11 Most Undervalued Crypto To Buy For 2023

With the 2022 cryptocurrency market crash, the term undervalued cryptocurrency has been thrown around a lot. An undervalued asset is one trading below its true value. This means it has a huge potential to go up over time. 

However, it is essential to note that only some crashed cryptocurrencies are undervalued. The good news is that you have come to the right place if you want to learn about the 11 most undervalued crypto to buy for 2023. 

Ready? Let’s get started.

The 11 Most Undervalued Crypto For 2023

Based on our analysis, here are the most undervalued cryptocurrencies to invest in 2023. 

  • Trust Wallet Token (TWT)   Fast-growing Cryptocurrency As Crypto Self-custody Grows
  • Chainlink (LINK)   Number One Decentralized Oracles Cryptocurrencies
  • Filecoin (FIL)   An Undervalued Cryptocurrency That Is Looking To Decentralize Cloud Storage
  • Bitcoin (BTC)   Reliable And Beginner-Friendly Cryptocurrency
  • Dogecoin (DOGE)   Top Meme Coin That Is A Favorite Of Elon Musk
  • Binance Coin (BNB)   Cryptocurrency That Powers The Largest Cryptocurrency Exchange
  • Ripple (XRP)   A Cryptocurrency That Has Huge Potential If Ripple Wins The Court Case
  • Cardano (ADA)   One Of The Most Advanced Smart Contracts Cryptocurrencies In The Market
  • Ethereum (ETH)   Top Smart Contracts Cryptocurrency Trading At Massive Lows
  • Shiba Inu (SHIB)   A Top Meme Coin That Has Made Entry Into The Metaverse
  • Decentraland (MANA)   One Of The Best Cryptocurrencies In The Fast-Growing Metaverse Space

 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

An In-Depth Analysis Of The Top 11 Undervalued Crypto To Buy In 2023

If you are looking to invest in cryptocurrency in 2023, there are over 10k cryptocurrencies to choose from. However, with so many scams in the market, investing in an undervalued cryptocurrency takes work. 

Luckily for you, we have compiled a list of undervalued cryptocurrencies that have a lot of potential in 2023. 

1. Trust Wallet Token – Fast-growing cryptocurrency as crypto self-custody grows. 

While the collapse of FTX tanked the crypto market, Trust Wallet Token was an unlikely beneficiary. The token rallied by more than 100% in November 2022 after the Binance CEO encouraged people to move their cryptos to self-custody wallets. The surge in usage of the Trust Wallet pushed up the value of the Trust Wallet Token. 

However, even after the recent surge in price, Trust Wallet Token is still an undervalued cryptocurrency. That’s because, after the recent collapse of FTX, one of the world’s largest cryptocurrency exchanges, many investors will start to question the safety of centralized exchanges. 

This makes self-storage wallets like Trust Wallet big beneficiaries. By extension, this means the intrinsic value of the Trust Wallet Token is likely to shoot up over time. Despite its rally, TWT token is a top undervalued cryptocurrency to invest in 2023. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

2. Chainlink – Number one decentralized oracles cryptocurrencies.

Chainlink is the largest decentralized oracles network in the market. The Chainlink network provides tamper-proof inputs and outputs for complex smart contracts on any blockchain. Delivering data-rich services from verifying GPS locations to pricing financial instruments, Chainlink oracles have powered some of the most popular applications in DeFi.

LINK, the native token of Chainlink, enables the incentivization of node operators who power the network and provide external data to smart contracts. The use of LINK as payment allows for real-time settlement between requesters and providers without counterparty risk. By connecting smart contracts to real-world data, Chainlink enables next-generation decentralized applications to launch with increased trustlessness, reliability, and security. With its large ecosystem of node operators, enterprises, tooling providers, and solution integrators, Chainlink is building the foundation for a fully decentralized economy.

Its market dominance is what earns LINK a place amongst the 11 most undervalued cryptocurrencies to buy in 2023. Chainlink is so dominant that it accounts for more than 60% of the total decentralized oracles market. This dominance has made Chainlink the default network for all networks in need of data for their smart contracts.

Even with its capabilities and market dominance, Chainlink’s price has taken a hit for the better part of 2022. From highs of $50 back in 2021, Chainlink is currently trading below $10. This makes LINK heavily discounted and a perfect undervalued altcoin to buy in 2023. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

3. Filecoin – Undervalued cryptocurrency that is looking to decentralize cloud storage.

Despite the cryptocurrency market crash of 2022, most analysts are bullish on the future of Web 3.0. This means fundamentally strong Web 3.0 cryptocurrencies that have taken a hit in 2022 are undervalued at current prices.

On this basis, Filecoin stands out as one of the undervalued Web 3.0 cryptocurrencies to invest in 2023. Filecoin is a cryptocurrency and digital payment system that uses blockchain technology to provide a decentralized way of storing and retrieving data. The Filecoin system is designed to be cooperative, with nodes working together to store and retrieve data. The system is open-source, meaning that anyone can contribute to its development. 

Filecoin is intended to provide an alternative to traditional storage methods, such as centralized servers. With Filecoin, data is stored on a network of nodes, and users can receive rewards for contributing their storage space to the network. In addition, Filecoin provides users with a way to pay for storage and retrieval services. The Filecoin system is still in its early stages of development, but it has the potential to provide a more efficient and decentralized way of storing and retrieving data.

Despite its strong use case, Filecoin’s price is currently off its all-time highs by over 70%. This means buying it now you would be getting it at a discount. If the market turns bullish in 2023, Filecoin is undoubtedly one of the most undervalued growth coins to invest in.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

4. Bitcoin – Reliable and beginner-friendly cryptocurrency.

Compared to most cryptocurrencies, Bitcoin’s price is quite high. If you want to buy Bitcoin, it is easy to get the impression that you are buying an overvalued asset. However, when you look at its history and future potential, Bitcoin is massively undervalued. 

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a publicly distributed ledger called a blockchain. 

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of 2022, there are more than 81 million Bitcoin wallets, an indicator of how much it has grown from a relatively obscure network back in 2009. 

At its peak price in November 2021, Bitcoin was trading at $69k. In November 2022, Bitcoin is trading at $16,000. This means, if you invest in Bitcoin today, you are getting at a 76% discount. That’s huge, and if the market turns bullish again in 2023, investors could be looking at an ROI of 3x or more.

The best part is that you can invest in a fraction of Bitcoin on most top cryptocurrency exchanges. For instance, at eToro, you can invest as low as $10 in Bitcoin.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

5. Dogecoin – Top meme coin that is a favorite of Elon Musk. 

Dogecoin shot in popularity in 2020 after Elon Musk started tweeting about it. Doge then became one of the best-performing cryptocurrencies in 2021, rallying by 12,000%. But after the crypto crash of 2022, is Dogecoin a good investment in 2023?

To answer this, it is important to understand what Dogecoin is all about in the first place. Dogecoin is a cryptocurrency that was created as a joke in 2013. It is based on the popular “Doge” meme, which features a Shiba Inu dog. 

Despite its humble origins, Dogecoin has become one of the more successful meme coins. It has a large and active community and is often used for tipping or charitable donations. Dogecoin also has a relatively low price, making it a good choice for small transactions. Thanks to its popularity, Dogecoin has become one of the more well-known cryptocurrencies and is often mentioned in the same breath as Bitcoin and Ethereum. 

What makes Dogecoin a truly undervalued cryptocurrency is its connection to Elon Musk. Musk used to tweet about Dogecoin throughout 2020/21. In 2022, Musk has bought Twitter, and speculation is rife that he could integrate Dogecoin as a payment method.

With all this going on, the price of Dogecoin remains highly depressed and is at a discount of more than 80%. This makes DOGE an undervalued altcoin and one of the best growth cryptocurrencies to buy in 2023. 

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6. BNB – Cryptocurrency that powers the largest cryptocurrency exchange.

Binance is now the world’s largest cryptocurrency exchange. This makes its native token, BNB, one of the most valuable cryptocurrencies in the world today.

However, besides its association with the Binance exchange, BNB stands out for its tokenomics.

As any cryptocurrency enthusiast knows, there are two main types of coins: inflationary and deflationary. Inflationary coins are designed to increase supply over time. On the other hand, deflationary ones have a limited supply that decreases over time. Binance coin is a deflationary coin, meaning that there is a fixed supply of coins and the number of coins in circulation drops every month. 

This is accomplished by burning a certain percentage of the coins that are traded on the Binance exchange. As a result, the demand for Binance coins increases as the supply decreases, which drives up the price. For investors, this makes Binance coin an enticing investment opportunity.

Despite these strong fundamentals, Binance Coin’s price, like the rest of the market remains depressed. At the moment, Binance Coin is trading at more than 70% off its most recent high. This means if there is a crypto resurgence in 2023, Binance Coin would have significant upside potential. This makes it a high-potential cryptocurrency to buy and hold in 2023. 

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7. XRP – A cryptocurrency that has huge potential if Ripple wins a court case.

XRP is one of the most popular cryptocurrencies today and for a good reason. It has the potential to disrupt the banking system and make cross-border payments more efficient. 

Ripple is a distributed financial technology company that enables banks and payment providers to send real-time global payments. The company’s mission is to enable the world to move value like information moves today.

Ripple’s open-source, decentralized protocol has been created with rules and incentives that encourage global financial institutions to use it for instant payments in cross-border payments. XRP is used in Ripple systems as an intermediary currency to facilitate these instant payments. By using XRP, banks can avoid the need for pre-funding, which can save on costs and increase efficiency.

In addition, XRP settlements are final and cannot be reversed, providing banks with an additional layer of security. As a result, XRP is an essential part of the Ripple ecosystem and is helping to revolutionize the way that banks make cross-border payments.

Despite its potential, XRP has faced a prolonged price crash largely due to the court case between Ripple and the SEC. Expectations are that the case could go Ripple’s way, and this would be a huge boost to the price of XRP. 

As the case draws closer to a conclusion, XRP’s potential as one of the most undervalued cryptocurrencies to buy in 2023 continues to grow. The expectations are so high that most XRP price predictions put its potential price at $5 in 2023. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

8. Cardano – One of the most advanced smart contracts cryptocurrencies in the market.

Cardano has, over the years, gained the respect of investors as one of the most solid cryptocurrencies in the market. 

Cardano’s Ouroboros is one of the most respected Proof-of-Stake algorithms in the market. It has a perfect balance between scalability, decentralization, and security. Cardano’s Ouroboros is based on a scientific philosophy that combines research and implementation to deliver a robust system that can be relied upon by users and investors alike. 

The algorithm has been constantly improved since it was first introduced in 2017, and it is now one of the most advanced and secure Proof-of-Stake algorithms available. With its excellent track record, Cardano’s Ouroboros is sure to continue delivering reliable and secure results for years to come.

In a market where high-profile cryptocurrencies fail unexpectedly, these solid fundamentals inspire faith in the Cardano blockchain. Cardano is likely to be one of the top smart contracts cryptocurrencies that gain traction alongside Ethereum. 

The best part is that Cardano is currently trading at a discount of over 70% from its most recent all-time highs. This means ADA’s one of the top undervalued cryptocurrencies to buy in 2023. It has good odds of performing well in a bull market. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

9. Ethereum – Top smart contracts cryptocurrency trading at massive lows.

Ethereum is the second-largest cryptocurrency by market capitalization. As such, it can’t miss among the most undervalued cryptocurrencies to buy in 2023.

Ethereum is a distributed public blockchain network for developing smart contracts. The native currency of the Ethereum network is Ether (ETH). Ethereum is the largest and most widely used blockchain platform for creating smart contracts.

Ethereum’s smart contracts are programming code that is executed on the Ethereum Virtual Machine (EVM), a decentralized virtual machine that runs on nodes on the Ethereum network. The EVM allows for code execution in a trustless, decentralized environment.

Ethereum’s smart contracts have been used to create various decentralized applications, including decentralized exchanges, games, and prediction markets. The Ethereum network has also been used to launch Initial Coin Offerings (ICOs), which have raised billions of dollars for blockchain projects.

As the world’s second-largest cryptocurrency by market capitalization, Ethereum has a lot riding on its shoulders. Fortunately, the team behind Ethereum is continually working to improve the network and make it more efficient. One of the most significant recent changes was the move from Proof-of-Work (PoW) to Proof-of-Stake (PoS). PoW requires miners to expend a large amount of energy to validate transactions and produce new blocks.

 On the flip side, Proof-of-Stake allows users to stake their ETH tokens to earn rewards. This change will help make Ethereum more sustainable in the long run, reduce transaction costs, and make the network faster. In addition, Ethereum is planning to move from a single-chain to a multiple-chain system, which will further improve scalability and performance. With these improvements, Ethereum is well-positioned to remain a leading player in the cryptocurrency space for years to come.

While Ethereum’s fundamentals make Ethereum one of the best altcoins to buy, its price in 2022 also makes it significantly undervalued. At its peak in November 2021, Ethereum was trading at $4800. Today, Ethereum is trading at $1200. This means Ethereum is trading at a 75% discount.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

10. Shiba Inu – A top meme coin that has entered the Metaverse. 

Shiba Inu easily stands out as one of the best meme coins ever created. Shiba Inu made history in the 2021 cryptocurrency bull market when it went up by over 48,000,000%. 

Shiba Inu has made significant strides in recent months. In addition to becoming one of the top cryptocurrencies by market cap, Shiba Inu has also started to build its own Metaverse. The Shiba Inu Metaverse is a decentralized virtual world for P2E gaming and other virtual use cases.

The Shiba Inu Metaverse is yet to gain traction, but the team behind Shiba Inu is confident it will succeed. With the Metaverse, Shiba Inu will offer a unique experience to users, and further cement its position as a top cryptocurrency. At the same time, the Shiba Inu team has created a layer-2 solution to make SHIB better, more scalable, and perfect for everyday transactions.

With all these developments, SHIB is trading at a huge discount from its 2021 highs. This makes it one of the most undervalued cryptocurrencies to buy in 2023. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

11. Decentraland – One of the best cryptocurrencies in the fast-growing Metaverse space

Metaverse cryptocurrencies must be among the most undervalued cryptocurrencies to buy in 2023. That’s because, while it is still a new space, the Metaverse is growing. Researchers believe that the Metaverse could contribute over $1 trillion to the GDP of Asian countries.

Decentraland is one of the largest Metaverse cryptocurrencies. Thanks to the crypto crash of 2022, it makes it to the list of undervalued Metaverse cryptocurrencies to buy in 2023.

Decentraland is a decentralized virtual reality platform. It allows users to create, experience, and monetize content and applications. Decentraland comprises a series of parcels of land that are interconnected and located in a 3D grid. 

Users can buy virtual land on Decentraland using MANA, Decentraland’s native cryptocurrency. Once they own a piece of land, they can develop it however they see fit. They can build anything from a simple website to a fully-fledged virtual world. Decentraland is still in its early stages, but it has the potential to become the world’s first decentralized virtual reality platform. With Decentraland, users are in control of their own virtual destinies.

Decentraland has, over time, attracting both retail and corporate investors. Major corporations like Samsung have invested in Decentraland virtual lands, an indicator o the potential they hold. 

Even as adoption continues to grow, the 2022 bear market has crashed the price of MANA tokens. Today, MANA is trading at a discount of more than 80%. This makes it one of the most undervalued altcoins in the market today. Once the market turns a corner, MANA’s fortunes could change. This makes it one of the most undervalued cryptocurrencies to buy in 2023. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How To Tell If A Cryptocurrency Is Undervalued

Many people believe that crypto assets are currently undervalued. While there is no guarantee that this will continue to be the case, buying an undervalued asset does provide the opportunity to get in at a discounted price. Of course, correctly identifying an undervalued asset can be difficult, and there is always the risk that the asset will never reach its perceived worth. However, for those willing to take on this risk, buying an undervalued crypto asset can be a great way to invest.

So, how do you go about finding cryptocurrencies that are undervalued? Here are a few steps you can use to identify undervalued cryptocurrencies to invest today.

Look at the macro trends

The cryptocurrency markets are notoriously volatile. However, like most tradable instruments, the cryptocurrency markets also go through cycles of bullish and bearish sentiment. During a bull market, prices tend to rise steadily over weeks or even months. This can be a great time to buy into the market, as prices are likely to continue to climb.

However, bull markets eventually come to an end, and this is typically followed by a period of price decline known as a bear market. Bear markets can last for extended periods and can be pretty painful for investors who are holding onto losing positions. However, bear markets also present an opportunity to buy low and sell high. Understanding the market cycles is essential for any investor looking to profit from the cryptocurrency markets.

Check out the cryptocurrency’s market capitalization

When evaluating a crypto asset, one of the first things to look at is its market capitalization. This figure gives you the project size and can be used to compare different assets. Market capitalization is represented by multiplying the total number of tokens in circulation by the current price. 

This figure can give you a good sense of how popular it is with traders. However, it’s important to remember that market capitalization is only one factor to consider when evaluating an asset. For better trades, also look at the team’s experience, the roadmap, and the project’s use case. If a project has strong fundamentals, then it may be worth investing in despite a lower market capitalization.

It is also noteworthy that cryptocurrencies with a low market capitalization tend to be riskier but have a bigger payoff. That’s because even a small amount of money can hugely impact the price. A low-cap new cryptocurrency may be riskier than Bitcoin, but it has the potential to do 10x or more in bull markets easily. 

How To Invest In The Most Undervalued Cryptocurrency For 2023

Up to this point, you have a good idea of the best-undervalued cryptocurrencies to buy in 2023. So, how do you go about buying them?

While there are multiple top cryptocurrency exchanges where you can buy undervalued tokens, eToro is one of the best.

eToro is regulated in key jurisdictions like the US, the UK, Australia, and Cyprus. This means your investment is always safe. eToro is also friendly to beginner investors, allowing them to trade for as low as $10.

How To Invest In Undervalued Cryptocurrencies Using eToro

Signup for an account

To signup for an eToro account is easy. Go to the eToro hope page, click signup then fill in your email address and password. 

Get verified

Once you have created an eToro account, upload your verification for KYC purposes. After eToro does KYC on you, the account will be ready to use.

Deposit funds

The next step is to fund your account. eToro has multiple deposit options available so this should not be a problem. You will be spoilt for choice from debit cards and wire transfers to e-wallets like PayPal and Skrill. 

Buy undervalued cryptocurrency

Once your funds are ready in your account, look for undervalued cryptocurrency, and buy. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Conclusion

This article has explored the 11 most undervalued cryptocurrencies to buy in 2023. Each of these cryptocurrencies has the potential to do well in 2023. However, our analysis shows that Trust Wallet Token could outperform the rest in 2023. That’s because, with the collapse of FTX and other negative events in 2023, more people are likely to move towards decentralized cryptocurrency storage.

eToro – Best Platform To Buy Undervalued Cryptocurrencies

Open an account with eToro, deposit some funds with USD, and finally – buy cryptocurrencies for just $10.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

FAQs

Are cryptocurrencies undervalued today?

While only some things that crashed in 2022 are undervalued, those we discussed in the list above are undervalued.

How do I identify good undervalued cryptocurrencies?

There are multiple ways, but the best is to look at the market capitalization, core fundamentals, and, most importantly, the macro factors affecting the market.

How do I buy undervalued cryptocurrencies in 2023?

While there are many exchanges where you can buy, eToro is the best. eToro is regulated, which means your money is safe. eToro also allows you to invest as low as $10.

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