Cryptocurrency hype has been taking the trading world by storm since last couple of years and while everyone is busy trading top cryptocurrencies, experts believe that there is a lot of money to be made in penny cryptocurrencies.
While the very name – penny cryptocurrencies – may send off warning signals, if we just go back a couple of years when Bitcoin, Ethereum, Litecoin, and other top cryptos today were mere small cryptocurrencies and you will realize what’s possible in a matter of few months.
The vast majority of altcoins were considered penny cryptos two years back. And look at Ripple and Stellar Lumens. Just because an altcoin is a bargain doesn’t mean it’s untrustworthy.
One of the first questions that comes into mind is what is a penny cryptocurrency? Any cryptocurrency that is worth less than $1.00 USD would be considered a penny crypto. They make for risky investments, and are definitely not for the investor looking for a slow but reliable increase to their crypto assets.
There are thousands of coins out there, and a good portion of them, it has to be said, will likely crash and burn. The success of any altcoin is notoriously difficult to predict, and every crypto aficionado has their own thoughts on which altcoins have the potential to increase exponentially and send them to the moon.
Different Types of Penny Cryptocurrencies
Not all penny cryptocurrencies are the same, and when it comes to whether or not a coin may be worth the risk, context is everything. Why does it have a low price, and is it likely to stay that way?
A coin that has a large supply keeping its prices down for the time being could be a good investment. If a coin is structurally sound and has a cohesive whitepaper, a sudden spark in public interest could cause a spike in value, as was the case with Ripple.
Similarly, a coin that’s new to the market may owe its penny status to the fact that nobody has heard of it yet. If you do your research and find a coin that strikes you as having potential, it could be worth taking the investment leap.
On the other hand, a penny coin that used to be worth more but then took a dip in price is unlikely to recover. To invest in a coin that has plummeted from a great height would require a deep confidence in the cryptocurrency itself (statistically speaking, probably unfounded).
Finally, you have the coins that have been on the market for a considerable amount of time without making any headway. If these projects aren’t exciting or innovative enough to gather momentum, it’s unlikely that’s going to change in the future. That being said, there are always exceptions to this rule, and sometimes a coin will bide its time on the market for a while before having its big break.
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