12 Cheapest Cryptocurrencies to Buy in 2024
Despite the ups and downs of the cryptocurrency market in 2022-2023, the future of the crypto industry is looking bright for 2024. With Bitcoin leading the way, we have seen a resurgence of interest in digital currencies and their growth potential. And with the highly anticipated halving event for Bitcoin scheduled to take place in 2024, many investors are eager to get in on the action.
But what about those looking to invest in the new, less-known cryptocurrencies? In this article, we will look closer at the 12 cheapest cryptocurrencies to buy in 2024 and explore their potential for growth and profitability.
Key Takeaways:
- 2024 promises to be an exciting year for the cryptocurrency market.
- Some of the most promising cheapest cryptocurrencies to watch in 2024 include KAS, ADA, DOGE, VET, and others.
- The market has seen a significant influx of new and innovative blockchain projects in recent years.
1. Kaspa (KAS)
Kaspa is a relatively new chain that aims to solve the scalability issues traditional blockchain implementations face. It is a decentralised and fully scalable cryptocurrency that uses the BlockDAG architecture, making it one of the top contenders in the market, according to some voices in the crypto world.
Unlike Bitcoin, which has established itself as a “store of value,” Kaspa focuses on providing a fast and secure solution for everyday transactions, achieved through the GhostDAG protocol, a proof-of-work technology that ensures security and speed when processing transactions.
One of the key features of Kaspa is its DAG-based consensus algorithm, which allows for scaling without sacrificing security. The the network can handle high block rates while maintaining a high level of safety and integrity.
In addition, Kaspa uses stateless clients, which have extremely low storage and bandwidth requirements. Thus, even low-end devices can participate in the network, making it accessible to a wider range of users.
Currently, Kaspa’s main net operates at a rate of one block per second (1tps), which is significantly faster than other leading blockchains like Bitcoin and Ethereum. However, the team has even bigger plans for the future. With a successful move from Golang to Rust, a high-performance programming language, the network aims to increase its speed to ten blocks per second (10bps) and eventually reach a staggering hundred blocks per second (100tps).
Fast Fact
The average confirmation time of Bitcoin transactions is estimated to be 7-10 minutes, while the time for transactions on the Ethereum network is confirmed to take between 15 seconds and several minutes.
Kaspa’s unique monetary policy also sets it apart from other cryptocurrencies. The “chromatic phase,” which began on May 7th, 2022, implements a block reward system based on the 12-note scale of music. Consequently, this means that the block reward will decrease geometrically over time, similar to the frequency of notes on a tempered chromatic scale.
Price: $0.09864
Market cap: $2,2 billion (#38)
Circulating supply: 22,414,316,802
Max supply: 28,700,000,000
Kaspa’s Price Action:
2. Cardano (ADA)
Cardano, launched in 2017, is a third-generation blockchain that aims to tackle the issues faced by previous generations. The project was co-founded by Charles Hoskinson, one of the original members of Ethereum. Cardano’s design is based on a scientific philosophy and heavily emphasises academic research and peer-reviewed development.
Even its native cryptocurrency, ADA, takes its name from Ada Lovelace, a 19th-century mathematician and the world’s first computer programmer. ADA holders have the right to vote on any proposed changes to the network, giving them a say in its governance.
Cardano distinguishes itself through its proof-of-stake protocol, which uses a decentralised consensus algorithm and ensures that the network is not controlled by a single entity. Additionally, the network boasts impressive use cases, including (decentralized finance) DeFi protocols, wallets, NFT dApps, and more.
The team behind Cardano follows a systematic and transparent approach to its development, heavily relying on peer review and high-assurance coding practices. In 2020, the network underwent a Shelley upgrade, which the project’s founders presented as a step towards making Cardano “50 to 100 times more decentralised” than other large blockchains.
Price: $0.4831
Market cap: $17 billion (#8)
Circulating supply: 35,405,417,357
Max supply: 45,000,000,000
ADA’s Price Action:
3. VeChain (VET)
VeChain is an established blockchain platform that focuses on improving supply chain management and corporate operations. It utilises blockchain technology to streamline complex supply networks and enhance transparency, efficiency, and collaboration.
One of the main strengths of VeChain is its focus on real-world use cases. The platform has already succeeded in industries such as supply chain, carbon tracking, international logistics, and more. Moreover, VeChain aims to expand its reach to other global industries, including healthcare, energy, and sustainability.
Currently, the main focus for VeChain is its integration with the Internet of Things (IoT) and the creation of an ecosystem that solves major data hurdles in various industries.
VeChain also has a unique token system consisting of VET and VTHO. VET is used for transactions and other activities, while VTHO is generated based on VET holdings and serves as a “gas token.” This incentivises VET holders to generate passive income by destroying 70% of the VTHO used in payments.
Price: $0.02624
Market cap: $1.9 billion (#43)
Circulating supply: 72,714,516,834
Max supply: –
VET’s Price Action:
4. Dogecoin (DOGE)
DogeCoin was founded in 2013 as a joke cryptocurrency based on the popular “doge” meme. However, it has gained significant traction in the crypto world and even caught the attention of major entrepreneurs, such as Elon Musk.
Despite starting as a meme, Dogecoin has seen remarkable growth and adoption. In 2021, Tesla started accepting Dogecoin as a form of payment, solidifying its legitimacy in the market. While the company later stopped accepting Bitcoin, it continues to accept Dogecoin.
One of the main differentiators of Dogecoin is its strong and supportive community. It has created an online tipping system where DOGE holders “tip” each other with this meme coin as a form of appreciation for their contributions or content.
While it may not have the advanced features of other cryptocurrencies, Dogecoin’s growing adoption and dedicated community make it a formidable player in the market. Thus, it is certainly an appealing cheap meme coin project to buy in 2024.
Price: $0.08026
Market cap: $11.4 billion (#9)
Circulating supply: 142,767,426,384
Max supply: –
Dogecoin’s Price Action:
5. TRON (TRX)
Tron is a blockchain-based platform that focuses on decentralising the media and entertainment industries. The project’s vision is to reduce commission fees for creators and make content more accessible and affordable for consumers. This disruption in the entertainment sector has attracted many prominent developers from major companies like Ripple Labs.
One of Tron’s main strengths is its support for smart contracts through the TRON Virtual Machine (TVM). This allows developers to build decentralised applications (dApps) on the network, ensuring secure and reliable smart contract execution.
In addition to its focus on decentralisation, Tron also boasts a significant presence in the crypto sector, with the largest circulating supply of USDT stablecoins on the chain.
The token TRX also plays a vital role in the Tron ecosystem, serving as a utility token for transactions and fees on the network.
Price: $0.1095
Market cap: $9.6 billion (#11)
Circulating supply: 88,185,298,453
Max supply: –
TRON’s Price Action:
6. Polygon (MATIC/POL)
Polygon, formerly known as Matic Network, is a leading Layer 2 blockchain scaling solution for Ethereum. It aims to provide an easy-to-use platform for building dApps and solving the scalability issues faced by Ethereum.
One of Polygon’s main features is its modular and flexible framework called the Polygon SDK. It allows developers to build various types of applications without worrying about scalability. Polygon also uses a sidechain architecture, offloading transactions from the main Ethereum blockchain, reducing network congestion and increasing transaction speeds.
The network boasts 65,000 transactions per second on a single side chain and a block confirmation time of fewer than two seconds, which makes it a highly efficient platform for processing transactions and building dApps.
Polygon has recently announced its plans for the upcoming Polygon 2.0 upgrade. The upgrade will bring significant changes to the network, including improved scalability and interoperability, by supporting multiple base chains beyond just Ethereum.
Currently, it is still going through the process of updating, with one of the notable changes being the upgrade from MATIC to POL as a native token of the network.
Price: $0.7525
Market cap: $7.2 billion (#15)
Circulating supply: 9,620,299,505
Max supply: 10,000,000,000
Polygon’s Price Action:
7. Sei (SEI)
Sei is a promising Layer 1 blockchain that specialises in the exchange of digital assets. The network was launched on Aug 16, 2023, and has quickly gained attention due to its speed and efficiency.
The project aims to solve the scalability issues faced by existing L1 and L2 infrastructures, providing a solution for what is known as the “Trading Trilemma.” This trilemma refers to the challenges faced by trading applications in achieving decentralisation, scalability, and capital efficiency simultaneously.
Due to its novel consensus and capabilities, Sei boasts impressive speed, making it the fastest blockchain in the industry. Its native matching engine and front-running protection make it a viable solution for decentralised exchanges, allowing them to rival centralised counterparts in terms of efficiency and security.
Sei’s focus on mitigating miner-extractable value (MEV) is crucial for trading applications, as it eliminates the risk of malicious frontrunning. Combined with native price oracles and the Centralized Limit Order Book, it makes Sei a highly competitive solution for DEXs (decentralized cryptocurrency exchange) and one of the best cheap crypto to buy now.
Price: $0.6098
Market cap: $1.4 billion (#46)
Circulating supply: 2,425,000,000
Max supply: –
Sei’s Price Action:
8. PancakeSwap (CAKE)
PancakeSwap is one of the most popular DEXes, which offers a variety of products, including an exchange to swap tokens, yield farming, staking pools, and more.
Originally built on the BNB Chain, PancakeSwap today offers a multi-chain experience with support for Ethereum, Arbitrum, Polygon, zkSuncEra, Linea, and more. Recently, PancakeSwap introduced new features, such as the v3 position manager and a prediction market, to enhance user experience and stay ahead of the curve in the rapidly evolving DeFi space.
In April 2023, PancakeSwap underwent a major update and transitioned to a deflationary token model called “Ultrasound CAKE.” This new structure is designed to create a balance between real yield (without impacting the supply) and reduced token emissions. As a result, over 102% of minted CAKE is burned weekly, leading to a decrease in circulating supply and potentially making the token more valuable in the long run.
Moreover, in December 2023, the crypto community voted to reduce the maximum supply of CAKE from 750 million to 450 million tokens, with over 99.95% of CAKE holders voting in favour of the proposal. The reduction is expected to potentially drive up the token’s value in the long term.
Price: $2.53
Market cap: $620 million (#88)
Circulating supply: 246,624,712
Max supply: 450,000,000
CAKE’s Price Action:
9. Stellar (XLM)
Stellar is a well-established blockchain platform that has been in operation since 2015. It is designed to connect the world’s financial systems and provide a protocol for payment providers and financial institutions.
The network’s native currency called the lumen (XLM), serves as a bridge asset for cross-border transactions, making it easier and more efficient to move money across borders.
The most appealing feature of Stellar is its low transaction fees. With a fee of only 0.00001 XLM per transaction, users can send and receive money at a fraction of the cost compared to traditional payment methods like PayPal. This is especially beneficial for individuals in developing countries who may not have access to traditional banking systems.
In addition, Stellar also operates as a decentralised exchange and marketplace, allowing users to manage buy/sell orders and trade multiple types of crypto assets, which is made possible through the platform’s built-in order book, which tracks ownership of Stellar assets and ensures secure and transparent transactions.
Price: $0.113
Market cap: $3.2 billion (#25)
Circulating supply: 28,377,965,489
Max supply: 50,001,806,812
XLM’s Price Action:
10. Shiba Inu (SHIB)
Shiba Inu is a meme crypto token that gained popularity in 2020. It is inspired by the Japanese dog breed of the same name. Created as an alternative to Dogecoin on the Ethereum blockchain, Shiba Inu quickly became a favourite among crypto investors due to its cute charm and support from high-profile personalities.
Shiba Inu has expanded beyond just a digital currency and has ventured into the world of NFTs and charitable causes. The community supports dog-inspired artists and donates to the Shiba Inu Rescue Association through campaigns like Amazon Smile.
One of the defining moments for Shiba Inu was when its creator, Ryoshi, gifted 50% of the SHIB supply to Vitalik Buterin, the co-founder of Ethereum. However, instead of keeping the tokens for himself, Buterin famously burned 90% of his share and donated the remaining 10% to charity. Today, this cryptocurrency is the appealing low priced token on the market.
Price: $0.000008945
Market cap: $5.2 billion (#17)
Circulating supply: 589,290,313,522,009
Max supply: –
SHIB’s Price Action:
11. Hedera (HBAR)
Hedera is an enterprise-grade public network designed to support the decentralised economy. It provides a platform for individuals and businesses to build powerful dApps with high-speed transactions, low fees, and scalable solutions.
Unlike traditional blockchain-based platforms, Hedera is built on a novel distributed ledger technology called Hashgraph. This technology improves upon existing blockchain limitations by offering faster performance and increased stability.
One of the key advantages of Hedera is its speed. Transactions on the network are typically finalised within five seconds, with an average transaction fee of just $0.0001 USD. This is a major improvement over PoW-based blockchains that can take minutes or even hours to process transactions.
In addition to speed, Hedera also boasts high scalability. The network is capable of handling over 10,000 TPS, making it one of the fastest and most scalable platforms in the market. Such speed enables businesses to process high volumes of transactions efficiently without experiencing delays or bottlenecks.
Today, Hedera is backed by leading global companies such as Google, IBM, and Boeing. This fact not only adds credibility to the project but also brings in a wealth of experience and resources to support its growth and development.
Price: $0.07097
Market cap: $2.3 billion (#36)
Circulating supply: 33,661,753,100
Max supply: 50,000,000,000
HBAR’s Price Action:
12. Algorand (ALGO)
Algorand is a decentralised blockchain network that is designed to support a wide range of applications. Algorand’s mainnet went live in June 2019 and has since been able to handle almost 1 million daily transactions as of December 2020.
One of the main features of the Algorand network is its ability to support computations that require reliable performance guarantees. This makes it well-suited for real-world applications that require security, scalability, and efficiency.
Algorand’s ICO was held in June 2019, with the Algorand token (ALGO) priced at $2.4 per token. As of the time of writing, ALGO is listed on various major exchanges and has a strong market capitalisation, which makes it a great cheapest crypto to buy for a long term.
Price: $0.1613
Market cap: $1,3 billion (#54)
Circulating supply: 8,043,207,473
Max supply: 10,000,000,000
ALGO’s Price Action:
Disclaimer: The information in this article is not intended as investment advice. Please do your own research before investing in any cryptocurrency and always remember that the market is highly volatile.
FAQs
Which crypto is the cheapest to buy?
One of the cheapest cryptocurrencies to buy is Ripple (XRP), which currently costs less than $2. Other affordable options include Cardano (ADA) and Tron (TRX), Algorand (ALGO) and VeChain (VET), with prices under $1.
Which coin is best to invest in?
Bitcoin (BTC) and Ethereum (ETH) are currently the top two coins by market capitalisation and are considered the safest investment options. However, there are also other promising projects such as Cardano (ADA), Solana (SOL), Polkadot (DOT) and others that are worth considering.
Will the crypto market rise again?
Many experts believe the market will rise again in 2024, especially after the Bitcoin halving, scheduled for April 2024.
