Best Undervalued Cryptocurrencies To Buy for 2023
While there is always risk in investing in undervalued cryptocurrencies, whether it’s a single coin or dividing your investment across multiple currencies, you can minimize risk and maximize profits by researching the potential of these cryptocurrencies. To assist you in making a wise decision, here is a list of potentially undervalued cryptocurrencies.
Top 10 Undervalued Cryptocurrencies for 2023
1. Chainlink (LINK)
Sergey Nazarov and Steve Ellis, both of whom had prior experience with decentralized systems, co-founded Chainlink in 2014. The network is one of the first to connect to off-platform sources in order to incorporate data into smart contracts. Chainlink is a dominant force in a rapidly expanding market hence it made our top undervalued cryptocurrencies list.
2. Tezos (XTZ)
Arthur Breitman, the founder of Tezos and the architect of on-chain governance, first proposed Tezos in an August 2014 position paper. He later published the cryptocurrency’s white paper. Dynamic Ledger Solutions (DLS) was founded in 2015 by the Breitmans, and DLS was responsible for developing the original Tezos code.
Tezos is a blockchain network based on smart contracts, similar to Ethereum. There is, however, a significant difference. Tezos aims to provide more advanced infrastructure than Bitcoin and Ethereum, implying that it will evolve and improve over time.
Tezos’ recent collaborations could serve as springboards for wider adoption. Meanwhile, you can earn passive income by staking tezos coins on several exchanges, including Coinbase and Kraken.
3. Theta (THETA)
Theta is a blockchain-based network designed specifically for video streaming that was launched in 2018. Theta mainnet is a peer-to-peer blockchain network in which users exchange bandwidth and processing resources.
Theta’s mission is to improve the video streaming industry’s streaming quality while also making it more efficient and cost effective. Other developers can launch their own decentralized applications on the Theta platform because it supports smart contracts.
Theta has its own native cryptocurrency token, also known as theta, which is used to carry out various network governance functions.
Not only could Theta improve video streaming for consumers, but also for content creators and advertisers. Furthermore, you can earn theta rewards for sharing network bandwidth.
4. Polygon (MATIC)
Polygon, which was previously known as Matic Network, was founded in October 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, three experienced blockchain developers and a business consultant.
Although Polygon is not the only “Ethereum killer” out there, it has few real competitors — at least for the time being.
Read Also:Top 3 Best Metaverse Stocks To Invest In This 2023
5. Filecoin (FIL)
Filecoin, which debuted in 2014, is a decentralized data storage system based on the Interplanetary File System that ensures the integrity of your data. Unlike centralized cloud storage providers such as Amazon Web Services or Cloudflare, you can monitor your data and have global web access.
Lockheed Martin, for example, has taken notice of Filecoin’s unique function. Lockheed Martin and the Filecoin Foundation are collaborating to deploy the IPFS in space. If the technology is successful, it will eliminate data transmission delays between Earth and space.
Takeaways When Buying Undervalued Cryptocurrencies
The fact that cryptocurrency lost over $1 trillion in market value in the first six months of 2022 demonstrates how risky even the most widely used coins are as investments.
However, coins that fell in value solely due to economic conditions and negative sentiment — rather than a lack of utility or fundamental flaws in their projects — could be severely undervalued right now.
The difficulty is distinguishing between the two at a time when nearly all cryptocurrencies are trading for a fraction of what they were worth 14 months ago. How do you locate undervalued cryptocurrencies? Investigate the following factors to see if a cryptocurrency is undervalued.
Read Also: Top 5 Best Cryptocurrencies to Add to Your Watchlist This 2023
