Top 5 cryptocurrencies under $1 to watch in February 2023
With the first month of 2023 already nearing its end, the majority of chatter in the cryptocurrency space revolves around its most well-known representatives – Bitcoin (BTC) and Ethereum (ETH). However, there are plenty of assets that are equally deserving of the investors' attention and which are obtainable for under a dollar.
With this in mind, Finbold has analyzed the cryptocurrencies that can still be purchased for $1 or less, to arrive at the list of five that have the best qualities and potential to succeed in this category (in no particular order), making them worthy of keeping an eye out in February.
Boasting the status of the crypto protocol with the highest development activity in 2022, the Cardano (ADA) team has many more updates up its sleeve, including its Djed stablecoin that is set to launch in the final week of January, as well as the new functions for its Plutus smart contracts targeted for February.
On top of that, Cardano has recently launched the first-ever smart contract written in a Pythonic programming language and was chosen as the platform to feature eTukTuk, the world's first electric vehicle (EV) project built on a blockchain, all of which make it an attractive investment option.
At press time, Cardano was changing hands at $0.36, down 4.21% on the day but still recording gains of 3.88% across the week, and 38.64% over the previous 30 days.
Being at the center of a long-drawn-out lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), XRP (XRP) is bound to react strongly to the final judgment due to its close connection with the blockchain company. Presently, the odds are in Ripple's favor.
XRP also features a massive market capitalization, currently standing above $20 billion after it receive an influx of more than $1 billion within 24 hours, positioning it as the sixth-largest digital asset by this indicator, as Finbold reported on January 23.
Currently, XRP is trading at the price of $0.41, which represents a decline of 3.42% over the last 24 hours, whereas its weekly gains stand at 4.76% and monthly increases at 17.24%.
As for the dog meme crypto token Shiba Inu (SHIB), it has had a solid start to 2023, still being among the crypto market's most undervalued assets based on short and long-term returns, deeming it a lower-risk investment, as per data from January 20.
Furthermore, Shiba Inu was the most popular non-stablecoin digital asset for first-time crypto investors in the week leading up to January 22, whereas the SHIB team has been hard at work on the ecosystem, unveiling the concepts for its long-awaited layer 2 blockchain Shibarium.
As things stand, the price of SHIB at the time of publication stood at $0.00001126, decreasing 5.53% over the previous day, while growing 6.98% across the past seven days and 36% during the month.
Meanwhile, Shiba Inu's main rival Dogecoin (DOGE), has been on a roll as well, with IntoTheBlock data revealing that 60% of Dogecoin holders are making money at the coin's current price, as opposed to 37% in loss and 3% breaking it even.
DOGE, too, is among the most undervalued assets on the crypto market and has been the second-best performer out of the top ten cryptocurrencies by market cap in 2022, having declined 'only' 54% over the year, making it one of the tokens to watch in February.
The price of this meme token at press time amounted to $0.08416, representing a decline of 4.71% on the day and 3.22% over the week, as opposed to being up 11.34% compared to 30 days before.
The native coin of Crypto.com's Ethereum Virtual Machine (EVM)-compatible Cronos Chain built on Cosmos (ATOM), Cronos (CRO) is another worthwhile digital asset for February, due to its blockchain's massive impact on the crypto world and Crypto.com's focus on sustainability.
On top of that, the Cronos Chain recently came out of the beta version, as it was updated to version 1.0 under the update codenamed 'Galileo', promising multiple technical improvements, such as the optimization of node storage and startup times, as well as the features that allow for greater interoperability with Cosmos.
Like the rest of the crypto market, the price of Cronos has followed the overall sentiment, declining 1.84% on the day, but increasing 1.45% across the week and 33.64% during the previous month, as it changed hands at $0.07971.
Although it goes without saying that no smart investor should restrict themselves to assets that cost less than $1, the aforementioned cryptocurrencies are certainly among the most promising to invest in during the month of February 2023.