Cheap cryptocurrencies, like cheap stocks, don’t necessarily depend on price. Investing in cryptocurrencies was once a “fringe” investment, but they now have a prominent place in the financial press.
Cryptocurrencies are being covered by various major news networks and institutional investors are getting on board.
Despite this recent downturn in the cryptocurrency market, many are now looking for cheap cryptocurrencies to invest in this market.
Still, June was another tough month for the space – the market capitalization of all publicly traded coins fell 33% in this short period, from $1.31 trillion to approximately $880 billion. This is a 70% decline compared to a market capitalization of $2.96 trillion in November 2021.
Phew.
There are many cheap cryptocurrencies in this space, based on the price of a single token, that is certainly worth exploring as potential investment opportunities. Although the prices of many of these tokens have fallen so dramatically from their highs, many of them remain well above their initial price levels. Therefore, all of the growth of recent years has not yet dissipated.
Here are the seven best crypto tokens that I think are worth considering for those on a budget.
#7 Sandbox (SAND)
Sandbox (SAND-USD) is a leading crypto project based on blockchain, specifically the metaverse. It has been one of the top-performing altcoins for the past two years.
Despite the recent decline, this token is still 24 times more expensive than its listing price in August 2020. That’s not bad for investors with a two-year holding period.
This blockchain-based virtual world uses blockchain games to allow users to buy, sell, create and build digital assets. There are several bullish price targets for SAND, partly as a result of the proliferation of the metaverse.
As the sandbox is one of the main places where companies and institutional investors buy digital real estate, interest in the platform has grown.
In the longer term, I believe that the adoption of Metaverse by businesses will be a key driver of this project. Investors will want to follow it.