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Following the recent correction in the broader crypto market, we have highlighted the top seven altcoins under $1 that have strong potential for growth in the bull cycle.
In anticipation of a potential Bitcoin exchange-traded fund (ETF), crypto investors have focused their attention on the world’s largest cryptocurrency by market cap while neglecting altcoins.
The focus is currently on Bitcoin because the SEC’s decision on the multiple BTC spot ETF applications is expected to come this week. This has contributed to the consistent surge of Bitcoin prices, with the top asset spiking to over $47K earlier today.
As Bitcoin surges, the broader crypto market continues to retrace, giving investors the opportunity to scoop these altcoins at discounted prices. Prominent crypto analyst Michael Van de Poppe speculated that investors’ attention will be redirected to altcoins after the ETF event.
#Altcoins suffering as #Bitcoin ETF week is approaching.
Not strange, as the focus is entirely skewed towards Bitcoin. After the ETF, momentum is likely coming back in altcoins.
Range remains defined on Bitcoin. Buying 10%+ dips, selling at $48-51K. pic.twitter.com/7F2yPo3ySN
— Michaël van de Poppe (@CryptoMichNL) January 8, 2024
Top 7 Altcoins Under $1
With altcoins expected to gain attention after the ETF event, we’ve compiled a list of top 6 crypto assets under $1 that could potentially be an ideal investment during the peak of the bull market.
Cardano (ADA)
Cardano (ADA) is the first crypto asset on the list. ADA is rated among the top coins with enormous potential for growth during a bull market due to the constant development being carried out by the team.
Interestingly, Cardano led other crypto projects in terms of development activities last month, playing a major part in ADA’s rally. Although the bull market has yet to enter its peak, ADA has surged over 60% in the past year.
The recent correction in the broader crypto market caused the asset price to decline by 17% over the past week. In the hours leading up to press time, ADA was changing hands at $0.51, up 1.6% on the daily chart.
XRP
Ranked as the sixth-largest cryptocurrency by market cap, XRP is currently the only crypto asset with legal clarity in the United States. While this development has not yet impacted the asset’s price, several market analysts predict that XRP would rank among the top gainers in the peak of the bull market.
Furthermore, the widespread adoption of Ripple’s crypto payment technology is also expected to bolster the price of XRP. Specifically, Ripple’s On-Demand Liquidity solution now rebranded to Ripple Payments, leverages XRP as a bridge currency for cross-border settlements.
Top financial institutions, including Tranglo and Onafriq, have processed billions of dollars’ worth of cross-border settlements using the payment solution. At press time, XRP was trading at $0.56, down 0.3% in 24 hours.
Polygon (MATIC)
MATIC, the official token of the Polygon ecosystem, is the third coin on our list of crypto assets under $1 that has strong potential for growth.
The Polygon network is currently one of the most prominent Layer-2 blockchains globally, attracting the attention of top decentralized applications (dApps). The interesting part of this is that these projects require users to pay gas fees in MATIC, thus bolstering the demand for the 16th-largest cryptocurrency.
At the time of writing this line, MATIC was changing hands at $0.80. MATIC has slumped over 20% in the past week, giving investors the opportunity to acquire the coin for a discount.
Dogecoin (DOGE)
Dogecoin (DOGE) is one of the cryptocurrencies that are expected to experience tremendous growth in the upcoming bull market. The top meme-based cryptocurrency has recorded widespread adoption in recent times. Interestingly, the relationship between Tesla CEO and founder Elon Musk’s and Dogecoin founder Billy Markus has also helped to bolster DOGE’s adoption.
The American businessman tips Dogecoin to become the currency of the internet. Notably, Musk went a step further by adding DOGE as a payment method on Tesla and SpaceX, with the crypto community expecting the coin to be integrated as a payment method on the X platform. DOGE was down 15.3% in the past week to $0.078 at the time of writing this line.
Shiba Inu (SHIB)
Shiba Inu is a popular name in the crypto market, and it is currently trading far below the $1 mark. At press time, Shiba Inu was changing hands at $0.00000935, representing a 13.7% decline over the past week.
The canine-themed token shocked investors in the last bull market following its tremendous rally that turned average income earners into overnight millionaires.
With the inception of the Shiba Inu L2-blockchain Shibarium, the vibrant community behind the cryptocurrency is backing SHIB to replicate the same feat at the peak of a bull market.
VeChain (VET)
In recent times, many crypto analysts have been bullish on VeChain (VET), speculating that the digital asset would rally massively in the coming months. Following the recent emergence of a golden cross on VET’s 2-Day chart, popular analyst A.J. speculated that the coin could repeat a major milestone it recorded in 2020.
According to the analyst, the development could see VET spike over 3,000% to $1.14 by October 2024. At the moment, VET was trading around $0.02.
Stellar (XLM)
Stellar is a major rival to Ripple. The company offers crypto payments service just like Ripple. Notably, the XLM coin is also used as a bridge currency for cross-border settlements, with top financial institutions, like Mastercard, leveraging the solution.
XLM has a strong potential for growth and is expected to rally massively amid the growing interest in crypto payment solutions. XLM is currently changing hands at $0.11, down 12% over the past seven days.