In this article, we discuss the 10 cheapest altcoins popular on Reddit. If you want to skip our detailed analysis of these currencies, go directly to the 5 Cheapest Altcoins Popular on Reddit.
Merely a few weeks after El Salvador accepted Bitcoin as legal tender, the Latin American nation of Uruguay has also taken a giant step towards the mainstreaming of cryptocurrencies as a lawmaker from the country proposes a bill that would allow businesses to accept crypto as payment for sales. The move has given a major boost to the prices of cryptocurrencies and crypto-related stocks that appear to have bounced back from the lows of May and June. Bitcoin, the most popular coin, is trading at around $38,000.
Ethereum, the second most popular coin, has also climbed above $2,700 after two months and is now trading at around $2,800. Crypto-related stocks like Alphabet Inc. (NASDAQ: GOOG), NVIDIA Corporation (NASDAQ: NVDA), and Tesla, Inc. (NASDAQ: TSLA) have soared as well. On August 4, three lawmakers from the US Senate introduced an amendment to the infrastructure bill that would set up reporting requirements for cryptocurrency transactions. Bitcoin rose close to 2% in value while Ethereum registered a 6.6% increase after the news.
Respected financial institutions like JPMorgan, Goldman Sachs, and Bank of America have all recently started offering crypto exposure to their clients, lending credence to the notion that the setback in the prices of cryptocurrencies over the past couple of months is only temporary. In April this year, the potential that the new technology offers investors was on full display as the market cap of cryptocurrencies rose above $2 trillion for the first time. Crypto has also accelerated the rise of fintech firms, fundamentally altering market dynamics.
The entire hedge fund industry is feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and May 29th 2021 our monthly newsletter’s stock picks returned 206.8%, vs. 91.0% for the SPY. Our stock picks outperformed the market by more than 115 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
Photo by Austin Distel on Unsplash
With this context in mind, here is our list of the 10 cheapest altcoins popular on Reddit. These currencies were picked based on the number of mentions on Reddit, the growth potential in the coming months and years, and the ease of use for transactions.
Cheapest Altcoins Popular on Reddit
10. Fusion
Fusion is a project that aims to provide users with a platform to exchange digital coins without the use of an exchange. It used the Fusion coin as the default one on the Fusion network, which runs on the Ethereum blockchain. The Fusion project envisions the uniting of blockchain networks. It is placed tenth on our list of 10 cheapest altcoins popular on Reddit. The project is useful since it stores the assets of users on the home platform and whenever a payment is required to be made, it automatically converts the between the different digital coins.
One of the firms working hard to help make crypto coins like Fusion become more mainstream is Visa Inc. (NYSE: V), the payments company headquartered in California. Visa Inc. (NYSE: V) recently beat market expectations on earnings for the second quarter.
At the end of the first quarter of 2021, 164 hedge funds in the database of Insider Monkey held stakes worth $26.5 billion in Visa Inc. (NYSE: V), down from 166 in the preceding quarter worth $23.5 billion.
Just like Alphabet Inc. (NASDAQ: GOOG), NVIDIA Corporation (NASDAQ: NVDA), and Tesla, Inc. (NASDAQ: TSLA), Visa Inc. (NYSE: V) is one of the best crypto-related stocks.
Here is what ClearBridge Investments has to say about Visa Inc. (NYSE: V) in its Q1 2021 investor letter:
“To make room for these new names with more attractive outlooks related to the reopening, we sold out of companies where the thesis is not playing out at the pace we expected including Visa.”
9. GoChain
GoChain is ranked ninth on our list of 10 cheapest altcoins popular on Reddit. The cryptocurrency is the fastest web3-based blockchain network. It can process 1,300 transactions per second. The network on which it operates uses the Proof of Reputation consensus algorithm. The coin aims to provide a scalable and low cost solution for distributed applications and smart contracts. In addition to being one of the fastest, it also markets itself as the greenest digital coin on the market.
One of the companies that has been instrumental in the wider adoption of cryptocurrencies has been Square, Inc. (NYSE: SQ), the digital payments company based in California. Square, Inc. (NYSE: SQ) recently beat market expectations on quarterly earnings. On August 1, the firm announced that it would buy Australian fintech company Afterpay in a deal worth $29 billion.
At the end of the first quarter of 2021, 92 hedge funds in the database of Insider Monkey held stakes worth $9.2 billion in Square, Inc. (NYSE: SQ), up from 89 in the preceding quarter worth $8.8 billion.
Alongside Alphabet Inc. (NASDAQ: GOOG), NVIDIA Corporation (NASDAQ: NVDA), and Tesla, Inc. (NASDAQ: TSLA), Square, Inc. (NYSE: SQ) is one of the best crypto-related stocks.
In its Q1 2021 investor letter, RiverPark Funds, an asset management firm, highlighted a few stocks and Square, Inc. (NYSE: SQ) was one of them. Here is what the fund said:
“We established a position in leading Financial Technology provider Square during the quarter. Through one integrated system, SQ is a hybrid of two businesses: its Seller Business (charging small and medium-sized businesses about 3% for transaction payment processing, plus other services such as instant funds access, and software for everything from customer engagement to payroll), and its Cash App (originally for person-to-person cash transfers and now a growing digital financial services provider for consumers).
The combined business has grown gross profit at a 37% CAGR over the past five years to $2.7 billion (due to pass through costs, gross profit is more reflective of top-line growth) and we believe that the company has an enormous long-term runway, as it has less than a 2% share of a more than $160 billion market. It is our view that the company’s Cash App (which has grown
from nothing in 2015 to $1.2 billion gross profit last year) has a particularly large opportunity with its powerful ecosystem of digital financial services including digital wallets, direct deposits, stock trading, bitcoin trading, and business and tax services, which are all relatively new. The vast majority of Cash App’s more than 36 million users are younger and, importantly, are willing to replace their bank and other financial services accounts with the app.
We estimate that the company can grow its gross profit more than 30% and EBITDA more than 50% annually for the foreseeable future, and while most of the company’s current profit is from its Seller Business, we believe most of Square’s future value will be from its Cash App business.”
8. NavCoin
NavCoin is a Proof-of-Stake cryptocurrency that focuses on privacy and simplicity for affordable and fast digital transactions. It only takes 30 seconds to complete a transaction on the blockchain network that NavCoin uses. It is placed eighth on our list of 10 cheapest altcoins popular on Reddit. The coin is self-funded by volunteers and is one of the few that were launched without an initial coin offering. It has been on the market for more than 8 years. The Binance exchange accepts the coin as well.
Digital payments companies like PayPal Holdings, Inc. (NASDAQ: PYPL), which operates from California, have all jumped on the crypto bandwagon in recent months. On July 15, PayPal Holdings, Inc. (NASDAQ: PYPL) announced that it had raised cryptocurrency purchase limits for customers in the US to $100,000.
At the end of the first quarter of 2021, 143 hedge funds in the database of Insider Monkey held stakes worth $14.7 billion in PayPal Holdings, Inc. (NASDAQ: PYPL), down from 147 in the previous quarter worth $15.9 billion.
In addition to Alphabet Inc. (NASDAQ: GOOG), NVIDIA Corporation (NASDAQ: NVDA), and Tesla, Inc. (NASDAQ: TSLA), PayPal Holdings, Inc. (NASDAQ: PYPL) is one of the best crypto-related stocks.
In its Q4 2020 investor letter, Polen Capital Management, an asset management firm, highlighted a few stocks and PayPal Holdings, Inc. (NASDAQ: PYPL) was one of them. Here is what the fund said:
“For the full year 2020, one of the top performers was PayPal, which we purchased in 2019, the company continues to take market share in digital payments and has seen an acceleration in user adoption and engagement, especially within their “silver tech” or older user demographic. We expect many more years of ongoing double-digit growth from their various business segments and new initiatives.”
7. Aergo
Aergo is a cryptocurrency started in 2014 and first launched in 2019. It is ranked seventh on our list of 10 cheapest altcoins popular on Reddit. The coin uses a blockchain network that is geared towards enterprise and government-level use. It is based on an advanced IT services platform and markets itself as a safe and stable blockchain. The coin is specially designed for commercial transactions. It has a total supply of about 5 million coins. The coin aims to be a high performance, high-availability, and scalable offering.
One of the biggest backers of crypto technology has been Microsoft Corporation (NASDAQ: MSFT), the Washington-based technology firm. On July 29, Microsoft Corporation (NASDAQ: MSFT) announced that it had purchased Suplari, a firm that uses artificial intelligence to analyze corporate spending.
Out of the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Microsoft Corporation (NASDAQ: MSFT) with 23.9 million shares worth more than $5.6 billion.
Alphabet Inc. (NASDAQ: GOOG), NVIDIA Corporation (NASDAQ: NVDA), and Tesla, Inc. (NASDAQ: TSLA) are some of the best crypto-related stocks, just like Microsoft Corporation (NASDAQ: MSFT).
In its Q1 2021 investor letter, Polen Capital, an investment management firm, highlighted a few stocks and Microsoft Corporation (NASDAQ: MSFT) was one of them. Here is what the fund said:
“We have written extensively about Microsoft in recent commentaries. It was our leading contributor last year and one of our largest weightings within the Portfolio. It continues to experience business momentum through several dominant, essential, and competitively advantaged businesses, like Office 365 and Azure. The markets it competes for are enormous, which gives the company the ability to compound at scale. In the past quarter alone, the company generated over $40 billion in revenue, representing a 17% growth rate. The inherent operating leverage in Microsoft’s business model continues and led to 34% earnings growth this past quarter. Despite the broad rotation we saw in the first quarter and Microsoft’s robust performance in 2020, we think its business fundamentals continue to exhibit strength, and the stock continues to reflect the fundamentals.”
6. Anyswap
Anyswap is a cryptocurrency used on the Anyswap network that is based on the Fusion DCRM technology. It is geared towards the easy exchange of coins on the platform. Some of the features that it supports include decentralized cross-chain bridges, cross chain swaps, and programmed pricing and liquidity. It is placed sixth on our list of 10 cheapest altcoins popular on Reddit. The total supply of the coin is set at 100 million, out of which 10 million has been used for community and ecosystem development while 5 million for the initial liquidity.
In the crypto market, Facebook, Inc. (NASDAQ: FB), the California-based technology company, is also a good investment. Facebook, Inc. (NASDAQ: FB) has its own cryptocurrency, initially named Libra upon launch in 2019, and has also invested heavily in crypto-related firms.
At the end of the first quarter of 2021, 257 hedge funds in the database of Insider Monkey held stakes worth $40 billion in Facebook, Inc. (NASDAQ: FB), up from 242 in the preceding quarter worth $38 billion.
Alphabet Inc. (NASDAQ: GOOG), NVIDIA Corporation (NASDAQ: NVDA), and Tesla, Inc. (NASDAQ: TSLA) are some of the best crypto-related stocks, alongside Facebook, Inc. (NASDAQ: FB).
In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Facebook, Inc. (NASDAQ: FB) was one of them. Here is what the fund said:
“We continued to keep our learnings from 2020 in mind during the quarter as we sought to increase the up capture of the portfolio. We also made adjustments to the portfolio’s top 10 holdings to increase the participation of select stocks, including Facebook, while trimming our weighting to stable names, which now represent 47% of the portfolio. Our repositioning has been encouraging so far with the portfolio performing better on up days in the market while maintaining good down capture during more turbulent sessions.”
Click to continue reading and see 5 Cheapest Altcoins Popular on Reddit.
Suggested Articles:
- 15 Best Financial Stocks to Buy Now
- Reddit’s WallStreetBets is Buying these 10 Stocks for Post-Earnings Gains
- 10 Stocks Cathie Wood Is Selling
Disclose. None. 10 Cheapest Altcoins Popular on Reddit is originally published on Insider Monkey.
