In this article, we discuss the 5 cheapest altcoins popular on Reddit. If you want to read our detailed analysis of these currencies, go directly to the 10 Cheapest Altcoins Popular on Reddit.
5. Polygon
Polygon is a cryptocurrency started in 2017 and first launched in 2020. It is based on the Ethereum blockchain and is compatible with DeFi, DApps, and DAOs. It aims to be a platform that integrates all Ethereum-based networks. It is ranked fifth on our list of 10 cheapest altcoins popular on Reddit. The founders of the firm originate from India and the coin is very popular in the Asian country. In May this year, despite being one of the cheapest coins, it crossed $10 billion in market capitalization.
For those interested in investments related to crypto, Alphabet Inc. (NASDAQ: GOOG) presents a solid profile. It is the parent company of internet search engine Google. Alphabet Inc. (NASDAQ: GOOG) recently decided that it would allow advertisements related to Bitcoin, the most popular cryptocurrency, on its platform.
Out of the hedge funds being tracked by Insider Monkey, London-based investment firm TCI Fund Management is a leading shareholder in the firm with 2.9 million shares worth more than $6.1 billion.
In its Q1 2021 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and Alphabet Inc. (NASDAQ: GOOG) was one of them. Here is what the fund said:
“Large-cap tech companies have been resilient through the pandemic—Alphabet among them. A top contributor, Alphabet’s Play Store and Google Cloud are in demand as businesses accelerate online activity which, along with strong YouTube user growth, is helping stabilize temporarily weaker search ad revenue trends. Through the lens of our disciplined bottom-up research process, we view Alphabet as one of the best businesses in the world, capable of expanding revenues at a rapid rate for years to come, with a bullet proof balance sheet and an average asking price. It’s a name we’ve owned since 2012 and for which we continue to have high hopes regarding future prospects.”
4. VeChain
VeChain is a cryptocurrency started in 2017 by a Chinese firm named BitSe. It is placed fourth on our list of 10 cheapest altcoins popular on Reddit. The blockchain on which it is based concentrates on financial services, supply chain solutions, and smart contracts. The currency holds the honor of being the first digital coin to partner with the Chinese government. It is also the first to come up with a disaster recovery plan. The coin is now heavily focused on the internet of things universe.
Financial firms like CME Group Inc. (NASDAQ: CME), the Illinois-based derivatives exchange, have also reaped benefits from the rise of cryptocurrencies. CME Group Inc. (NASDAQ: CME) recently launched micro bitcoin futures and beat market expectations on earnings per share and revenue for the second quarter.
At the end of the first quarter of 2021, 60 hedge funds in the database of Insider Monkey held stakes worth $2.3 billion in CME Group Inc. (NASDAQ: CME), up from 58 the preceding quarter worth $2.2 billion.
In its Q1 2021 investor letter, Cooper Investors, an asset management firm, highlighted a few stocks and CME Group Inc. (NASDAQ: CME) was one of them. Here is what the fund said:
“CME has been owned by the portfolio for five years. CME’s strategic positioning as a monopolistic global financial exchange operator will continue to afford the business a highly attractive margin profile. CME is well managed however we can no longer identify clear value latency opportunities for the management team to execute against and so decided to exit our position.”
3. Stellar Lumens
Stellar Lumens is ranked third on our list of 10 cheapest altcoins popular on Reddit. It is a cryptocurrency started in 2014. The founders of the coin were Jed McCaleb and Joyce Kim. The platform on which it is used aims to act as a settlement network between banks and markets super fast digital payments. It was developed by the Stellar Development Foundation. Transactions on the network can be completed in 3-5 seconds and the fees are as low as $0.01. It is one of the cheapest but most popular coins.
Investors interested in crypto should also check out Mastercard Incorporated (NYSE: MA), the New York-based payments processing firm. Mastercard Incorporated (NYSE: MA) recently launched a crypto-focused card and beat market expectations on earnings per share and revenue for the second quarter.
Out of the hedge funds being tracked by Insider Monkey, Virginia-based investment firm Akre Capital Management is a leading shareholder in Mastercard Incorporated (NYSE: MA) with 5.8 million shares worth more than $2 billion.
In its Q4 2020 investor letter, Bretton Fund, an asset management firm, highlighted a few stocks and Mastercard Incorporated (NYSE: MA) was one of them. Here is what the fund said:
“While consumers resumed much of their spending by summer, what and how they used their Visas and Mastercards changed. For obvious reasons, people shifted to contactless payments—one of the Covid-era changes we think is permanent—and replaced travel purchases with online shopping and food delivery. Consumers spent more on their debit cards and less on their credit cards; Visa and Mastercard make more per transaction on the latter. They also make more on cross-border transactions that come mostly from international travel, which ground to a halt early in the pandemic. Visa’s and Mastercard’s earnings per share fell by 7% and 16%, respectively, compared to their usual mid-teens growth. We’re not too worried, and we think they’ll catch up nicely in the post-vaccine world. Visa’s stock returned 17.1% and Mastercard’s 20.2%.”
2. AMP
AMP It is placed second on our list of 10 cheapest altcoins popular on Reddit. It was announced in 2020 and released as a partnership between Flexacoin and Consensys. It has a fixed supply of 100 billion tokens out of which about 35 billion are in circulation. It is built on the Ethereum blockchain. The coin is among the top 50 cryptocurrencies in the world in terms of market capitalization and the usage of the coin has been increasing as it one of the fastest ways to pay for retail items, unlike bigger coins which have processing times and higher fees.
Coins like AMP have become more integrated with the digital ecosystem with the help of firms like Tesla, Inc. (NASDAQ: TSLA), the California-based EV maker. Tesla, Inc. (NASDAQ: TSLA) has seen soaring in recent days on the back of strong EV delivery reports from China. The company has a market cap of over $700 billion.
Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Tesla, Inc. (NASDAQ: TSLA) with 24.4 million shares worth more than $16.3 billion.
Here is what Baron Partners Fund has to say about Tesla, Inc. (NASDAQ: TSLA) in its Q1 2021 investor letter:
“Tesla, Inc. designs, manufactures, and sells fully electric vehicles, solar products, energy storage solutions, and battery cells. The stock fell during the quarter as a result of general market dynamics and a potential production slowdown due to parts shortages. A refreshed S/X and China Model Y ramp could also have a negative impact on margins in early 2021. We anticipate strong growth and improved margins driven by new production capacity, manufacturing efficiencies, localization of its manufacturing and supply chain, and maturation of Tesla’s full self-driving technology.”
1. Chainlink
Chainlink is a cryptocurrency launched in 2017 by SmartContract, a San Francisco-based firm. It is ranked first on our list of 10 cheapest altcoins popular on Reddit. It utilizes a blockchain oracle network built on Ethereum. Sergey Nazarov and Steve Ellis were the original developers on the coin that has a supply limit of 1 billion, with about 441 million presently in existence. The coin has a market cap of over $7 billion. Some new features on the platform include off-chain computation, crypto-economic staking, and privacy preserving.
Coins like Chainlink are mindset using machines from NVIDIA Corporation (NASDAQ: NVDA), the visual computing firm based in California. NVIDIA Corporation (NASDAQ: NVDA) recently earned a Buy rating from investment advisory Rosenblatt. In the ratings update, the price target on the stock was increased to $250 from $200.
At the end of the first quarter of 2021, 80 hedge funds in the database of Insider Monkey held stakes worth $6.2 billion in NVIDIA Corporation (NASDAQ: NVDA), down from 88 the preceding quarter worth $8.6 billion.
In its Q1 2021 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ: NVDA) was one of them. Here is what the fund said:
“NVIDIA Corp. is the dominant supplier of Graphics Processing Units (GPUs) worldwide. NVIDIA’s GPUs are at the intersection of a number of important computing trends including the movement to the Cloud, artificial intelligence, autonomous vehicles, edge computing, gaming, and more. We previously owned NVIDIA and sold it in the third quarter of 2020 as the price to value gap closed and our margin of safety was reduced. As with all our MVP companies, we continued to follow NVIDIA closely. Since that time, NVIDIA reported excellent results and its value has compounded rapidly. The technology selloff at the beginning of the year negatively affected the stock price while our estimate of NVIDIA’s value per share increased. This happy combination of events created a margin of safety and an opportunity to once again add NVIDIA to the portfolio.”
You can also take a peek at 10 Companies that Benefit From Crypto Mining and Forget Bitcoin and Ethereum: 10 Best Cryptocurrencies Redditors are Buying.
