3 Lesser-Known Cryptocurrencies That Can Be Hidden Gems

Cryptocurrencies are an interesting investment option, but why restrict the choice to just popular ones? Bitcoin, Ether or Dogecoin make most of the news in the crypto space. The first two also lead the way with their market cap running into billions of dollars. As an investor in digital coins, one has to look beyond the news headlines to fetch better returns. How about those cryptos that might have relatively low high market cap but have given great returns to their backers?

Here are three cryptocurrencies that have returned in double digits over last seven days. Let’s also know a little about their blockchain network.

© Kalkine Image 2021 / Source: Coinbase

1. Polkadot

Polkadot ranks eighth in terms of market cap in the crypto space. Often regarded as ‘Ethereum killer’ by crypto enthusiasts, it is also one of the most traded altcoin. Created by former Ethereum CTO, it is open-sourced with a decentralized web underpinning the whole arrangement. The system is like a blockchain for blockchains that enables users to interact with multiple blockchains simultaneously. It is mostly used by developers to add new blockchains within the existing ecosystem. People using the Polkadot blockchain system find it comparatively easier and affordable compared with Ethereum. The system aims to decentralize the web and enable smart contracts.

Trading in Polkadot token began almost a year ago, and investors were keen to buy stake.

For many, Polkadot or other cryptocurrencies, which are not in the top five in terms of market cap, are apt for diversify their cryptocurrency portfolio. But Polkadot has proven to be a better bet than bitcoin over past one week. Bitcoin has stayed put on same level over last seven days, while the Polkadot currency has surged by over 18 per cent. This is no mean feat considering some late negative developments in the space including Elon Musk’s tweets on rejection of bitcoin and China prohibiting all activities in the digital currencies market.

A single Polkadot cryptocurrency is priced at nearly US$28. The market cap of this altcoin is over US$26 billion, and almost 944 million Polkadot coins are available for trade.

2. Kusama

Kusama can be a hidden gem in the cryptocurrency realm. While it sits in top 30 altcoins in terms of market cap, it has yet to draw interest of wider pool of investors. Kusama has a historical link with Polkadot as it started out as the latter’s experimental network. It has since found its own path and now gives developers the advantage of better speed than Polkadot. Polkadot is more inclined toward the decentralized finance space, and Kusama is more of a non-fungible token (NFT).

The network is flexible for developers to test and deploy new technologies. Kusama is presently not available for trade on Coinbase, but one can trade in it on Kraken. Over past one week, Kusama is up nearly 43 per cent, outshining almost every major cryptocurrency.

Kusama boasts of market cap of nearly US$ 4 billion, and per token is priced at nearly US$465. Only 8 million Kusama tokens have been generated by developers so far.

3. Theta

Theta is slightly different than other blockchain networks and their respective tokens. It is a video delivery network that uses blockchain to let viewers earn tokens at the same time as they watch videos. The only thing the viewer has to do is relay the same video to others. Theta network users can also share their unused bandwidth and other computing resources with their peers. Companies including Samsung, Google and Binance use Theta’s Enterprise Validator Nodes that produce new blocks in the network.

On Theta’s network, one can find access to wide variety of videos including music, movies, and peer-to-peer streaming. The main offering of the network is Theta.tv, a video streaming platform. This will also feature on Samsung phones in near future. The users will not need to install a new app on their smartphone, and they will earn rewards by using the Theta blockchain network.

Theta token also ranks in the top performing cryptocurrencies over last seven days. It is up nearly 20 per cent, and each token is worth nearly US$8.8. The market cap is nearly US$8 billion, and nearly 1 billion tokens are in circulation. Theta can be traded on Binance crypto exchange.

Market capisation of Polkadot, Kusama and Theta

Explore, Before You Invest

Over the past seven days, when all the above three cryptocurrencies have surged in double digits, both Bitcoin and Ether have failed to impress with returns. Digital currencies can increase wealth, but like any other investment instrument, investors have to pick their stock wisely. For example, blue chip stocks are not always the most profitable bet for investors in stock market. Even penny stocks can multiply money in no time. Similarly, some digital currencies may not have high market cap, but for short to medium term investors, they can create wealth.

In the crypto space, altcoin named Curve Dao Token was the top performer over last seven days. It has surged nearly 47 per cent. Other little-known cryptocurrencies including UNUS SED LEO, Mdex, Monero, and OKB have also surged in double digits.

For investors, it may be time to not only pay attention to tweets by a multi-billionaire CEO, but to also inquire about relatively lesser-known digital currencies. A few of them, like Theta, can have a promising blockchain network, which if adopted by big corporates, can add more value to their tokens. Before investing, always explore all available options.