The hashtag #CryptoCrash has been trending on Twitter for a few weeks now. Investors have lost boatloads of money and many people have started to pull their money from crypto altogether. Although the cryptocurrency market has seen better days, there are still some undervalued cryptocurrencies that you should keep an eye on. Here are three I’d recommend setting alerts for.
XRP is the first crypto on my list of undervalued coins. For those not familiar with it, XRP was created to work best within the financial services space. Here are a few ways it is being used:
- Financial institutions use it to make more affordable cross-border transactions
- Individuals use it to move different currencies around the world, more accessible than traditional banking
- Developers use XRP to create applications without making an impact on the environment
As you can see, XRP already has plenty of real-world uses, making it a coin to keep your eye on. At the time of writing this, the price of XRP is sitting around $0.40 and it has seen a high of about $1.40. The market will likely recover and those holding XRP will stand to earn quite a bit.
Next up on the list is Ravencoin. If you’ve followed the blog for a while, you know I’ve been talking about Ravencoin for a while. I even mined it on my PC for a while until it became more of a hassle than it was worth. That being said, it is still a decent token to consider if you are investing in crypto. Ravencoin represents real-world assets like:
- Stock shares
- Virtual goods
It is another Bitcoin-based cryptocurrency, meaning the structure of Ravencoin is similar to BTC. However, Ravencoin hasn’t done so well in the market. If you invest while it is hovering around $0.02, there is potential to earn, but no guarantee. It will still be a coin to keep your eye on, given its structure and low cost.
Last, but certainly not least, is Cardano. This is one of the few small cryptos that is seemingly recovering from the recent crash. Over the last month, its value has actually improved, unlike many other coins. For that reason, it will definitely be a crypto to watch. As with the other coins on this list, Cardano is environmentally friendly. In fact, Cardano’s creators set out to become the most environmentally sustainable coin in existence. The coin’s main applications are:
- Identity management
Bitcoin uses a proof-of-work system that is energy-intensive. Cardano, on the other hand, uses a unique proof-of-stake that uses far less energy called Ouroboros. Given the need to minimize energy consumption as much as possible, Cardano has a potentially bright future ahead. Right now, Cardano is sitting at $0.57 and nearly hit the $3 mark at one point. So, the potential for growth is there.
These are three undervalued cryptocurrencies that you should keep an eye on, but there are still plenty of viable small coins out there. What cryptos are you investing in right now? Let us know in the comments!
- The Tragic Crash of Terra Luna
- SEC Fines Nvidia $5.5 Million For Misleading Investors About GPU Sales to Cryptocurrency Miners
- How Governments Are Killing Crypto
Drew Blankenship is a cryptocurrency investor, family man, father and lifelong automotive enthusiast. He lives in North Carolina with his wife, daughter and their dog Enzo.