The cryptocurrency market is down by 5% today after a brief resurgence. Its total cap stands at $1.27 trillion, representing a 7% drop in the past week and a 25% fall in the past month. Most major coins have matched this disappointing performance, with some doing worse than others. Of course, falls mean that some fundamentally promising coins are now at a discount. This article highlights them in a list of the 5 best cheap cryptocurrency to buy right now.
5 Best Cheap Cryptocurrency to Buy
1. Lucky Block (LBLOCK)
LBLOCK is down by 16% in the past 24 hours, at $0.00133280. It’s also down by 45% in the past week, but up by 4% in the last 30 days.
LBLOCK has fallen after enjoying a rise last week. This surge followed from Lucky Block’s first ever prize draw, which the platform held on May 31. It also held its first every NFT prize draw on the same date, with two lucky participants winning $1 million in LBLOCK, which will be paid in daily instalments.
Yesterday we had an amazing day! 🤩
First Jackpot and NFT draws, 2 lucky people won $1,000,000 each! 🤑
Here’s proof of first daily payments: https://t.co/In9doweJcihttps://t.co/eOWmwsGXXQ pic.twitter.com/3BMLLbXDdK
— Lucky Block (@luckyblockcoin) June 1, 2022
Based on Binance Smart Chain, Lucky Block began holding its daily prize draws from yesterday. It will hold its next daily draw today at 8pm (British Summer Time), with a guaranteed minimum jackpot of $10,000.
What will be the daily draw jackpot amount? 🤔
We guarantee minimum $10,000 jackpot for now 💸
That means we will top up to $10k if ticket sales and taxes between draws do not reach this amount ✅
If they exceed $10k the jackpot will be larger! ✅ pic.twitter.com/R0m8Q4d7ta
— Lucky Block (@luckyblockcoin) June 2, 2022
The beginning of daily draws will enable Lucky Block to gain significant traction in the coming weeks. While overall negative market sentiment has played a part in dragging LBLOCK down, it’s likely that the return of more favourable conditions will help it recover strongly. Particularly when Lucky Block’s development is proceeding as planned. This is why it’s one of our 5 best cheap cryptocurrency to buy.
2. Cardano (ADA)
At $0.590641, ADA is down by 7% in the past 24 hours. However, it’s up by 3.5% in the past week, and by 15% in the past fortnight. It’s also down by 22% in the last 30 days.
ADA had been one of the best-performing major coins last week. The recent climbdown, however, has dampened its momentum. Its relative strength index (in purple) has dropped to 50, making its future movement uncertain.
That said, ADA is one of the most promising altcoins in the top 100, and is currently undervalued. Indeed, native platform Cardano has recently seen an increase in transaction volumes and usage. It recorded a transaction volume of nearly $10 billion a week or so ago, while it has now issued just over five million NFTs.
Cardano uses Ghost Transaction: it is super effective! https://t.co/bp5ArVdkvn
— Charles Hoskinson (@IOHK_Charles) May 29, 2022
At the same time, faith in some of Cardano’s rivals has declined in recent weeks, with Solana in particular suffering from a number of outages. Correspondingly, some investors are looking for alternatives, with Cardano being one of their current favourites.
This was a question I posed to some of our team members during our team offsite.
— Messari (@MessariCrypto) May 27, 2022
3. Waves (WAVES)
WAVES is down by 6% in the past 24 hours, dropping to $8.07. That said, it’s up by 6% in the past week and by 41% in the past fortnight. On the other hand, it’s down by 40% in the past month.
WAVES’ indicators suggest it’s nearing a bottom. Its RSI has just fallen under 40, suggesting that the market is overselling it. That said, its 30-day moving average (in red) has only just dropped below its 200-day average (in blue), so it may need some more time before turning a corner.
Regardless, WAVES has been one of the best-performing altcoins during the current bear market. Its native platform, Waves, provides open‑source technologies to help developers build scalable and decentralised Web3 apps. It’s undergoing a series of important developments this year, providing one of the main reasons why WAVES had been rallying in late March.. Its biggest upcoming change is that it’s transitioning to Waves 2.0, which will introduce significant scalability enhancements. Waves DAO is also on the horizon, a decentralised autonomous organisation that will open its governance up to its community.
🤝 Waves DAO will upgrade the old futarchy concept and launch a new generic governance model, with applications going far beyond blockchain technology.
🎮 Level 0 Inter-Metaverse Protocol on Waves will help connect different games and metaverses
— Waves 🌊 (1 ➝ 2) (@wavesprotocol) February 10, 2022
Most recently, WAVES has suffered from the aggressive selling of the USDN stablecoin. However, it outlined a recovery plan that will see the value of USDN stabilise. This plan includes a measure to liquidate large positions in the stablecoin, thereby reducing the power of whales to influence or manipulate its markets.
2️⃣ Liquidate large accounts, taking control over their collateral.
It is unfair that most users have to suffer due to a few large whales abusing the system. Sasha will liquidate the whale positions and slowly restore liquidity. https://t.co/mMKonJ57r9
— Waves 🌊 (1 ➝ 2) (@wavesprotocol) May 27, 2022
More generally, Waves is another proof-of-stake layer-one chain that is seeing growing use in various areas. Its total value locked currently stands at $1.04 billion, up from $700 million in February.
4. Gala (GALA)
GALA is one of the few top-100 coins to have risen in the past 24 hours. At $0.081718, it’s up by 3% today, but down by 3% in the past week. It’s also down by 40% in the past month.
A blockchain-based platform for developing video games, Gala appears to be rallying today largely because of the Galaverse. This is the platform’s official convention, which has already showcased a number of exciting new projects.
Most notably, it also served as the venue for Gala’s announcement of a partnership with Epic Games. This deal will see Gala’s titles sold on Epic’s platform, providing Gala with a significant increase in exposure.
— Gala Games (@GoGalaGames) June 6, 2022
This deal has served to remind the market of the promise Gala shows as a gaming platform. It has signed a number of other partnerships in recent months, as well as launched a range of new games. This includes the launch of Spider Tanks, a player-versus-player battle royale game that offers earnings in crypto.
Spider Tanks is ready for Early Release!
— Spider Tanks (@spider_tanks) April 25, 2022
Given its steady growth during a downturn, Gala is likely to go from strength to strength when the overall market picks up. This is why GALA is one of our 5 best cheap cryptocurrency to buy now.
5. Ripple (XRP)
XRP is down by 3.5% today, at $0.392634. This represents a 6% drop in the past week and a 32% fall in the past month.
XRP’s RSI shows that it has been very subdued for a long time now. And at only $0.39, it’s arguably very undervalued. This is not only because of wider market negativity, but because of Ripple’s ongoing case with the SEC.
However, there’s a very good chance that Ripple will secure a favourable outcome to this case. Presiding judges have issued a number of positive decisions in the past few months. This includes a ruling upholding Ripple’s right to use a fair notice defense, through which it will claim that the SEC did not provide it with sufficient warning that XRP could be considered a security.
BOOM! (And I don’t use that term lightly)
The SEC’s Motion to Strike the Fair Notice Defense is DENIED.
This is the one I’ve been waiting for.
NOW the SEC has something to lose. https://t.co/LcRpWysixn
— Jeremy Hogan (@attorneyjeremy1) March 11, 2022
Looking at XRP more generally, it’s impressive to note that it continued to witness a fair degree of adoption, even during its recent legal tussle. For instance, partnered with fintech firm Modulr in February on a project to enable cross-border payments into and out of the UK and Europe.
Ripple Partners With Fintech Giant Modulr To Bring Seamless Payments To The UK And Europehttps://t.co/Laje3nb0Ml
— XRPcryptowolf (@XRPcryptowolf) February 2, 2022
Last month, it also partnered with Lithuania-based electronic money transmitter FINCI. This partnership will see FINCI use Ripple’s XRP-based network to offer low-cost international remittances to its customers.
It’s very likely that more of these partnerships will follow if Ripple wins its case, with a ruling due at some point at the end of 2022. If it does, expect XRP to skyrocket, which is why it’s one of our 5 best cheap cryptocurrency to buy right now.
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