There are three penny cryptos for investors to consider, each offering unique opportunities and risks. It could be a good time to consider adding some of these coins to a portfolio, especially against the backdrop of Bitcoin’s (BTC-USD) recent climb to $59,000 and the anticipation surrounding the upcoming halving event.
The recent surge in Bitcoin’s price has reignited interest in the broader cryptocurrency market, including penny cryptos. As investors seek alternatives to Bitcoin and other established cryptocurrencies, penny cryptos can offer a chance to invest in projects at a relatively low entry point.
Although there’s no guarantee that the halving event will be accretive for crypto investors, I believe it will be and that now is one of the best times for investors to park their cash in these promising coins.
So here are three penny cryptos for investors to consider.
Chiliz (CHZ-USD)
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Chiliz (CHZ-USD) is known for its approach to enhancing fan engagement in the sports industry through blockchain technology, specifically with its platform Socios.com. The platform has secured partnerships with major sports entities like FC Barcelona, Manchester City and UFC.
For 2024, Chiliz’s prospects look promising, with predictions suggesting a price increase of up to $0.25. This forecast aligns with the anticipated growth in demand for fan tokens as more sports clubs seek to engage their fanbases through blockchain technology.
There’s also strong potential for the CHZ coin to go parabolic. This is because its current market cap is around $1.28 billion, with a total circulating supply of 8.89 billion CHZ coins. Its small supply and market cap mean there’s a lot of room for it to rise in value. Furthermore, analysts have pointed to Chiliz as a standout investment, especially for those looking for high-potential returns in the crypto space.
Harmony (ONE-USD)
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Harmony (ONE-USD) is designed to facilitate the creation and use of decentralized applications (DApps). The platform focuses on processing speed and validation.
I think that Harmony is one of the best picks right now for investors who are bullish on the future of dApps and their disruptive potential. Previously, Harmony has worked on integrating decentralized and cross-chain functionalities, such as cross-chain NFTs to OpenSea, fixed-rate products, decentralized RPC and bridges to major blockchains.
While in the short term, things look very positive for the coin. Harmony could trade between $0.022174 to $0.043107 in 2024. This prediction indicates a potential increase of up to 91.12% from its current value. Enhancing the bull case is its market cap of $318.77 million and a 24-hour trading volume of $48.52 million. The circulating supply is 13.81 billion, which puts it at the lower end and thus gives it more upside.
VeChain (VET-USD)
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VeChain (VET-USD) targets the supply chain and logistics sector, offering blockchain solutions to enhance supply chain management processes. VeChain’s partnerships with global brands, such as BMW and Walmart China, highlight its practical applications. The best is yet to come for VET investors.
Looking further into the future, predictions for VeChain’s price in 2025 and beyond remain positive, with expectations of continuous growth. For instance, VeChain is forecasted to trade at a minimum of $0.0849 and could reach up to $0.1060 on average in 2025. This shows the long-term confidence in VET’s market performance and its potential for substantial ROI.
VET is one of the few penny cryptos that have proven itself through partnerships with major companies in the real world. So, for all these reasons and more, I’m bullish on VET for the upcoming halving event and think it will be worth more.
On Low-Capitalization and Low-Volume Cryptocurrencies: InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: How to Avoid Popular Cryptocurrency Scams
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.
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