After Gold, the Indians, now have found a new way of saving money by investing in cryptocurrencies. In the past few year, India’s investment in cryptocurrency has surged by 19,900 percent.
Although the country has an uncertain regulatory environment for cryptocurrency, still the youngsters are ready to take the risk. Cryptos are becoming a new safe haven for the people, who belong to the age group of 18-35 years.
Investing in cryptocurrency is easy but choosing the best out of it is difficult. When a new investor enters into the crypto industry, one main question arises in their mind is which is the best cryptocurrency to invest in?
We invest in something to earn profit from it, if we do not receive that, then there is no point in investing in any kind of asset. In this article, we will explain which are the top 10 cryptocurrencies for Indian investors. Even though the crypto market has a volatile nature, these digital assets are expected to yield results.
- Bitcoin- It’s the very first cryptocurrency that was introduced in the year 2009. Bitcoin is considered to world’s largest cryptocurrency according to its market capitalization, which is $646 billion. In today’s time, everyone around the world knows about Bitcoin. People, who are its loyal investors, learn about its potential through a market dip. As the year 2021 started, Bitcoin reached its all-time high position at $60,000. After seeing its performance many market experts claimed that the world’s largest cryptocurrency will surpass the value of $60,000, which proven to be true. Currently, the digital asset might not be at its all-time high position, but it is still performing well in the market. Slowly, Bitcoin is becoming a reliable digital asset around the world. In some regions of the US and Europe, Bitcoin is being used as the payment mode.
- Ethereum- In today’s time, Ethereum is considered to be a favorite cryptocurrency and blockchain network of developers. The world’s second-largest cryptocurrency according to its market capitalization, has a smart contract feature that allows the developers to build several blockchain applications around it. Five years ago, the value of Ethereum was around $11 but now, it has reached $1967.
- Tether- Tether is the most suitable cryptocurrency to invest in. Unlike other cryptocurrencies, this stable coin does not have much risk involved, this is because its value is pegged to a US dollar. For instance, if an individual purchases 1 USDT, he or she would have to pay $1 for it. Notably, this stable coin is different from other cryptocurrencies in the market, as it can easily bear the market fluctuation.
- Binance Coin- It’s the fourth largest cryptocurrency with a market capitalization of $43 billion. The traders can use the BNB coin to pay for goods and services and settle transaction fees on the Binance exchange. The owner of the BNB coins are also allowed to trade this digital asset for other cryptocurrencies. As long as, Binance exchange is active in the market, BNB will continue to grow.
- Cardano- It is a public blockchain platform that uses proof-of-stake to reduce transaction time and energy usage. Just like Ethereum, Cardano allows smart contracts and decentralized applications to add more utility factors.
- Dogecoin- Today, who is not aware of Dogecoin. After Elon Musk’s one tweet, this cryptocurrency suddenly started growing in the market. The cryptocurrency was started as a meme but in recent times, it is considered to be one of the most prominent digital assets for investment. Dogecoin has a market capitalization of over $44billion and considered one of the largest cryptocurrencies in the market.
- XRP- This token was introduced by Ripple, a real-time settlement system. Currently, it is widely being popularized among investors because of its ability to combat market volatility. The investors are allowed to trade XRP for other cryptocurrencies and traditional currencies like the dollar and pound. Unlike Bitcoin, XRP does not take much to process a transaction. Also, the transaction rate of XRP is way cheaper than Bitcoin.
- USD Coin- Like USDT, USDC is also a stable coin, which is directly linked with the US dollar. The aim of this coin is to remain stable at a ratio of 1:1. This Ethereum-based coin could be used to facilitate global transactions.
- Polkadot- It’s a new cryptocurrency whose aim is to merge several blockchain networks into one. Polkadot’s ability to integrate different blockchain networks is considered to be a revolutionary step, it brought in several changes in the crypto market. Also, this feature helped its native token DOT to earn a bullish place in the market.
- Uniswap- Uniswap coin is a native token of Uniswap exchange. The token uses an automated liquidity model for trading. Uniswap uses the smart contract system of Ethereum to eliminate the need for middlemen while processing a transaction.