Investors are increasingly diversifying their investment portfolios by including cryptocurrencies. While some view it as a strategic move, others join the crypto frenzy out of the fear of missing out (FOMO) when a particular coin’s value skyrockets.
Bitcoin is often the go-to choice for investors, given its significant price surge in recent years. However, it’s crucial to note that Bitcoin is not the only cryptocurrency available. In this article, we will delve into the workings of cryptocurrency prices, explore inexpensive cryptocurrency options, and provide simple tips for purchasing crypto.
How do cryptocurrency prices function?
Cryptocurrencies serve as both currencies and investment assets. While certain cryptocurrencies can be used for transactions at specific businesses, many holders perceive them as long-term investments. Similar to tradable securities, the price of a cryptocurrency is influenced by factors such as supply, demand, and competition. When a coin captures media attention, its value can fluctuate based on investors’ expectations of its future worth.
Certain crypto coins have a limited supply, meaning there is a predetermined maximum number that can ever exist. As the supply nears its limit or reaches it, the value of the coin may rise due to the inability to create additional units.
For instance, in 2021, bitcoin (BTC) reached an all-time high of approximately $69,000 per coin. This surge was driven by positive investor sentiment, increased demand, and its growing acceptance as a medium of exchange. However, the price has since experienced a significant decline. As of September 22, 2022, bitcoin is trading at around $19,390 with a market capitalization of $371 billion, representing the total value of all mined bitcoins.
Ethereum (ETH), another popular cryptocurrency, is currently valued at $1,332 per coin as of September 22, 2022, with a market capitalization of $161 billion.
12 affordable cryptocurrencies worth considering
If you are considering investing in cryptocurrencies, you have the option to go for well-established currencies or explore smaller, inexpensive alternatives known as altcoins, which could potentially provide a higher quantity of coins for your investment in U.S. dollars (USD). Below, we present a list of the 12 most affordable coins available in the cryptocurrency market, along with their current prices at the time of writing.
Cardano (ADA)
Cardano represents a groundbreaking proof-of-stake blockchain platform founded on meticulous peer-reviewed research. This decentralized network offers a high level of security and transparency in its payment system. ADA, the native coin of Cardano, pays homage to Ada Lovelace, a renowned mathematician and the world’s first computer programmer. As of September 22, 2022, the price of Cardano stands at $0.45.
Dogecoin (DOGE)
Dogecoin skyrocketed in popularity during May 2021, following a mention by Elon Musk during his appearance on Saturday Night Live. Originating as a lighthearted joke in 2013, featuring the iconic Shiba Inu dog meme, dogecoin has evolved into an open-source peer-to-peer digital currency with a dedicated following of users and investors. It’s important to note that due to its rapid supply expansion design, dogecoin carries a higher level of risk. As of September 22, 2022, dogecoin is traded at $0.05.
Stellar (XLM)
Launched in 2014, Stellar initially aimed to foster financial inclusion for unbanked populations worldwide. Over time, the platform shifted its focus to facilitating business transactions for financial institutions through the utilization of blockchain technology. The price of Stellar’s native coin, XLM, currently stands at $0.12 as of September 22, 2022.
XRP (XRP)
Formerly known as Ripple, XRP is an integral component of a system designed to expedite international payment transfers between financial companies. Its remarkable speed allows for transaction settlements within 3 to 5 seconds, significantly outpacing major cryptocurrencies like bitcoin, litecoin, and ethereum. As of September 22, 2022, XRP is priced at $0.48.
Chainlink (LINK)
Chainlink serves as a cryptocurrency that incentivizes user participation in the Chainlink network. This network facilitates the transfer of external data to the ethereum blockchain, which is often utilized to execute smart contracts. With over $20 billion worth of contracts secured thus far, Chainlink’s native token is traded at $7.08 as of September 22, 2022.
EOS (EOS)
EOS technology empowers developers to create decentralized applications (DApps) that support decentralized finance (DeFi) while ensuring scalability, security, and flexibility. The EOS blockchain was launched in June 2018, and its native coin currently trades for $1.23 as of September 22, 2022.
Polkadot (DOT)
Polkadot‘s innovative technology enables the seamless transfer of tokens, data, and other digital assets across different blockchains. This unique capability allows users to operate across platforms within the Polkadot network. Developers can effortlessly create customized blockchains and connect them to the network in a matter of minutes. As of September 22, 2022, Polkadot is valued at $6.45.
VeChain (VET)
VeChain operates as a public blockchain that facilitates smart contracts with a primary focus on supply chain management. Notably, VeChain requires minimal computation power to maintain network security, thus preserving computing resources for other development tasks. The trading value of VeChain coins stands at $0.02 as of September 22, 2022.
RoboFi (VICS)
RoboFi, a blockchain-powered decentralized finance (DeFi) platform, presents an array of staking services for diverse cryptocurrencies, including VICS and Ethereum (ETH). By engaging in staking through RoboFi, users have the opportunity to earn rewards on their staked assets.
The magnitude of rewards accrued from RoboFi’s staking relies on the duration of the staking period and the specific cryptocurrency being staked. Generally, longer staking durations yield higher rewards, while shorter periods grant increased flexibility and liquidity. This empowers users to tailor their staking approach in line with their investment objectives and risk appetite.
In addition to staking rewards, RoboFi extends its offerings to encompass various other DeFi services such as decentralized exchanges and liquidity pools. These services equip users with enhanced access to the cryptocurrency markets and multiple avenues for earning rewards. All in all, RoboFi stands as a comprehensive platform that caters to the diverse requirements of cryptocurrency holders, presenting numerous avenues for passive income generation through their investments.
BNB coin (BNB)
BNB coin serves as a widely adopted utility token that facilitates payments for goods and services, covers transaction fees on the Binance.US crypto exchange, and allows participation in exclusive token sales. While many coins increase their supply through mining, the BNB coin network actively reduces its supply through quarterly destruction, aiming to stabilize its price. As of September 22, 2022, BNB coin is traded at $273.
Litecoin (LTC)
Litecoin operates as a proof-of-work digital currency that enables nearly instant payments with minimal transaction costs for its users. The blockchain of Litecoin possesses the capacity to handle higher transaction volumes compared to bitcoin, ensuring faster confirmation times for merchants. The trading price of Litecoin stands at $53.20 as of September 22, 2022.
Cronos (CRO)
Cronos serves as the native coin of the Crypto.com exchange, offering an ecosystem that enables merchants to accept cryptocurrencies as a form of payment. The network ensures seamless, cost-efficient, and secure transactions. Businesses can conveniently invoice customers and settle payments with vendors through the platform using cronos, stablecoins, or fiat currency. As of September 22, 2022, Cronos is valued at $0.10.
Essential Guidelines for Purchasing Cryptocurrency
If you’re seeking insights on how to acquire cryptocurrency, here are some essential do’s and don’ts to ensure a safer trading experience.
- Emphasize Security: Safeguarding your crypto assets is paramount. Crypto accounts rely on public and private keys, and losing these keys means losing your investment. Since the crypto market lacks regulation, there is no authority to contact for key recovery or investment retrieval.
- Opt for Cold Storage: Protect your coins by storing them in cold storage. Cold storage involves taking your crypto wallet offline and storing it on a physical device. By keeping your wallet offline, you minimize the risk of hacking.
- Ensure Device Security: Maintain a secure environment for your phone and computer. If hackers gain access to your devices, they can potentially steal your cryptocurrency. Strengthen your security measures by using a VPN when accessing public Wi-Fi, employing reliable anti-virus software, and enabling two-factor authentication.
- Understand Your Investments: Avoid succumbing to crowd mentality when purchasing crypto. Before making significant investments, ensure you have a thorough understanding of what you’re buying and how it aligns with your investment portfolio.
- Embrace Diversification: Just like the rest of your investment portfolio, it’s crucial to diversify your crypto holdings. This approach minimizes the impact of a coin’s collapse and increases your chances of discovering the next high-performing coin.
- Invest Within Your Means: While investing in new and intriguing opportunities can be captivating, it’s essential to prioritize your financial responsibilities. Make sure you fulfill your other financial obligations, such as contributing to your workplace and individual retirement accounts, and maintaining a well-funded emergency fund.
- Implement Stop Loss Orders: Crypto markets are notorious for rapid price fluctuations. If your brokerage or exchange allows it, consider placing stop loss orders to mitigate potential losses. These orders provide a safeguard in case a coin crashes while you’re away from your account.
- Don’t Equate Low Prices with Value: Although the allure of inexpensive crypto coins may be strong, it’s important to conduct thorough research. A low price may indicate underlying issues with the coin. Consult reputable sources and seek a variety of investment advice to determine if a coin has growth potential or if it’s simply a poor investment choice.
Conclusion
It is important to keep in mind that investing in cryptocurrency operates in an unregulated environment and does not have the same level of disclosure requirements as public stock investments. Therefore, it is crucial to conduct thorough research and approach the market with caution.
If you are prepared to venture into crypto investing or expand your existing crypto portfolio, you will need to set up an account on one of the top cryptocurrency exchanges. These platforms provide the necessary infrastructure to facilitate buying, selling, and converting coins, enabling you to invest and diversify your portfolio effectively.
About RoboFi
Robofi is a Defi platform that envisions a marketplace for revolutionary Dao crypto trading bots. Through its IBO (Initial Bot Offering) system, community members can maximize their earnings in an easy, simple, and secure way. We create a safe and transparent environment based on blockchain technologies that help developers bring crypto trading bot platforms to the market. In addition, individuals will have easy access to these bot applications, thereby generating more earning opportunities. RoboFi ecosystem is fueled by the VICS token.
About VICS
VICS token has a distinctive and enticing concept. VICS is the BEP-20 token, built on the Binance smart chain. It is a core utility token in the RoboFi ecosystem, the reliable crypto trading bot marketplace. One important utility is to own the governance token of DABots and participate in an IBO (Initial Bot Offering) to receive additional incentives. VICS is available on major exchanges for trading.
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I'm Carina, a passionate crypto trader, analyst, and enthusiast. With years of experience in the thrilling world of cryptocurrency, I have dedicated my time to understanding the complexities and trends of this ever-evolving industry.
Through my expertise, I strive to empower individuals with the knowledge and tools they need to navigate the exciting realm of digital assets. Whether you're a seasoned investor or a curious beginner, I'm here to share valuable insights, practical tips, and comprehensive analyses to help you make informed decisions in the crypto space.
