AUS
NZ
UK
CA
USA
IND
Highlights
- While some cryptocurrencies are trading at abnormal prices; some of them are below US$1
- The star performer below US$1 has been Dogecoin
- Some other digital assets below US$1 include USD Coin and Stellar
Cryptocurrencies have been the talk of the town over the last one year – oscillating between the bull and bear market. And most of these movements were driven by some banter surrounding the digital currencies.
As we are witnessing a rally in cryptocurrencies yet again, the prices of some of the digital assets have hit through the roof. The world’s largest cryptocurrency – Bitcoin – is trading at a whopping US$51,771. Talk about this asset being within the reach of retail investors.
But there are some decent cryptocurrencies that are trading well below the US$1 mark – which is well in the zone of some of the penny stocks.
Here are top three cryptocurrencies that have been affordable and below US$1:
Dogecoin: This is the favourite digital currency of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk. The cryptocurrency has surged by an eyepopping 5,949.10% on a year-to-date basis, while on a one-year basis, the digital currency has surged by an astounding 11,365.47%. This rally has been triggered by Mr Musk’s constant backing. Despite this rally, the currency is trading at US$0.31.
USD Coin: It is a stablecoin that is pegged to the US dollar on a 1:1 basis. Every unit of this cryptocurrency in circulation is backed by US$1 that is held in a reserve, in a mix of cash and short-term US Treasury bonds. The Centre consortium, which is behind this asset, claims that USDC is issued by regulated financial institutions. The stablecoin was originally launched on a limited basis in September 2018. The digital currency is being traded at US$0.9996 right now – just a fraction below the US$1-mark.
Stellar: This digital currency was launched in July 2014. One of its goals was enhancing the financial inclusion by reaching the worlds unbanked. However, soon afterwards, its priorities shifted to helping financial firms connect with one another through blockchain technology. Stellar was originally based on the Ripple Labs protocol. Reason? Jed McCaleb along with lawyer Joyce Kim co-founded Stellar after leaving Ripple in 2013 due to disagreements about the company’s future direction.
Bottomline:
The current sub-US$1 cryptocurrencies may breach past the US$1-mark, but there would be new ones coming into that zone. There are big fishes in the fray, but then there are small fishes that are thriving in the digital ocean. With digital currencies picking up, the number of such 'small fishes' is likely to grow.
