I need to preface this by sharing my opinion on bitcoin. In my view, bitcoin is and always will remain the most important cryptocurrency in existence. It's where it all started, it go so big and so fast and even though it came close to failing a couple of times, it never did. I'd never call it overvalued, even if the price got to a trillion dollars per coin. I'd still call it undervalued.
Before I put my money in coins and tokens that aren't ethereum or bitcoin, I always ask myself three questions: what's it for? Is there a problem that this coin solves? And is the current realistic?
There are a few coins/tokens that I think are undervalued, so I thought I'd take a minute to list them here and explain why in a few simple sentences.
1. Algorand (ALGO)
Current price: $1.67 (at the time of writing)
Why is it undervalued? Algorand is much faster and cheaper than most alternative coins and tokens, which makes it ideal for transactions. Let's say I wanna buy a watch you're selling and say I wanna pay using Algorand, from the second I hit 'send' and confirm the transaction, it literally takes more time for you to remove your wristwatch and give it to me, than it takes for the transaction to arrive. On top of that, you don't have to stake or lend your Algo to see your balance appreciates in time, all you gotta do is deposit Algo into an Algorand wallet, and that balance will automatically grow by 3-6% on a yearly basis.
2. Chiliz (CHZ)
Curret price: $0.3121(at the time of writing)
Why is it undervalued? Chiliz is the currency that's used to transact and operate within the Socios.com platform, a space designed for sports enthusiasts, allowing them to win prizes (tickets, signed merchandise and kits and so on), as well as have a say in the decisions of sports teams. The thing is, most people are into sports. Virtually every and any sports team can partner up with Socios.com, and Chiliz represents that world and that potential.
3. Polygon (MATIC)
Current price: $2.52 (at the time of writing)
Why is it undervalued? Matic allows you to do pretty much everything you can do with ethereum but it's a lot cheaper and more efficient, it'll never surpass eth, and it'll never beat, but 2.52 vs 4.7k? It sounds a bit undervalued to me.
What do you think? Are these undervalued? Are there are any other coins/tokens that are undervalued? Let me know in the comments below.
I've crossposted this article on blog bitcoinea