The 12 Best Cheap Cryptos to Buy Now in 2024

When buying cryptocurrency, “cheap” is a matter of perspective. Bitcoin at $30,000 would be cheap, while Ethereum at $5,000 would be expensive. The trick is valuing the crypto project and comparing it against others in the same class; the dollar value is a less significant factor when looking for the best cheap cryptos to buy now.

If you are not familiar with the process of valuing crypto projects, don’t worry, we did the work for you. Our guide explores the cheapest cryptocurrency to buy now based on their intrinsic value and their potential for growth.

By the end of this guide, you should be armed with the knowledge of the cheapest options in an ocean of crypto industry prices.

Best Cheap Crypto in 2024

The Best Cheap Crypto Reviewed

What Exactly Are Cheap Cryptos?

Cheap cryptocurrencies are a relative function of their current prices compared to their perceived value. A crypto can be cheap this week and overpriced the next depending on how much its price increases in relation to its value.

Plainly put, a crypto is cheap when its current price underrepresents its present or future value.

How Do Cryptocurrency Prices Move?

Crypto prices are usually a reflection of the perceived value of the ecosystem, product, or service that it powers. Prices fluctuate because people arrive at different valuations of the same crypto when considering different factors.

Sometimes, the market is in general agreement that a crypto is overvalued or undervalued, and you see this manifest as either a sell off or a rally.

At other times, the market gets sucked into hype and we see cryptos that seemingly have no underlying value sky-rocket. However, these cryptos usually fall significantly after.

Benefits of Investing in Cheap Cryptos

Aside from the obvious benefit of affordability, cheap cryptocurrencies offer a lower entry price point for potentially valuable projects. Considering that future return is a function of current price, the lower you buy in, the greater your return, provided the project performs well.

There’s also a time aspect to buying cryptos cheap. While it may not always apply, buying crypto cheap could also mean that you are buying early which, in some communities, will lead to opportunities to buy others cryptos at cheap prices.

What is a Penny Crypto?

Similar to penny stocks, penny cryptos are cryptocurrencies that trade for a couple cents. They are usually very cheap and never grow beyond a certain level, most never reach $1.

Penny cryptos appeal most to investors who do not have significant liquidity to invest in cryptos but still wish to purchase significant volumes. For example, $100 gets you only 0.003 BTC as of writing or 0.05 ETH, not much to go off. However, the same amount gets you 57 RNDR, 237 XRP, or 316 billion AIDOGE.

While the longevity of even the best penny cryptos is another topic entirely, there are instances where investors make significant returns from penny cryptos.

How to Choose the Best Penny Crypto

To find the best cheap cryptocurrencies, you need to:

Hunt for low market cap projects: Cheap crypto usually have a low market capitalization, asides from projects like Dogecoin and The Graph. But even those projects started as low cap cryptos.
Join crypto presales: Presales present an opportunity to buy cryptos at a discount to their listing price. While they come with inherent risks (like the crypto not performing well), the ones that perform well can generate impressive gains.
Gauge Community engagement: Because you need to get into penny stocks early to truly be profitable, you’ll need to be able to gauge the project’s potential quickly. Community engagement is a good way to do so because strong communities make strong projects.

Risks of Investing in Cheap Cryptos

Smart Contract Risk

Smart contract risks include vulnerabilities in the smart contracts that make up the crypto project; vulnerabilities that hackers could take advantage of.

All cryptos have some degree of vulnerability to smart contract risk. However, cheaper cryptos may be more vulnerable as the project developers may not have the funding or manpower to properly secure their smart contracts from coordinated attacks.

Market Risk

Market risks often involve the effect of the overall economy. For example, cheap cryptocurrencies launched during bear markets can be negatively affected by a downtrend. In our experience, small cap cryptos lose a greater part of their market cap in bear markets.

Ethical Risk

A significant risk to look out for is ethical risk, popularly known as rug pulls. This is when project developers drain liquidity from their own projects, leaving investors with worthless tokens. Rugs are possibly the most deadly risk on our list as they occur more frequently and often leave investors without a way out.

What Amount Should You Invest in Cheap Cryptos?

The blanket rule for investing is to never invest more than you are willing to lose. However, this advice applies to established investments. Cheap cryptos are more of a gamble than an investment and as such should not command as much capital as regular investments.

We won’t specify an amount, but your investment into cheap cryptos should be with money that you are prepared to lose. While the goal is to make profit, it’s advisable to adopt the mindset that monies invested in cheap cryptos are already gone.

This way, if you make a profit, good. If not, it was a write off either way.

How To Buy Cheap Cryptocurrency Coins

You can buy cheap cryptos on cryptocurrency exchanges like eToro. This guide shows you how.

1. Open an Account

Open an account by browsing to the eToro website and clicking on the Start Investing icon. Alternatively, you can download the mobile app from the Play Store/App Store and click on Sign up. Fill out the form with your full name, email address, and password.

2. Verify Your Account

Verify your account by setting up your profile and submitting KYC documents like a valid government ID and proof of residence document like a utility bill.

3. Make a Deposit

Once your account has been verified, deposit funds by using any of the available payment options. Choose a convenient method and set the amount you’d like to deposit.

4. Buy Crypto

Once your account is funded, search for any of the cryptos mentioned in the Discover tab. An interface like the one below should load. You can then set your parameters and buy.

Where to Buy Cheap Cryptocurrencies

To get your hands on cheap cryptos like Poodlana that are not yet listed on exchanges, you’ll have to purchase them directly on their websites using a crypto wallet. We created a guide to help you do that.

Step 1: Download A Wallet

We used Trust Wallet for this guide. Download the Trust wallet app on your phone or use the web platform via a browser extension on your laptop. Create a new wallet. Ensure you keep your seed phrase safe and offline.

Step 2: Buy Some Crypto

You’ll need SOL to buy new Poodlana tokens. Buy some on an exchange like eToro and transfer to your wallet, or use a fiat onramp on the wallet app. You can connect to a merchant on the Binance p2p market directly from the wallet app.

Step 3: Connect Wallet

Navigate to Poodlana’s website and connect your wallet to join the presale. You can do this from the in-built browser on the mobile app. Buy POODL tokens using SOL. Ensure you have enough to pay for gas fees.

Step 4: Wait To Claim

You’ll need to wait until the presale is over to claim your tokens.

Latest Cheap Cryptos News

Developers are bullish on the Sui network’s suitability for games thanks to its horizontal scaling capacity
The Arbitrum DAO stands to receive over 3,350 ETH in revenue from transaction fees
Bitcoin’s price spikes as Blackrock applies for a spot Bitcoin ETF

Final Thoughts on the Best Cheap Crypto to Buy Now

We explored the best cheap cryptos to buy and chose Poodlana as the best choice because of its viral growth potential.

Nonetheless, all the cryptos on our list are good options for investors looking for cheap cryptos. Just remember that there are risks to buying cheap cryptos such as smart contract risks, market risks, and ethical risks.

Finally, never buy cheap cryptos with money you are not ready to lose because the chances are usually stacked against low market cap cryptos under $1.

You can buy cheap cryptos on cryptocurrency exchanges like eToro.

Methodology - How We Picked The Best Cheap Crypto To Buy Now

The cryptos covered in this guide were chosen through rigorous research. We paid attention to security, reputation, price, and growth potential.

The tokens listed are the best we found in the various categories we listed them. For example, we listed Gains Network as the best perpetual trading platform because it allows you to trade several pairs with up to 150x leverage.

Check out our why trust us and how we test pages for more information on our testing process.

FAQs

Why are some cryptocurrencies so cheap?

The prices of cryptocurrencies are determined by factors like the total supply and where the project is in its lifecycle. For example, Dogecoin is a mature project but its market capitalisation divided by its circulating supply keeps its price below $1.

What is the best cheap cryptocurrency to buy?

The best cheap crypto to buy on our list is Sui Network as it is a new layer 1 network with growth potential.

What Makes Cryptocurrency Cheaper?

A number of factors can affect crypto prices. Some include market volatility, hype, demand, and token supply.

The 12 Best Cheap Cryptos to Buy in 2024