What's the next cryptocurrency to hit $1 in 2024? Trading volumes in the cryptocurrency market are healthy, and smart traders are searching for the best penny cryptocurrencies to buy right now.
Next cryptocurrency to hit $1 in 2024
Of course, finding the next cryptocurrency that will hit $1 in 2024 is not an exact science. Finding the best and cheapest cryptocurrency to buy in 2024 comes into play with several factors.
When considering the best cryptocurrencies under $1, you can look at the market cap, the price, and the problem the project is actually trying to solve.
In this article, we have outlined several cryptocurrencies that are at different stages. We have outlined the top 6 cryptocurrencies that will reach $1 in 2024, and divided the first two sections into high cap coins and low cap coins.
The lowest cost cryptocurrency to buy right now
No one knows which cryptocurrency to buy next, but here is a list of projects that are generally considered reputable and have shown promising price history with sub-$1 tokens. Let's start with the higher cap coins.
Graff (GRT)
The Graph (GRT) is a project focused on making it easier to sift through Web3 information online. Firstly, The Graph indexes all of the information on the Ethereum network.
This means that, in theory, a user could open a Web3 browser and search for information on Ethereum, just as the Google search engine allows users to search for information on Web2.
For example, say your decentralized app (dApp) needs to display historical and real-time Ethereum price information or read information from smart contracts on the network — tasks that could become easier, cheaper, and faster if The Graph is successful.
The Graph token is called GRT. It is currently trading at $0.31 with a 24-hour trading volume of around $70,000 and a market cap of over $3 billion, up 28% month-on-month and 166% year-on-year as interest in the project continues to grow.
Hedera Hashgraph (HBAR)
Hedera Hashgraph (HBAR) is a proof-of-stake distributed ledger that is similar to Ethereum in many ways. However, Hedera's documentation states that it aims to be faster, more compliant, and more scalable than Ethereum. While faster transactions are easy to achieve for projects that don't handle as many transactions as Ethereum, scalability is the real attraction.
Scalability is a big challenge for Web3, and refers to the effort to make blockchain networks available to more people without slowing them down. Hedera is a strong contender to Ethereum, but of course it has the disadvantage of not having as many apps built on it as Ethereum. Still, it is attracting attention from both retail and institutional investors.
HBAR is currently priced at $0.11 and has risen by over 100% so far this year. The coin has a market cap of $3.8 billion.
Stellar (XLM)
Stellar (XLM) is focused on cheap international cryptocurrency transfers. In some ways, the project's goals are similar to Ripple's, but while XMR is primarily aimed at banks and institutions, Stellar's XLM is primarily aimed at ordinary people and businesses for peer-to-peer transfers.
The project is popular and considered to be reputable, especially for having partnered with business giant IBM to process cross-border payments at an industrial level.
XLM is currently trading at $0.10 and the price has remained relatively stable for a cryptocurrency, ranging from $0.07 to $0.16 over the past 12 months. This could be seen as a positive trait by some traders as price consistency and low volatility could be seen as healthy price consolidation. XLM's Relative Strength Index (RSI) is currently at 44, which indicates that XLM is neither oversold nor overbought at the moment.
Cheap cryptocurrencies to expect in 2024
Let’s take a look at some of the best altcoins under $1. These projects have even smaller market caps and could be promising buys in 2024.
It is important to remember that as a project's market cap gets smaller, the chances of price volatility and potential losses may increase. The following list shows that potential best penny cryptocurrencies you can buy today carry higher risks. You should always do your own research and practice proper risk management before considering investing.
Basic Attention Token (BAT)
Basic Attention Token (BAT) is the cryptocurrency associated with the Brave browser. The project aims to enable users to earn money for their online data and for watching and interacting with online ads. Users can also block those ads in return. Brave is one of many projects helping to change the way we think about online data as an asset, shifting ownership of that data to users rather than advertising companies.
BAT is the token Brave uses to pay rewards. BAT is currently trading at $0.23 and has a market cap of approximately $368 million.
Harmony (ONE)
Harmony (ONE) is a project that aims to make blockchain transactions fast and secure, helping apps on Web3 protocols run smoothly. Harmony achieves consensus through Effective Proof-of-Stake (EPoS), a unique answer to PoS staking adopted by other major protocols.
The project also has a strong focus on interoperability, meaning it can connect with other blockchain networks. Compatibility with other projects speaks to the project's potential longevity and future plans, which is a big plus for investors.
The ONE token is used as fuel for the network. ONE is currently trading at just $0.02 per token and has a market cap of $271 million, making it the cheapest cryptocurrency featured in this article. Its price has increased by 43% over the past year.
Next Cryptocurrency to Hit $1 – Flux (FLUX)
Flux (FLUX) provides a distributed cloud infrastructure that is especially useful for those involved in creating Web3 programs.
Web3 developers can harness the computing power of large computer networks to test and run their programs without having to personally purchase computers at high cost. Flux is not the only project working on this kind of technology. In fact, their service is conceptually similar to the Amazon Web Services (AWS) solution for Web2. The FLUX token provides discounted services to people who use the platform.
FLUX is currently trading at $0.94, making it a strong contender to be the next cryptocurrency to reach $1 in 2024. With a market cap of $329 million at the time of writing, FLUX price has risen 96% in the past 12 months. In our view, this is a very cheap cryptocurrency with great potential, which is why it sits at the top of this article.
Choosing the best low-cost cryptocurrency to invest in
It's natural to be tempted to jump on a low-priced cryptocurrency that is on an upward trend. However, caution is always advised in the cryptocurrency world. If you want the cheapest cryptocurrency with the biggest potential, you can quickly check indicators such as the RSI and MACD to get more information on the performance of your chosen coin. You can also check for relevant news such as partnerships and project updates.
The old adage “never invest more than you can afford to lose” is oft-repeated in the cryptocurrency industry, and for good reason. That said, we hope this list of cheap, promising cryptocurrencies has helped you in your search for the next cryptocurrency to explode in 2024.
