• Sat. May 21st, 2022

2 cheap cryptocurrencies to buy right now

The cryptocurrency market soared to over $3 trillion in value last fall. But lately, things haven’t been so bright for this new industry.

Russia’s invasion of Ukraine has hurt demand for many assets, especially those considered risky, such as cryptocurrency. Geopolitical or economic uncertainty generally keeps investors away from risk.

In most cases, however, what happens in the world does not change the basic story of certain stocks or cryptocurrencies. And that means when their prices drop, it can be a great time to pick them up. This is the case for these two dynamic cryptocurrencies. These are very cheap buys right now.

Image source: Getty Images.

1. Gimbal

gimbal (ADA -1.10% ) fell more than 68% from its peak near $3 in August. It now trades for less than a dollar. And here’s why that makes it a good deal: all the excitement and growth of Cardano isn’t behind us, it’s just ahead.

Cardano initially laid out a roadmap for development – its goal being to become a completely decentralized and self-contained blockchain. The developers are currently working on the last two stages of the five-stage roadmap.

But what’s even more exciting is that Cardano’s developers are also working on a scaling system that could lead to a significant increase in transaction capacity and speed. It’s a layer 2 solution called Hydra.

Each Hydra “head” can complete a transaction almost instantly. This is against around 20 seconds for Cardano right now. The developers plan to launch the system this year or early 2023.

Cardano is likely to gain speed in the future – an important point for any blockchain. And we can rely on Cardano to do it right as it uses a peer review system before rolling out any updates. This may slow launches a bit, but avoiding future issues is worth the wait.

2.Algorand

Algorand ( ALGO -0.63% ) is down nearly 70% from its peak in September. Like Cardano, it also trades for less than a dollar, but has plenty of potential to climb significantly from here.

Algorand is a blockchain network known for its speed and efficiency. Right now it is processing about 1200 transactions per second, but soon this figure will increase to 3000. And the next target is over 45000. All this is with instantaneous finality – so the transaction completes on the spot.

Algorand achieves all of this through its network structure and transaction verification method. Blockchain is a two-tier system.

The first layer is for smart contracts and asset creation. The second layer is used for the development of decentralized applications (dApps) and complex smart contracts. The use of two layers limits the size.

Algorand verifies a transaction through a pure proof-of-stake system, so verification power is randomly given to stakeholders, not just those with the highest stake. This preserves decentralization and enhances security.

Many projects take place on Algorand, from finance to gaming. The Republic of the Marshall Islands has even chosen it to power its own digital currency.

Algorand has what it takes to stand out in the cryptocurrency market as it grows. And that could mean that this crypto is heavily undervalued at the current level.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a high-end advice service Motley Fool. We are heterogeneous! Challenging an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and wealthier.


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