2 cheap cryptocurrencies to buy now

Cryptocurrencies have gained immense popularity over the last decade, attracting investors from all over the world. However, the excellent profit potential comes with significant risk. Cryptocurrencies are known for their high volatility, making them a risky investment for many. For this reason, many investors choose to maintain a more traditional, 60/40 portfolio of stocks and bonds, respectively, or a mix of the two that makes sense.

In my view, the following two cryptocurrencies should be considered as buying opportunities in the current environment. Personally, I believe that a banking crisis could be the so-called tide that lifts all cryptocurrencies. If this were the case, these two cryptocurrencies should see a significant inflow of capital, both from institutional and retail investors.

1. Bitcoin

As far as conservative investments in the cryptocurrency industry go, there are few that can compete with Bitcoin. The world's first cryptocurrency, Bitcoin remains the dominant player in the industry, with a market capitalization of over $560 billion at the time of writing.

Bitcoin's value is often derived from the project's historical performance and stability as a secure and decentralized means of exchanging value around the world. As a result, while Bitcoin has not yet achieved widespread use as a currency, the decentralized status of this network and its widespread use are seen by many as a hedge against the existing traditional financial infrastructure.

With several bank failures behind them, including the most recent First Republic failure last week, it is clear that investors are looking to hedge their portfolios against systemic risks previously thought impossible. Furthermore, as the debt ceiling crisis approaches, currency risks increase, prompting many to look for asset classes that can perform well in such an environment.

In recent days, the performance of Bitcoin seems to indicate that this token, often referred to as "digital gold", could have some value in this regard. Bitcoin continues to challenge $30.000 and could be poised for a breakout higher if, paradoxically, things get worse in the banking sector. 

2 Ethereum 

Ethereum is a cryptocurrency that is highly regarded by investors around the world for various reasons.

First, it is the second largest cryptocurrency out there, after Bitcoin. Second, Ethereum's massive smart contract network is the hub of decentralized finance for a plethora of cryptocurrency projects. I don't think this will change anytime soon.

Ethereum's rise is almost entirely attributable to the network's early adoption of smart contracts, which allow decentralized applications to be built on top of blockchains. The growing popularity of cryptocurrencies over the years has made possible a number of use cases that were not previously thought possible.

As a result, many see Ethereum as an alternative to Bitcoin that produces real value for users.

Bitcoin and Ethereum are here to stay

There are many reasons why many investors don't want to touch cryptocurrencies. From twists and turns to outright scams and price drops exceeding 90%, this sector is clearly seen as a very high-risk proposition, which may not bode well for cryptocurrencies in tough economic times.

That said, Bitcoin and Ethereum have proven their staying power and have the size and scale to continue to support industry growth. For those looking to diversify into this asset class, these are the two tokens I would own right now.