The cryptocurrency market is consolidating, and analysts expect a breakout as the Bitcoin halving draws nearer. This leads to the question, what is the most undervalued cryptocurrency to buy today? It’s the question we seek to answer in this article by looking at some of the cryptos showing growth potential.
The analysis is informed by the fact that the crypto market is flooded with over 15,000 crypto coins, and many more are coming up daily. To ensure that investors only invest in quality cryptocurrencies, this article looks the best-undervalued coins based on their use cases, relevance in the news, and market capitalization.
Undervalued Cryptocurrency To Buy
Here, we look at high-potential cryptocurrencies that are showing promise for exponential value growth. The article touches on Chainlink as buyers continue to pile in, anticipating a breakout, Bittensor’s continued appeal to VC investors, and Gorilla’s potential to become the top meme coin in 2024. The article also touches on Worldcoin’s latest partnership with a Web 3.0 project and Render Token’s addition to the Coinbase roadmap.
Chainlink has been stuck between $15 and $17 for weeks now. However, in the past week, there has been an increase in buyer activity. This is mainly driven by anticipation that Chainlink could soon break out of this range and test $30 in the short term.
As I previously mentioned, I’m looking for price to close below $14.93 on January 31st so that we can have our first red month since the breakout… pic.twitter.com/v4DI5sbTa0
— Top Marine 🪖 (@SameDayTrades) January 29, 2024
The key factor behind the excitement around Chainlink is the expectation that Ethereum is about to turn bullish. This is thanks to the success of an ongoing testnet that, once it goes live, could see Ethereum scale by up to 100k TPS. Since Chainlink’s price tends to move in tandem with that of Ethereum, experts expect Chainlink to record a price increase and break out of the consolidation phase it has traded in for weeks.
The growing interest in Chainlink is evident in its price metrics. In the past 24 hours, Chainlink has been among the few top 20 cryptocurrencies in the green. Trading volumes have also increased exponentially, rising by 70.43% in 24 hours to $738.43 million and at a market capitalization of $8.9 billion. With the attention Chainlink is getting from investors, it is a cryptocurrency to watch.
Bittensor has been one of the best-performing cryptocurrencies this week. It currently has a market capitalization of $2.7 billion, a significant increase in just a few days. Bittensor is exciting investors by being one of the top AI cryptocurrencies in the market today.
Bittensor wants to democratize machine learning and make the benefits of AI available to all. This has caught VCs’ attention, who have been aggressively investing in Bittensor in recent weeks.
The impact of the growing investments in Bittensor is evident in the price. In the past week. Bittensor has rallied by more than 50%, outpacing most large cryptocurrencies. This rally has seen Bittensor break a critical resistance level on the day charts. With this, the odds are that Bittensor could keep soaring in the coming days and weeks. Investors looking to make the most of the bull market are keenly watching the token.
Gorilla is one of the top meme coins that are currently making waves. In the last 24 hours alone, it has doubled in price, and the momentum is building up. Investors are attracted to Gorilla because it is more than a meme coin.
While most meme coins have nothing more than the hype around them and their founders, Gorilla has use cases that could propel it forward. For instance, it has a DEX swapping platform that promises to make trading more efficient and profitable.
It seems the graph has hit bottom, we are going to follow it to see how the price progresses in the next few days!!! pic.twitter.com/1yKwt8nr9t
— Alexander Vasquez 🌙 (@Alex_Vasquez86) January 31, 2024
Investors are also drawn to Gorilla thanks to its low token supply. While most meme coins tend to have a token supply in the trillions, Gorilla only has a circulating supply of 790 million and a total supply of 898.93 million. This, and the fact that fees from the various activities from the network are reinvested into the tokens, gives it a lot of growth potential.
Gorilla is trading at $0.00478 with a market capitalization of $3.5 million. This relatively tiny market cap gives Gorilla significant room for growth going forward.
Worldcoin made headlines a while back with its eye scan that was happening worldwide. While that hype may have fizzled out, investors are taking a renewed interest in Worldcoin. The latest source of attention is the partnership between Worldcoin and Kresusm, a web 3.0 SuperApp.
Through this partnership, the teams behind Worldcoin and Kresus will work together on mutually beneficial areas. For context, Kresus is a developer of seedless wallets. Such wallets make cryptocurrencies more accessible to non-techies, which is a plus for Worldcoin.
While Worldcoin has dipped intra-day, the news of the partnership has put it among the top trending cryptos today. This means the dip could present an opportunity for investors seeking to profit as the price recovers. Worldcoin is currently trading at $2.34, with a market capitalization of $287.24 million.
Render Token (RNDR)
At a time when the demand for GPU computing power is growing exponentially, Render Token has gained the attention of crypto investors. Render token is designed to help the computing power of GPUs in a distributed network.
While the use case is a big reason to consider investing in the Render token, the most important one is that it has been put on Coinbase’s listing roadmap. This is a big deal, making Render token available to an even bigger audience. At a time when bulls are retaking control of the market, this could be a big deal for Render Token’s value growth.
RNDR/USDT Chart (Source: TradingView)
Render Token is currently trading at $4.61. Since the Coinbase news came out, volumes have shot up by 52.90% to hit $206.4 million. It could be an indicator of good things to come. Render Token currently has a market capitalization of $1.734 billion.
DISCLAIMER: The educational contents on our website is offered in good faith and for general information purposes only. crypto2community.com prioritizes providing high-quality information, taking the time to research and create informative content for users. The opinions expressed in this page are for informational purposes only. Any action taken by the reader based on this information is strictly at their own risk.