Most people are familiar with famous cryptocurrencies like bitcoin and ethereum — but the crypto-verse has over 22,000 coins to date. With many options available in the crypto market, it is natural to get confused about which cryptocurrencies to invest in.
Read: 3 Things You Must Do When Your Savings Reach $50,000
While there is always risk in investing in cryptocurrencies — whether it’s a single coin or splitting your investment into multiple currencies — you can reduce risk and maximize profits by identifying undervalued cryptocurrencies. Here’s a look at potentially undervalued cryptocurrencies to help you make an informed decision.
Top 10 Undervalued Cryptocurrencies for 2023
Most of these cryptocurrencies barely make it to the media, but they have long-term potential as good investments and could be undervalued at their current prices.
Here are the some of the best undervalued cryptocurrencies.
1. Chainlink (LINK)
Chainlink was co-founded in 2014 by Sergey Nazarov and Steve Ellis, both of whom had previous experience with decentralized systems. The network is among the first to connect to off-platform sources to integrate data into smart contracts.
Initially used to aggregate cryptocurrency price data for apps like Aave, the platform now provides data verification services for organizations that include AccuWeather, Federal Express and the Associated Press, according to CoinMarketCap.
Despite precipitous drops in price and market capitalization since last spring, Chainlink is something of a moat in terms of its early entry into the smart contracts space and wide adoption since then.
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Price of chainlink as of Jan. 18, 2023: $6.50
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Market capitalization of chainlink as of Jan. 18, 2023: $3,297,317,019
Why Chainlink?
Chainlink is a dominant force in a growing market.
2. Tezos (XTZ)
Arthur Breitman, the founder of Tezos and the architect of on-chain governance, first suggested Tezos in a position paper published in August 2014. Later, he…
