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The crypto market took the world by storm in 2021, paving the way for the masses to enjoy solid returns. From Bitcoin to Dogecoin, there are thousands of cryptocurrencies out there. If you are an Indian investor investing in the crypto market, the numerous cryptocurrencies can sometimes be overwhelming, making it challenging to select the most profitable ones.
While many Indian investors have good knowledge about the growing crypto market, there is still a need to keep up with the latest crypto updates. After the recent market crash around China’s crypto ban, the crypto market is still recovering.
However, the market dip has caught the attention of Indian investors and sceptics, creating good investment opportunities. But, cryptocurrencies are highly volatile, and it is difficult to predict future market trends. To avoid losses, you have to analyze the different cryptocurrencies and select a reliable cryptocurrency exchange in India. WazirX is one of the most trusted and reliable crypto exchange platforms where you can buy and sell different crypto tokens. Here is a list of 7 top crypto coins in India that you can buy in January 2022.
Top 7 cryptocurrencies to invest in India in January 2022
To make sure your crypto investments are profitable, we have listed 7 promising cryptocurrencies that you can buy and hold for good returns in January 2022.
1. Bitcoin (BTC)
Of course, Bitcoin is the most popular and the first-ever cryptocurrency, with a market capitalization of more than nearly $883 billion. Bitcoin is an excellent investment for investors who believe in its potential with every market dip. The current price of bitcoin as of 5 January 2022 is ₹36,75,802. If you want to know how to buy bitcoin in India, then here is the answer – Crypto exchange platform WazirX provides ease of purchasing and selling bitcoin for Indian investors.
2. Ethereum (ETH)
The current price of Ethereum as of 5 January 2022 is ₹36,75,802. If you are looking to invest in a popular cryptocurrency or feel like you missed the bus with Bitcoin, Ethereum is an excellent option for investment. It has the potential to grow in the future, making it one of the best cryptocurrencies to purchase in India.
3. Dogecoin
Dogecoin, also known as the meme-coin, rose to glory being a mere elaborate joke when Elon Musk spoke about it. Following Elon Musk’s comment on Dogecoin, the value of the cryptocurrency went up ten-fold times. The current market value of Dogecoin as of 5 January 2022 is around US$ 22 billion. The current price of Dogecoin stands at ₹13.4146, making it a cheap and viable option for long-term investment. Dogecoin has become one of the top promising cryptocurrencies in India for Indian investors.
4. Cardano (ADA)
If you are looking to buy cryptocurrency in India, Cardano is one of the top cryptocurrencies you can buy. Cardano has experienced modest growth in comparison with other major crypto coins. In 2017, ADA was $0.02. In August 2021 – it was hitting above $2. We can say that Cardano is always on the top cryptocurrencies of all time, and it can be a promising investment for Indian investors. As of 5 January 2022, the price of 1 ADA is ₹104.7301.
5. XRP (Ripple)
XRP is a token by Ripple, which is a digital technology and payment processing platform. XRP is another popular cryptocurrency that came into the spotlight because of its ability to withstand market volatility. You can use XRP for exchanging crypto and traditional currencies such as dollars and the pound. Moreover, XRP is the first coin that several financial institutions accept for transferring and receiving payments. So, if you are looking to invest in cryptocurrencies, XRP is a good coin, and 2022 is a great time to invest as the rates are low compared to other popular digital currencies. As of 5 January 2022, the price of 1 XRP is ₹65.5604.
6. Polkadot (DOT)
Polkadot is relatively a new crypto-coin that first came in 2020. Polkadot works on the feature that allows independent blockchains to create decentralized applications and share information, making it a promising cryptocurrency in the coming years. As of 5 January 2022, the price of 1 DOT is ₹2,337.59.
7. Litecoin (LTC)
Litecoin came in the year 2011, following the footsteps of Bitcoin. LTC is an open-source project and a peer-to-peer cryptocurrency network behind Bitcoin’s original technology. LTC is the 21st largest cryptocurrency in the world in market capitalization, as of 5 January 2022. Litecoin can be a good investment for Indian investors, considering the low transaction fees, fast processing speeds, and impressive technology. As of 5 January 2022, the price of 1 LTC is ₹11,771.00.
Which crypto to buy in India?
Starting your crypto investment journey on a cryptocurrency exchange in India can be confusing considering the number of digital coins you can invest in, but we have listed the top 7 cryptocurrencies in India in January 2022, that can yield high returns in the coming years and are good investments options.
However, keep in mind that all cryptocurrencies are volatile, and it is not possible to predict the crypto market. Therefore, it is essential to analyze and research the best crypto investment options to enhance your portfolio.
Frequently Asked Questions
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
What Is Cryptocurrency?
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.
How Many Cryptocurrencies Are There?
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
Which Cryptocurrency Is Best To Invest In 2021?
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
Is Ethereum Safe To Invest?
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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