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Finbold: Three cryptocurrencies to purchase for less than $1 next week


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The cryptocurrency market is a realm teeming with opportunities. Although the limelight frequently falls on prominent cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), there exists a trove of hidden gems trading below the $1 mark.

These lesser-known altcoins, despite their modest valuation, harbor considerable growth potential. However, it’s imperative to recognize that an elevated level of risk accompanies them. For investors who possess a higher risk tolerance, allocating a portion of their investment capital, ranging from 10% to 20%, into these altcoins can provide a tantalizing chance to diversify their portfolio and position themselves for substantial gains in the forthcoming bull market.

IMX

Immutable X (IMX) is a blockchain technology company with a focus on shaping the future of Web3 Gaming. The company has rapidly evolved into a prominent player in the blockchain gaming sector, fostering an ever-expanding ecosystem of over 20 games, including renowned titles like Gods Unchained, Ember Sword, and Guild of Guardians.

It presents a medium-to-high risk investment opportunity, with a current price of $0.65.

(IMX last 7 days performance. Source: Finbold.com)

Immutable X has also formed strategic partnerships with Polygon and zkEVM to create Immutable ZK EVM, a blockchain specifically designed for gaming. It enables transactions at a significantly lower cost, just a few cents, in contrast to Ethereum’s $10+ transaction fees, offering improved security as well. Additionally, they have introduced the Immutable Passport, a noncustodial wallet tailored for gamers.

The Immutable X token was introduced in 2021, reaching a peak value of $9. Given its current utility and the substantial progress made by the team since its launch. The potential to reach $5 in the next bull market is offering a possible return on investment (ROI) exceeding 900%. 

Despite the associated risks, IMX remains a top choice for cryptocurrency investors looking to position themselves before the next bull market. It’s widely available on major cryptocurrency exchanges, boasting healthy daily trading volumes and a compelling use case.

Arbitrum 

In 2023, the cryptocurrency community was abuzz with excitement surrounding the launch of the Arbitrum token (ARB), an event highly anticipated by crypto enthusiasts. The token launch didn’t disappoint, as it came with a massive airdrop, offering participants the opportunity to secure up to 12,000 tokens, equivalent to over $10,000.

Since its launch date, ARB coin has shown extensive growth in the crypto market and became the top 100 crypto project shortly after its launch. According to some reports, Ethereum whales dumped billions of dollars of investments in ARB tokens after the launch, and it pushed the price.  

ABR prices rallied to an all-time high (ATH) of $11.80 in March 2023. However, since then Arbitrum Coin has been showing a bearish performance.

Arbitrum’s appeal lies in its position as the leading Layer 2 (L2) Ethereum Virtual Machine (EVM) chain. It’s an Ethereum layer-two (L2) scaling solution. The goal of Arbitrum is to improve the speed, scalability, and cost-efficiency of the Ethereum blockchain solution. 

Arbitrum benefits from the security and compatibility of Ethereum and offers lower fees compared to Ethereum. The Arbitrum developers announced establishing themselves as a decentralized autonomous organization (DAO): the Arbitrum DAO.

(ARB last 7 days performance. Source: TradingView)

The substantial support from major cryptocurrency exchanges further propelled Arbitrum’s rise, quickly establishing it as the second most widely used blockchain network in the crypto space. However, after its initial success, a discordant note emerged when developers expressed an interest in utilizing a significant portion of the project’s funds, a proposal that was met with opposition from the community.

Regrettably, the developers chose to proceed with their plans, disregarding the community’s vote and characterizing it as a mere ‘poll to gauge community sentiment.’ This decision led to a division, causing Arbitrum, once the second most used blockchain network and its associated token to lose favor within the community.

Arbitrum blockchain is rapid and user-friendly, but an investment in ARB is now considered a high-risk high-reward due to the controversy surrounding the vote and the perceived disrespect toward the community.

XRP

XRP, ranked fifth by market capitalization and is currently priced at $0.54, has been a prominent player in the cryptocurrency market for over a decade. Created by Ripple Labs, it aims to revolutionize global money transfers and provide an efficient alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, offering faster, cost-effective international transactions.

In a year marked by considerable volatility in the cryptocurrency markets, XRP has demonstrated resilience and delivered notable returns for investors. Over the past 12 months, the token has experienced a remarkable surge of 24%. This commendable performance means it has outperformed 76% of the top 100 cryptocurrencies.

(XRP last 7 days performance. Source: Finbold.com)

The history of XRP’s price has seen remarkable highs, steep falls, and periods of steady decline. It surged in 2018 with Ripple’s xRapid product but later suffered a significant drop. In 2021, XRP provided substantial returns, followed by a steady decline, and the legal battles with the SEC have impacted its price.

The recent partial victories in legal disputes boosted XRP’s price. The future in 2023 remains uncertain, hinging on the final resolution of the SEC case, which won’t be a simple process, according to lawyer Bill Morgan. The bullish case anticipates favorable legal outcomes, and a positive market environment could raise XRP’s price. Conversely, a drop in interest after legal resolutions or broader market sell-offs could lead to price declines.


Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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