5Cryptocurrencies Under $1 With a Potential to Rise 5,000%
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HomeCrypto NewsMarket5 Cryptocurrencies Under $1 With a Potential to Rise 5,000%
5 Cryptocurrencies Under $1 With a Potential to Rise 5,000%
DATE:
FEBRUARY 3, 2024
WRITTEN BY:
SAM WISDOM RAPHAEL
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While the cryptocurrency market is full of promise, some altcoins below the $1 mark, including VeChain, Flare, Algorand, XDC Network and Stellar, have stood out from the rest.
The global cryptocurrency market cap currently stands at $1.65 trillion, per CMC data. While Bitcoin (BTC) accounts for 51% of this valuation, with a market cap of $844.6 billion, contributions from other crypto assets cannot be overlooked, especially those under $1.
Some of these cryptocurrencies are grossly undervalued, according to market analysts, with emerging projections setting them up for substantial gains. We have compiled a list of five of these under $1 assets that could perform admirably well in the coming bull run.
VeChain (VET)
VeChain (VET) is the first crypto asset on our list. Being the native token of the enterprise blockchain of the same name, VeChain’s potential cannot be overemphasized, as the team behind the protocol continue to expand its reach in the supply chain industry.
VeChain showed its potential for growth during the previous market uptrend that began last September. VET appreciated to a high of $0.03877 in December 2023, representing a 146% surge in three months. For context, BTC only surged 72% within the same timeframe.
Despite its impressive performance in the fourth quarter of the previous year, VET has not been immune to the ongoing market-wide turbulence. Currently changing hands at $0.0289, VeChain is down 22% from the December 2023 high.
Nonetheless, optimism remains high, especially with the blockchain’s recent milestones. VeChain recently disclosed a 200 million transaction milestone with Walmart. Analysts have also identified bullish indicators for VET as the broader market prepares to enter the bull phase.
Flare (FLR)
Flare (FLR) is one of the very few mainstream crypto assets currently bucking the overall trend in the market.
Notably, most assets are either down since the start of the year or witnessing very mild gains. BTC is only up 1.7% year-to-date, while Ethereum (ETH) has gained by a meager 1.13%.
In comparison, Flare has surged by a massive 49% year-to-date. This puts Flare among the top-gaining mainstream assets this year. Interestingly, the token is also up 151% since last November, as it currently changes hands at $0.02624.
The Flare network has also been recording some bullish achievements this year, with Google officially being a flare network infrastructure provider last month. The FLR token is relatively new.
As a result, it is yet to record its period of meteoric gains. Investors are confident this coming bull run could set the stage for this move.
Algorand (ALGO)
Algorand (ALGO) was one of the biggest victims of the correction of the previous month. The token had rallied by an impressive 171% from September to December 2023, hitting a nine-month high of $0.2532. Nonetheless, the correction of January 2024 triggered major losses.
Algorand eventually ended January with a massive 28% collapse, making it one of the biggest losers of the month.
However, amid the correction, ALGO retested the crucial resistance point at $0.1486, leveraging this territory as a springboard for substantial gains in the next market uptrend.
This floor represents its lowest value since December 2022. Algorand is already 2.8% up this month, currently trading for $0.1633.
Last November, prominent market analyst EGRAG highlighted a bullish W structure formed by ALGO, predicting an eventual surge to $7.5.
XDC Network (XDC)
The XDC Network (XDC) token appears to be charting its own unique course. While this pattern means the asset has missed out on market-wide uptrends, it has also enabled it to record substantial gains when the market is generally down.
XDC witnessed a massive 85% surge in July 2023 when BTC dropped 4% and ETH collapsed 4.02%. Even XRP, which gained legal clarity as a non-security that month, only gained 47% despite a rise to $0.93. XDC was one of the best-performing assets then.
However, the token failed to capitalize on the latest market-wide uptrend. XDC is also down 25.85% this year, changing hands at $0.04324.
Despite this bearish turn of events, XDC is positioned as one of the potential top gainers this year. The asset surged 3,797% in 2021 amid the market rally.
Stellar (XLM)
Stellar (XLM) is one of the assets that failed to fully leverage the previous market uptrend of late 2023. Nonetheless, this has not impacted its potential. The token, which closely mirrors XRP’s price movements, has recorded a similarly depressing performance in the past.
Notably, during the 2017 bull market, XLM performed poorly at the pre-bull run phase. While BTC rallied 89% from $572 in October 2016 to a high of $1,152 in January 2017, Stellar dropped by 0.46% within the same timeframe, similar to the ongoing pattern.
However, at its peak in the 2017 bull run, XLM had rallied 32,943% from its October 2016 price, reaching the all-time high of $0.9381.
Meanwhile, Bitcoin only rallied 1,775% from its October 2016 value at its 2017 peak. XLM’s uptrend began later into the bull market, and analysts believe this could be the trend in this cycle.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
