US$1
USD Coin is a digital stablecoin that is pegged to the United States dollar. It’s referred to as a stablecoin as you can always redeem 1 USD Coin for US$1.00, giving it a stable price. The risk-reward ratio on USD Coin makes it one of the most attractive cryptocurrencies. This affordable cryptocurrency is a low-risk high-returns option.
Ripple | XRP
Current Price: US$0.6558
XRP is the native cryptocurrency for products developed by Ripple Labs. It’s only the start for XRP and thus the price is affordable and there is room for it to reach higher and touch the US$1 mark soon.
Cardano | ADA
Current Price: US$0.8468
Cardano is a public blockchain platform. It is open-source and decentralised, with consensus achieved using proof of stake. This method hastens transaction times and reduces energy usage and environmental impact, which is an attribute all renowned cryptocurrencies are working towards to minimise their carbon footprint. Cardano also enables smart contracts and decentralised applications, powered by ADA, its native coin.
Tether | USDT
Current Price: US$1.01
Tether is a stablecoin, that pegs its market value to an external reference like UK pounds, US dollars or any other fiat currency. It is comparatively consistent among other cryptocurrencies, investors not in favour of extremely volatile currencies choose Tether. This creates liquidity for exchange platforms, creates no-cost exit strategies for investors, and adds flexibility and stability to investors’ portfolios.
Dogecoin | DOGE
Current Price: US$0.1436
Dogecoin is a cryptocurrency created as a “joke”, making fun of the wild speculation in cryptocurrencies at the time. However, it brought profit to many and is now known as the first “meme coin”. Dogecoin uses a proof-of-work consensus mechanism, which requires miners to solve complex maths problems with expensive, high-powered computers to earn the right to validate transactions. This cryptocurrency is cheaper and faster to process transactions compared to others.
Chainlink | LINK
Current Price: US$12.62
Chainlink is an Ethereum token that powers the Chainlink decentralized oracle network. These networks provide tamper-proof inputs, outputs, and computations to support advanced smart contracts on any blockchain, thus enabling secure connection to external data sources, APIs and payment systems.
Decentraland | MANA
Current Price: US$1.86
Decentraland is a 3D virtual world browser-based platform. Users may buy virtual plots of land in the platform as NFTs via the MANA cryptocurrency, which uses the Ethereum blockchain. MANA is believed to be the best cryptocurrency to invest in in 2022 for exposure to the metaverse.
Vechain | VET
Current Price: US$0.05312
VeChain is one of the topmost affordable cryptocurrencies that has consistently shown great growth potential. It uses distributed governance and IoT technology to create an ecosystem that can solve major data challenges for many global industries, including energy, food, and sustainability while addressing the SDG goals.
Lucky Block | LBLOCK
Current Price: US$0.001733
Lucky Block is a new cryptocurrency that envisions a worldwide lottery with players using blockchain protocols, operating on the Binance Smart Chain. Luck Block focuses on creating a transparent and fair gaming ecosystem through cryptocurrency. It empowers every player to have better win odds while developing an investment strategy for token holders to incentivize contributing actively to the community.
Polygon | MATIC
Current Price: US$1.27
Polygon is a decentralised Ethereum scaling platform that enables developers to build scalable user-friendly decentralised apps with low transaction fees without ever sacrificing security. Polygon combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system.