Polygon (MATIC)
The cryptocurrency market offers numerous opportunities, including lesser-known altcoins trading below $1. While these altcoins come with higher risk, they also have significant growth potential. For investors with a higher risk tolerance, allocating a portion of their investment capital to these altcoins can diversify their portfolio and potentially lead to significant gains during the upcoming bull market.
Ethereum’s popularity has resulted in high gas fees for users. Polygon (MATIC) functions as an Ethereum Layer 2 scaling solution, enhancing the scalability and functionality of the Ethereum network. It has gained traction among DeFi platforms and can process thousands of transactions per second, a substantial improvement compared to Ethereum’s TPS rate.
MATIC is currently trading at $0.5757 with a 3.52% increase in the past day. It has a 24-hour trading volume of 58,645,182.60 units.
Stellar (XLM)
Stellar (XLM) is valued at $0.1083 with a slight 48-hour increase of +4.8%. The price has been oscillating around the 61.8% Fibonacci Retracement level, which serves as strong support. However, persistent selling pressure presents concerns for bullish traders. If consecutive green candles do not appear soon, there’s a possibility that the price will test the 78.6% retracement level.
XLM has a trading volume of 58,479,936.00 units over the past 24 hours.
Dogecoin (DOGE)
Dogecoin has one of the largest communities in the cryptocurrency space and over four million token holders. It also has celebrity endorsements from figures like Elon Musk, Gene Simmons, and Snoop Dogg. However, DOGE is the riskiest cryptocurrency out of the three discussed here due to its lack of utility.
DOGE is currently priced at $0.060 with a 3.4% increase in the past 24 hours. It has solid support at the $0.030 mark, but its future price is heavily influenced by the news cycle and difficult to predict.
Hot Take: Proceed with Caution
The cryptocurrency market presents exciting opportunities for investors, especially in lesser-known altcoins trading below $1. However, these altcoins come with higher risk, and it’s important to exercise caution when investing in them. Allocating a small portion of your investment capital to these altcoins can diversify your portfolio and potentially lead to significant gains during a bull market. However, it’s crucial to thoroughly research and understand each altcoin’s fundamentals and risks before making any investment decisions.
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