The market is still experiencing a downturn in total valuation with the total market cap at $2.61 trillion, which is a 1.65% decrease in the last 24 hours.
However, the current dip in the market presents a viable opportunity for investors to enter the market with penny crypto coins for big profits when the market recovers. With the information presented, we will look at the five best cryptocurrencies below $5 that can rake in large profits for investors who decide to take the bold step of buying the dip.
1. Cardano (ADA)
Cardano is a network protocol, functioning on the proof-of-stake (PoS) algorithm that seeks to provide security and sustainability to decentralized applications (DApps).
Over the past few months, Cardano has been on a downward spiral since September 12, however, the coin has accrued an 863% increase this year. The coin is on a bearish run as it trades below the 20-day moving average (MA) support price of $1.76.
Cardano’s recent announcement of smart contracts on the Cardano blockchain following the Alonzo Hard Fork Upgrade is a launchpad for value growth following this bearish move.
Cardano bills itself as a third-generation blockchain protocol and intends to out-do the older blockchain protocols with the upcoming Hydra upgrade. The Hydra upgrade is a layer-2 solution that is aimed at improving the general performance of the network. This will be made possible by delegating 1,000 transactions to a single Hydra node of which there are 1,000 such nodes. With a successful upgrade to the network, Cardano would be looking at processing up to 1
million transactions per second (TPS).
With such upgrades underway, buying and holding Cardano, which is a penny crypto coin at a current price of $1.68 will be a low-risk high-profit investment in the coming months.
2. Ripple (XRP)
Ripple is one of the top crypto assets to buy under $5 in order to gain high profits on low investments. The token is the native currency of Ripple Labs which is geared at licensing a new era of high performing payment solutions for businesses.
The coin is currently on a bearish move, trading below the 20-day moving average (MA) support price of $1.05 at $0.96. The downturn in Ripple price signals an opportune moment to buy the coin as a rally to new highs is underway.
One of the fundamental factors that could contribute to XRP’s hike in price is the launch of a product called the Liquidity Hub on the Ripple network. This product will allow financial firms to offer their customers access to cryptocurrencies. The product will give clients access to crypto assets from a variety of sources which will include exchanges and over-the-counter trading desks.
With this new development, it is expected that the price of Ripple will increase in the coming weeks. The current dip in the market will serve as an entry point for potential investors to buy XRP.
3. Polygon (MATIC)
Polygon ranks as one of the penny crypto coins for big profits that could be an avenue for low-risk investors to make huge profits from. The MATIC coin is currently on a clear bullish run as the asset is trading above the 20-day moving average (MA) support price of $1.7. The coin has made a 39.72% increase in the last six months and is gearing for a rally towards new support and resistance prices.
Polygon is a multi-chain solution that seeks to lift the transaction burden off the shoulders of the Ethereum network.
Polygon is a viable investment option and is sure to make huge strides in the crypto market in the coming months. The imminent bull run of the Polygon native token, MATIC, is due to the launch of IDEX’s v3 Hybrid Liquidity DEX on the Polygon Network. The protocol aims to ensure the increased return realised by liquidity providers while simultaneously providing necessary tools for investing.
The scheduled launch of the Openbisea NFT platform on the PolyDefi platform is also a fundamental factor affecting the bullish run of MATIC in the crypto market.
These factors are currently playing in the favour of Polygon and investors looking for a good opportunity to earn high returns can bet on Polygon in this regard.
4. Algorand (ALGO)
Algorand is listed as one of the most valuable low-cost investments to grace the market. The coin is currently trading slightly above the 20-day MA support price of $1.805 and has seen a 93.27% increase in the last six months. This bullish run is confirmed by the 200-day MA support price of $1.33 as the coin trades at $1.88 today.
Algorand is a permissionless PoS blockchain protocol that is designed to improve transaction speed efficiency.
Algorand is set to increase in price as news of the $2.8 million funds for the building of a decentralized lending market by AlgoFi hits the market. Through AlgoFi, users can lend, cryptocurrency, earn interest on deposits, and borrow to fund complex trades. The long term goal is for AlgoFi to become a bridge between centralized and decentralized finance as the first crypto-native bank.
The news is set to invite more stakes on the ALGO currency which will increase the demand for the asset, thereby prepping the price to soar higher. Investors looking for a guaranteed high-yielding crypto investment might want to consider buying and holding ALGO.
5. Decentraland (MANA)
Decentraland’s MANA has opened up an opportunity for investors to get a share of the impending bull run as the coin is down by 4.53% in the last 24 hours. However, looking at other technical indicators the digital asset is maintaining a strong bullish disposition. Investors who want to make the most out of the opportunities made available by penny coins can buy and hold MANA in order to reap huge profits in the coming weeks.
Decentraland is a 3D virtual reality platform, focused on being an artistic medium for content creators and businesses and is already incorporated into the Metaverse as one of the native tokens.
The value of MANA is expected to go up in the coming weeks as the adoption of the virtual reality platform Meta is becoming more widespread. With MANA, investors hold the authority to propose and vote on policy updates and give permissions on the kind of content which will be allowed in the Metaverse.
The potential of MANA soaring past previous resistance and support prices is guaranteed as a number of protocols are launching on the virtual reality platform. One of these platforms is the lifestyle platform, Boson Protocol which aims to merge blockchain technology and commerce.
If you are an investor, looking for high-value assets to invest in at low rates, you might want to consider Decentraland’s MANA.