The cryptocurrency industry continues to evolve, offering many opportunities for investors, especially those looking for affordable options. As we enter 2024, it is time to shift our focus to some of the most budget-friendly cryptos that are making waves in the market.
Here’s a rundown of the top 10 cheapest cryptocurrencies based on their market capitalization, each offering a unique blend of features and potential for growth.
Methodology
Our in-depth guide, “Top 10 Cheapest Cryptos to Invest in,” presents a carefully curated selection of crypto trading platforms. These include Coinbase, Kraken, KuCoin, OKX, and YouHodler. These platforms were chosen based on rigorous standards tailored to meet the demands of new and experienced crypto investors.
Platforms like Coinbase and Kraken stand out for their comprehensive security protocols, including two-factor authentication and email/SMS verifications, coupled with user-friendly designs and a broad range of over 200 cryptocurrencies. These exchanges are trading hubs and educational centers, offering resources like Coinbase Learn and Kraken Learn, ideal for those newly venturing into cryptocurrencies. They also boast competitive fees, ranging from 0.05% to 0.60%, and tight bid-ask spreads, ensuring cost-effective transactions.
In contrast, KuCoin and OKX are known for their significant presence in the derivatives market, offering deep liquidity and high trading volumes of $2,162,453,826 and $20,976,604,703, respectively, that appeal to more advanced traders. These platforms provide minimal funding rates and favorable bid-ask spreads, essential for executing large orders efficiently.
Unique in their offerings, YouHodler and Coinbase Wallet specialize in crypto storage solutions and passive income opportunities across various networks such as Bitcoin, Ethereum, and others.
These platforms offer attractive interest rates on crypto deposits, sometimes as high as 12%, enabling investors to earn passive income on their investments. These platforms’ absence of withdrawal fees further enhances their attractiveness, maximizing potential user returns.
In summary, BeInCrypto’s selection criteria for these platforms center on their ability to deliver:
• High trading volumes
• Competitive fees
• Favorable spreads
• Lucrative interest rates
Learn more about BeInCrypto’s verification methodology here.
Top 10 cheapest cryptocurrencies to invest in March 2024
Max supply
100,000,000,000
Market cap
$28,657,585,487
Circulating supply
54,339,837,528 XRP
Renowned for its rapid transaction processing, XRP is a standout among other digital payment protocols. Its lower market cap of $28,657,585,487 in comparison to giants like Bitcoin makes it a more accessible investment for those looking to step into the crypto market. XRP has seen a staggering 15,757% price increase since May 22, 2014.
XRP stands out in its functionality: the crypto can be used to handle micropayments, which could enable new types of internet business models, such as monetizing web content or paying for streaming services on a per-use basis. It has been therefore been touted as a means to facilitate faster and more cost-effective cross-border payments, and is often considered to be a crypto with the potential to offer a genuine alternative to traditional financial models. Moreover, the XRP ledger offers real-time settlement, allowing for the completion of transactions within seconds.
Max supply
45,000,000,000
Market cap
$17,249,223,838
Circulating supply
35,090,929,536
Praised for its rigorous peer-reviewed research foundation, Cardano is a forward-thinking crypto that champions a more sustainable blockchain ecosystem. Its affordability, with a market cap of $17,249,223,838, is matched by its potential to build a secure and scalable decentralized future, leading ADA to an impressive 1,750.% price increase since March 13, 2020.
Cardano is the brain-child of Charles Hoskinson, co-founder of the Ethereum protocol. Like Ethereum, Cardono is a smart contract driven platform, often distinguished by its scientific philosophy and research-driven approach.
The team overseeing the protocol adopts a methodical progression in its development. This approach emphasizes peer-review and high-assurance coding practices, aiming to ensure that changes and updates are thoroughly vetted and tested before implementation.
Market cap
$11,920,399,413
Circulating supply
142,759,186,383
From a whimsical meme to a crypto with serious traction, Dogecoin continues to defy expectations with its strong community support and growing use in online transactions. DOGE is a testament to how even lighter-hearted assets can hold a significant market cap in the digital economy, ($11,920,399,413), with a striking 88,888% growth since May 6, 2015.
In 2021, electric carmaker Tesla began to accept Dogecoin as part of a test run. The company would later go on to accept the memecoin officially in 2022, along with Bitcoin. While Tesla eventually halted all support for Bitcoin and sold off most of its holdings, the company continues to accept Dogecoin as payment.
Market cap
$9,683,198,373
Circulating supply
88,187,450,504
Aiming to decentralize digital entertainment and content creation on the internet, TRON combines high scalability and efficient transaction processing. Its community-driven initiatives like “HackaTron,” fostering innovation in areas like DeFi and GameFi, make it a compelling choice for investors interested in technology-driven digital assets. With a market cap of $9,683,198,373, TRX has seen a 5,764.53% price increase since Nov. 12, 2017.
Tron currently holds the record for having the most USDT on its blockchain at $50,819,943,510.92. This surpasses even the amount of USDT held on Ethereum, $44,005,847,706.83, and accounts for 53.53% of the total supply of Tether, which is $94,930,821,669.30.
Max supply
10,000,000,000
Market cap
$7,056,928,830
Circulating supply
9,282,943,566
As a solution enhancing Ethereum’s scalability, Polygon has carved out a niche in supporting decentralized apps and NFTs. Its lower market cap of $7,056,928,830 makes it a promising choice for those betting on the future of Ethereum’s ecosystem, considering that MATIC has enjoyed a 20,540% price increase since May 10, 2019.
The Polygon ecosystem is promoted as the “value layer” of the internet. Some of its products consist of public chains, zk technology, and a rollups as a service development kit (CDK). Some of the projects that are already utilizing Polygon’s CDK are Astar, Immutable, OKX, and Canto.
Max supply
999,982,386,165,243
Market cap
$5,364,215,330
Circulating supply
589,281,531,959,591
Another meme-based crypto, Shiba Inu’s affordability and enthusiastic community base make it an intriguing, albeit speculative, choice for investors. SHIB stands with a market cap of $5,917,541,088 and has seen a remarkable price rise of 17,798,566.35% since Nov. 28, 2020.
The memecoin made headlines when the creator(s) of the project sent a significant amount of SHIB to Ethereum co-founder, Vitalik Buterin. However, this was merely the beginning of a chain of noteworthy events.
Vitalik went on to burn more than 410 trillion SHIB, about $6.7 billion at the time. He also gave 50 trillion to an India Covid relief fund. The price of SHIB immediately spiked to a level it has not been able to reclaim since ($0.00008616).
Max supply
50,001,787,051
Market cap
$3,204,594,365
Circulating supply
28,377,386,626
Focusing on streamlining cross-border transactions, Stellar offers a practical use case in the global financial system. It is an affordable option for those interested in the impact of blockchain on traditional banking, with a market cap of $3,204,594,365. XLM has experienced a significant valuation spike of 5,000% since March 5, 2015. Here are some of the key applications for which XLM has been promoted:
• XLM aims to enable quick and inexpensive cross-border transactions.
• The Stellar network supports micropayments by allowing for transactions with very low fees, which can be beneficial for small-scale transfers.
• Stellar’s platform is designed to extend financial services to parts of the world that are currently underserved by traditional banking systems.
Max supply
28,704,026,601
Market cap
$2,252,659,952
Circulating supply
22,408,357,481
A rising star in the blockchain world, Kaspa promises high-speed transactions and scalability. Its growing market cap of $2,252,659,952 indicates increasing investor interest, making it a noteworthy choice for those looking to diversify with newer technologies. The price of KAS has surged 50,000% since May 26, 2022.
Kaspa is a proof-of-work cryptocurrency that utilizes a unique consensus mechanism, GHOSTDAG, an off-branch of Nakamoto consensus. In its implementation, Kaspa allows for orphan blocks to co-exist, faster confirmation times, and faster block times (one block per second).
Max supply
30,000,000,000
Market cap
$2,119,383,607
Circulating supply
26,491,714,755
Backed by the renowned Crypto.com, Cronos aims to bridge the gap between traditional finance and the crypto industry. Its lower market cap of $2,119,383,607 offers a gateway for investors to engage with a platform that’s expanding the utility of cryptocurrencies, which led CRO to a 615% price increase since Feb. 8, 2019.
Holding CRO gives you special perks and is built on the Cronos blockchain. Cronos is crafted to bolster the creator economy through web3 applications, encompassing DeFi and gameFi. It is an Ethereum-Virtual Machine (EVM)-compatible blockchain that utilizes Ethermint and is built using the Cosmos SDK.
Max supply
50,000,000,000
Market cap
$2,436,274,955
Circulating supply
33,661,753,099
Utilizing unique hashgraph technology, Hedera excels in speed and security. Its market cap of $2,436,274,955 reflects the growing interest in alternative blockchain technologies prioritizing efficiency and sustainability. For this reason, HBAR has enjoyed a 607.04% price increase since Jan. 2, 2020.
Hedera is a public platform allowing developers to create secure applications with fast consensus. It’s governed by leading global companies like Google, IBM, and Boeing. It acts as a layer for applications and public networks to securely send verifiable messages, a feature that is particular useful for applications in 2024.
**Market capitalizations are based on data from CoinGecko as of 17:00 UTC, Jan. 22, 2024.
These cryptos showcase the dynamic nature of the cryptocurrency market, offering a range of options from innovative blockchain solutions to community-driven projects. Each one presents an affordable investment opportunity with its unique set of features and potential for growth.
However, as with any investment, conducting thorough research and understanding market dynamics is crucial before diving in.
Why invest in cheap cryptos
Investing in low-cost cryptocurrencies can be a strategic move for novice and seasoned investors. These affordable altcoins often offer a low barrier to entry, allowing investors to diversify their portfolios without committing large sums of money. This accessibility particularly appeals to those new to the crypto market, providing an opportunity to learn and gain experience with minimal risk.
Another compelling reason to consider cheap cryptocurrencies is their potential for significant growth. While these assets can be more volatile, they often present the possibility of higher percentage gains compared to more established, higher-priced cryptocurrencies. This high growth potential makes them attractive for investors looking for rapid value appreciation.
However, it is essential to conduct thorough research and due diligence when investing in some of the cheapest cryptocurrencies in the market. Despite their potential, they can be subject to market hype and lack substantial backing or a solid business model. Investors should assess the project’s viability, technology, team, and community support before investing.
How to invest in cryptocurrencies
Starting your journey in cryptocurrency investment requires a solid grasp of blockchain technology and various cryptocurrencies. Formulate a diversified crypto portfolio and select a trustworthy, secure exchange for transactions, considering options like Coinbase or Kraken.
Due to the market’s fluctuating nature, investing within your financial means is crucial. Stay updated on market trends and be flexible in adjusting your investment strategies. Prepare for future market volatility by balancing long-term investments and shorter-term trading, and think about participating in activities such as staking or yield farming.
Achieving success in cryptocurrency investment relies on consistent learning, patience, and strategic planning. It is important to recognize that cryptocurrency investment is not just about immediate profits but also about gaining financial knowledge, as exemplified by educational resources like BeInCrypto Learn.
How to generate passive income
Gaining financial benefits from cryptocurrencies goes beyond simple trading and investment returns. Utilize your existing cryptocurrency assets, mining equipment, and market insights to generate what is known as passive income.
Generating passive income from cryptocurrencies includes various activities such as staking, mining, engaging in decentralized finance (DeFi), and capitalizing on chain forks and airdrops. These methods require a blend of strategic foresight and patience.
The advantage is that once you start generating passive income through cryptocurrencies, the effort needed is relatively minimal. The allure of these passive income strategies is their low daily upkeep, making them both feasible and appealing.
Discover our selected top crypto-based passive income ideas in 2024 and beyond.
How to file crypto taxes
Handling tax filing for cryptocurrencies can be as complex as dealing with traditional investment taxes. It is critical to accurately calculate taxes for each cryptocurrency transaction, considering the precise price at each transaction point.
This task can be demanding and detailed. Inaccuracies in documenting these transactions may result in severe repercussions, including penalties related to tax fraud. Fortunately, there are methods to greatly simplify the monitoring and filing of your cryptocurrency transactions and taxes.
Our comprehensive guide to cryptocurrency tax filing is designed to help you navigate these simplified procedures. Meanwhile, if you’re looking to lower your tax burden, check out our guide covering how to reduce crypto tax.
Stay safe when buying the cheapest cryptocurrencies
It makes perfect sense to keep an eye on the best-performing and cheapest cryptocurrencies on the market in 2024. However, it’s important not to get carried away. Regardless of how cheap an asset is, you should not invest more than you can afford to lose.
It’s also crucial to practice good crypto wallet security and watch out for crypto scams.
Frequently asked questions
Disclaimer
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