Cryptocurrencies are a favorable investment option for many investors in today’s world. But the market is full of fluctuations and as an investor; you must have the capacity to tolerate risks. Now, this year has not been a great one for the crypto industry. Also, November was one of the toughest months for the Cryptocurrency industry as a whole!
There are different reasons behind this month being the hard one. There was the downfall of the Crypto giant, FTX. The collapse of this giant exchange led the entire market into a series of adverse effects. Many cryptos are facing huge losses and fall in their value due to this breakdown. But, here are some options in penny Crypto. Before investing in bitcoin, you can read about what is cryptotrader?
The Best Penny Crypto To Invest In This Time Of The Year
Despite going through a tough time, the market still has some coins that are worth investing in! These penny Cryptos are an affordable option and you can add them to your portfolio without any higher risks. The top options in penny Cryptocurrencies are:
Bonfida
This project is operating on the ecosystem of Solana. The token FIDA has not been showing any high performance in recent times and there is a fall in its value too! This occurred as investors lost trust in the Solana network and all its applications after the FTX collapse. As Solana has been linked with Alameda and FTX for a long time, investors were avoiding the aspects of Solana as well.
This project is among the initial outlets operating on the network of Solana. And it offers some interesting products for the ecosystem. Along with that, it helps in bridging the gap between Solana and all its users. Despite its downfall by around 80%, experts believe that the rates of FIDA will revive and reach back to their peak.
Algorand
This is another prominent layer-1 network of this market. Also, it is Ethereum’s biggest competitor and developers use it to develop different types of applications in the crypto space.
There has been a plunge in its price, which is by 88%, from its all-time high rates. But you can consider this coin because it is now in partnership with none other than FIFA. It entered into the deal a few months back and with this deal, the project is the official Blockchain partner of FIFA.
Also, it builds NFTs for FIFA and is focusing on its advertisements in the event. With this, there are higher chances that the prices will get better too! Considering these aspects, you can invest in this penny crypto and earn a decent return.
FTX Token
It is the native coin of the giant exchange, FTX, which is facing a recent collapse. With the downfall of the company, the value of this token has also fallen by 90%, which is a huge amount. And, the market capitalization of the token is plunging to around 400 million USD.
Though it seems that FTT is a bad investment decision at present, that is not the reality. The collapse of FTX does not mean that the token will move at a complete zero. Rather, there are higher chances that the coin will revive soon.
Where To Buy The Tokens?
If you are wondering where to get these penny tokens, then look out for these platforms –
Binance
It is one of the prominent crypto platforms around the globe. If you are a professional or experienced trader, this platform is a better match for you. You can get these tokens on this platform.
Coinbase
This is another international Cryptocurrency exchange that is good for beginners as well. It has a wide range of tokens that you can choose from. You can find all these penny tokens in this outlet too!
Bitfinex
Here, you can find advanced services that you can employ for trading. Find your favorite penny Cryptocurrency on this platform.
Conclusion
When the dominant Cryptos in the industry are not performing well and the entire market is passing through a tough phase, these penny cryptos can be your savior. These coins are quite affordable and accessible at present.
