Two Cryptocurrencies enthusiasts, the prevalence of cryptocurrencies trading below $1 might be surprising, especially amid a flourishing bull market led by Bitcoin (CRYPTO: BTC), which continues to achieve new all-time highs.
While there’s a considerable pool of cryptocurrencies in the top 50 by market capitalization that have the potential to reach the $1 mark, only two stand out as realistic candidates: Cardano (CRYPTO: ADA) and XRP (CRYPTO: XRP). Both have witnessed significant gains over the past month, positioning them as noteworthy contenders in the crypto space.
Cardano
2024 was anticipated to be a pivotal year for Cardano, positioning itself as a competitor to Ethereum (CRYPTO: ETH) in the Layer-1 blockchain market. Offering capabilities similar to Ethereum, Cardano encompasses a wide array of features, including NFTs, blockchain gaming, Web3 applications, and DeFi.
Despite its reputation for a slow development pace, Cardano has recently shown signs of progress, particularly in the DeFi market. Increased network activity and improvements in key DeFi metrics such as total value locked (TVL) have buoyed optimism around Cardano’s potential.
The perception of Cardano as a blockchain where “nothing much ever happens” is gradually changing, evidenced by its recent price surge of 50% over the past 30 days. With its current price at $0.71, reaching the $1 milestone appears within reach for Cardano.
XRP
XRP, formerly known as Ripple, is another cryptocurrency on the brink of a significant breakthrough. Despite trading below $1 for the past two years, XRP has demonstrated sporadic bursts of upward momentum, briefly touching $0.95 last summer.
However, unresolved legal issues, notably a Securities and Exchange Commission lawsuit filed in 2020, have hindered XRP’s progress. Nonetheless, expectations for a resolution in 2024 could serve as a catalyst for XRP’s upward trajectory, supported by its loyal investor base and potential for new opportunities.
Speculation regarding the possibility of an XRP spot exchange-traded fund (ETF) further amplifies optimism surrounding the cryptocurrency. While this remains speculative, a favorable resolution to legal challenges could pave the way for XRP to surpass $1.
Excluded Cryptocurrencies
Among the myriad of cryptocurrencies trading below $1, two notable exclusions from consideration are Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB). These meme coins lack realistic potential to reach $1, with Dogecoin having existed for over a decade without achieving this milestone.
Additionally, various third-tier Layer-1 blockchains and crypto tokens leveraging concepts like Web3 and artificial intelligence failed to make the cut. Instead, focus remains on Cardano and XRP, both of which offer tangible utility and have garnered attention from seasoned crypto investors.
While investing in cryptocurrencies trading below $1 carries inherent risks, Cardano and XRP present compelling options for investors seeking exposure to the crypto market.
Please note that investing in cryptocurrencies involves risks, and investors should conduct thorough research before making any investment decisions.