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Top 10 Cheapest Cryptocurrencies to Invest in July 2024

12 mins
Fact Checked
by May Woods
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The cryptocurrency industry continues to evolve, offering many opportunities for investors, especially those looking for affordable options. As we enter 2024, it is time to shift our focus to some of the most budget-friendly cryptos that are making waves in the market.

Here’s a rundown of the top 10 cheapest cryptocurrencies based on their market capitalization, each offering a unique blend of features and potential for growth.

Methodology

Top 10 cheapest cryptocurrencies to invest in July 2024

1. Ripple (XRP)

Price: $0.53
Max supply
100,000,000,000
Market cap
$28,657,585,487
Circulating supply
54,339,837,528 XRP

2. Cardano (ADA)

Price: $0.48
Max supply
45,000,000,000
Market cap
$17,249,223,838
Circulating supply
35,090,929,536

3. Dogecoin (DOGE)

Price: $0.08
Max supply
Market cap
$11,920,399,413
Circulating supply
142,759,186,383

4. TRON (TRX)

Price: $0.10
Max supply

Market cap
$9,683,198,373
Circulating supply
88,187,450,504

5. Polygon (MATIC)

Price: $0.76
Max supply
10,000,000,000
Market cap
$7,056,928,830
Circulating supply
9,282,943,566

6. Shiba Inu (SHIB)

Price: $0.000010
Max supply
999,982,386,165,243
Market cap
$5,364,215,330
Circulating supply
589,281,531,959,591

7. Stellar (XLM)

Price: $0.11
Max supply
50,001,787,051
Market cap
$3,204,594,365
Circulating supply
28,377,386,626

8. Kaspa (KAS)

Price: $0.10
Max supply
28,704,026,601
Market cap
$2,252,659,952
Circulating supply
22,408,357,481

9. Cronos (CRO)

Price: $0.80
Max supply
30,000,000,000
Market cap
$2,119,383,607
Circulating supply
26,491,714,755

10. Hedera (HBAR)

Price: $0.07
Max supply
50,000,000,000
Market cap
$2,436,274,955
Circulating supply
33,661,753,099

**Market capitalizations are based on data from CoinGecko as of 17:00 UTC, Jan. 22, 2024.

These cryptos showcase the dynamic nature of the cryptocurrency market, offering a range of options from innovative blockchain solutions to community-driven projects. Each one presents an affordable investment opportunity with its unique set of features and potential for growth. 

However, as with any investment, conducting thorough research and understanding market dynamics is crucial before diving in.

Why invest in cheap cryptos

Investing in low-cost cryptocurrencies can be a strategic move for novice and seasoned investors. These affordable altcoins often offer a low barrier to entry, allowing investors to diversify their portfolios without committing large sums of money. This accessibility particularly appeals to those new to the crypto market, providing an opportunity to learn and gain experience with minimal risk.

Another compelling reason to consider cheap cryptocurrencies is their potential for significant growth. While these assets can be more volatile, they often present the possibility of higher percentage gains compared to more established, higher-priced cryptocurrencies. This high growth potential makes them attractive for investors looking for rapid value appreciation.

However, it is essential to conduct thorough research and due diligence when investing in some of the cheapest cryptocurrencies in the market. Despite their potential, they can be subject to market hype and lack substantial backing or a solid business model. Investors should assess the project’s viability, technology, team, and community support before investing.

How to invest in cryptocurrencies 

Starting your journey in cryptocurrency investment requires a solid grasp of blockchain technology and various cryptocurrencies. Formulate a diversified crypto portfolio and select a trustworthy, secure exchange for transactions, considering options like Coinbase or Kraken

Due to the market’s fluctuating nature, investing within your financial means is crucial. Stay updated on market trends and be flexible in adjusting your investment strategies. Prepare for future market volatility by balancing long-term investments and shorter-term trading, and think about participating in activities such as staking or yield farming.

Achieving success in cryptocurrency investment relies on consistent learning, patience, and strategic planning. It is important to recognize that cryptocurrency investment is not just about immediate profits but also about gaining financial knowledge, as exemplified by educational resources like BeInCrypto Learn.

How to generate passive income 

Gaining financial benefits from cryptocurrencies goes beyond simple trading and investment returns. Utilize your existing cryptocurrency assets, mining equipment, and market insights to generate what is known as passive income. 

Generating passive income from cryptocurrencies includes various activities such as staking, mining, engaging in decentralized finance (DeFi), and capitalizing on chain forks and airdrops. These methods require a blend of strategic foresight and patience.

The advantage is that once you start generating passive income through cryptocurrencies, the effort needed is relatively minimal. The allure of these passive income strategies is their low daily upkeep, making them both feasible and appealing. 

Discover our selected top crypto-based passive income ideas in 2024 and beyond.

How to file crypto taxes

Handling tax filing for cryptocurrencies can be as complex as dealing with traditional investment taxes. It is critical to accurately calculate taxes for each cryptocurrency transaction, considering the precise price at each transaction point.

This task can be demanding and detailed. Inaccuracies in documenting these transactions may result in severe repercussions, including penalties related to tax fraud. Fortunately, there are methods to greatly simplify the monitoring and filing of your cryptocurrency transactions and taxes. 

Our comprehensive guide to cryptocurrency tax filing is designed to help you navigate these simplified procedures. Meanwhile, if you’re looking to lower your tax burden, check out our guide covering how to reduce crypto tax.

Stay safe when buying the cheapest cryptocurrencies

It makes perfect sense to keep an eye on the best-performing and cheapest cryptocurrencies on the market in 2024. However, it’s important not to get carried away. Regardless of how cheap an asset is, you should not invest more than you can afford to lose.

It’s also crucial to practice good crypto wallet security and watch out for crypto scams.

Frequently asked questions

What cryptocurrency is the cheapest?

Which crypto to buy below $1?

Which crypto has the lowest supply?

What is the safest cryptocurrency?

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What is the 2nd best cryptocurrency?

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Which is the next Bitcoin?

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Ali Martinez
Ali Martinez is the Global Head of News at BeInCrypto, specializing in market analysis, emerging trends in the crypto industry, Bitcoin’s four-year cycle, and macroeconomic developments. Previously, he covered the altcoins market for Crypto Briefing, CryptoSlate, CCN.com, and NewsBTC. His reporting focused on the ICO boom, Ethereum's evolution, Bitcoin halvings, and network upgrades like hard forks and soft forks, emphasizing the impact on digital asset valuations. At Binance and FXStreet,...
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