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3 Underrated Cryptos to Buy Before They Take Off

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One of the central tenets of investing is finding underrated and undervalued assets and putting your money behind them. That’s as true in the stock market as it is in the cryptocurrency market and any other market.

The cryptocurrency market continues to evolve at a rapid pace. Bitcoin ETFs are seen as legitimate, and Ethereum ETFs appear to be on the way soon. Blockchain based assets are becoming more deeply integrated into the fabric of the financial system. That alone is one reason, among many others, to consider investing in the space.

At the end of the day finding value is the name of the game. The cryptocurrencies discussed below appear to have exactly that.

DeFiChain (DFI-USD)

Defi Dapps like OptiFi are vulnerable to developer's user error

Source: Vladimir Kazakov/Shutterstock.com

DeFiChain (DFI-USD) has a mission to maximize the full potential of DeFi within the Bitcoin network. It has broad goals like improving scalability, security, and decentralization overall.

The basic premise of DeFiChain is very similar to that of a standard banking network: facilitate borrowing, lending, investing, and saving. Sounds a lot like a standard bank, right? it is with the exception of decentralization. DeFiChain operates on a decentralized platform that allows decision making to be distributed rather than centralized within the banking institution. 

This too sounds nice but why should we care at the moment?  The answer there is that Bitcoin is becoming more and more integrated within the standard financial system. DeFiChain has a chance to fulfill its mission currently. By ensuring that Bitcoin doesn’t become just another centralized asset, DeFiChain can further fulfill its original mission.

Investors can buy the token for 12 cents. It was worth $5 in the past so it’s possible that it once again takes off.

IQ Token (IQ-USD)

man's hand holding wads of cash. stocks to buy. russell 2000 stocks to buy

Source: Vova Shevchuk / Shutterstock.com

IQ Token (IQ-USD) is one of several thousand lesser-known cryptos that trades at incredibly low prices. And because it trades for a fraction of a penny, it can provide rapid returns. In fact, that’s exactly what has happened in recent days. For example, during one 24-hour period its value increased by more than 34%.

The primary purpose of IQ token is building a crypto ecosystem that leverages AI and blockchain technology. The ecosystem includes apps like IQ.wiki, the world’s largest cryptocurrency in the blockchain encyclopedia. 

Also, the project is engaged in other leading edge blockchain applications. Recently, the company collaborated with Ex Sports to develop the world’s first web3 mobile camel racing game, AI Hejin. Players race camel NFTs against one another for rewards. AI Hejin released 20,000 of the NFTs valued at $80,000. Those NFTs will compete against one another between Jan. 27 and Feb. 10.

Cardano (ADA-USD)

Cardano (ADA) token with blue and orange digital background.

Source: Stanslavs / Shutterstock

Cardano (ADA-USD) continues to be favored as a long-term crypto project with high potential. That’s nothing new from the smart contract platform that grew out of disagreements between Ethereum’s founders.

Today though, ADA trades for approximately 50 cents after having passed the $3 threshold in 2021. Cryptocurrency pundits identify it as a project with potential to reach $10 in 2024.

Those experts speak generally of Cardano’s strengths which include real world use cases and utility over hype.

The primary reason to believe that ADA will continue to develop a platform with real world utility is its strict adherence to empirical evidence. The company is well known to use it as a guiding principle over all else. The project implements upgrades based on leading computer science evidence rather than meme-based trends, for example. A $10 price point seems to be a stretch goal for 2024. If Cardano can break a dollar, that would satisfy a lot of investors given its current price.

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.

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