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The last year has been the stage for some of the biggest moments for many cryptocurrencies. Whether it’d be crypto coins reaching their all-time highs or salient advancements to their current systems, 2021 has been a rollercoaster ride for the entire crypto industry.
While many coins have already excelled in performance, growth and utility last year, there are still a few cryptocurrencies that hold the potential to grow more this year. With a constantly increasing interest in the crypto market, there’s no telling when a coin will witness even more success.
List of Cheapest Cryptocurrencies in India in 2022
Being in the first quarter of this year, let’s take a look at the best, potent and cheapest cryptocurrency to buy in India in 2022.
1. Cardano
The first one on the list is Cardano. Cardano (along with other few altcoins) has long been termed as the “Ethereum Killer”, and its recent price records speak no different. This coin stole the spotlight when it reached an all-time high price of INR 219.50 back in August last year, making it one of the best cryptocurrencies to invest in India.
Interestingly enough, this coin is ranked at the 6th position in terms of market capitalization. As of now (5 January 2022), just one Cardano (ADA) costs around INR 105. Coming over to predictions, ADA is certainly set to the moon very soon.
Cardano’s anticipation of a price increase comes from its utility. Cardano works exactly like Ethereum, i.e. it is a platform for blockchain developers to create apps but is far more efficient due to its proof of stake network mechanism.
2. Solana
The next coin on our list is Solana (SOL). This particular coin grabbed attention after it reported a 100% price jump in August 2021. Moreover, ever since its launch back in 2017, its price has increased about 700%, making it a tough competitor to Ethereum. Currently, it’s sitting on the 5th position in rank and has a market capitalization of $5.1 billion! As of 5 January 2022, the price of 1 SOL is around ₹13,400.
Because of the buzz around Solana’s potential, investors have become curious about its functionality. Solana has a similar infrastructure as Ethereum, which is based on programmable blockchains, with its most prominent application being smart contracts. However, it’s also one of the cheapest cryptocurrencies in India out there that could even be listed as one of the top 3!
Moreover, Solana has a unique foundation since it exists on a synthesis of two consensuses; Proof-of-History (PoH) and Proof-of-Stake (PoS). Apart from this, Solana also offers faster TPS and increased scalability when compared to the current system of Ethereum.
Another interesting input of the SOL cryptocurrency is that it does not have heavy transactional fees despite its swift speed. There’s no doubt that Solana is a cryptocurrency with immense potential to advance further this year.
3. Litecoin
The third one up on our list is Litecoin. Now, while Litecoin may not be the cheapest cryptocurrency in India, it can prove to be worth your investment. This is due to its vast adoption. For example, the Miami Dolphins have accepted and made Litecoin their official crypto coin.
Litecoin was created to solve the issues of Bitcoin when it originally came out. This has also led it to be named ‘Silver to Bitcoin’s Gold’. The coin has seen steady success throughout its career and is currently accepted by over 3000 businesses and stores worldwide.
As of 5 January 2022, a single Litecoin costs around INR 11,820. This is more than thrice the price it had in November 2020 (INR 5,000). Litecoin also ranks at 22 when it comes to market capitalization. If we look at predictions, Litecoin can potentially go beyond the mark of INR 30,000 soon.
4. Cosmos
The next cryptocurrency on our list aims to tackle the issue of interoperability in blockchains. With a market cap of over $8.975B, the origin of Cosmos dates back to 2014 when co-founders of the network Jae Kwon, Ethan Buchman and Zarko Milosevic were developing Tendermint, which operates as the gateway of Cosmos’s ecosystem.
Cosmos is expanding rapidly. In crypto space, Cosmos holds the position of being the second-largest ecosystem after Ethereum. In addition, the ecosystem secures more than $140 billion of digital assets.
Cosmos focuses on building the Internet of Blockchains, which allows decentralized networks of blockchains to communicate. With their modular framework, blockchains can make transactions at a much faster speed, ensure security and scalability and have inter- blockchain communication as well.
The Cosmos cryptocurrency works on a Proof-of-Stake (PoS) algorithm. ATOM is known as the token of the Cosmos Hub (the blockchain and foundation of the network) and is its native staking currency. It is to be noted that the Cosmos cryptocurrency is earned through staking as opposed to mining.
Besides, Cosmos is gaining great prevalence in the dApp community. The ATOM token also achieved a new record of ₹3067 in September last year. One ATOM token currently (5 January 2022) sits at the price of ₹3180.00.
5. Tezos
Now let’s come down to the last cheapest cryptocurrency with tremendous value. It’s also called an eco-friendly cryptocurrency that’s risen to 95% in price since August 2021. Currently, Tezos has a market capitalization of $4.5 billion and ranks at number 43 but is growing fast!
One crucial element of this cryptocurrency is that even though it’s quite similar to Ethereum’s smart contracts, Tezos stands out since it has an evolving infrastructure. Previously, big guns like Bitcoin and Ethereum had to split their blockchain into hard and soft forks that made both digital assets and their holders suffer to a certain extent. However, with its secure network and eco-friendly model, XTZ can be a game-changer in the market. As of 5 January 2022, 1 XTZ costs ₹389.94.
Conclusion
Altogether, there are plenty of cryptocurrencies that have the potential to not only get adopted but provide better solutions for scalability, security, utility, transactional cost, etc.
WazirX is India’s forefront crypto exchange with the best digital currencies and trading options. The platform is widely used all over India.
If you wish to buy the cryptocurrencies at the cheapest prices, all you have to do is sign up on the WazirX platform and start trading with as low as INR 100.
It is advised for all investors to research on their own first before investing in any crypto coin to avoid any major losses. You can also check out the 10 most common crypto mistakes made by investors and invest more safely.
Which cryptocurrency are you investing in this new year? Let us know down below!
Frequently Asked Questions
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
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed. There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
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.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
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.
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
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.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Is crypto legal?
Crypto is legal in most countries, including India. While nations like the U.S. and many in Europe have regulatory frameworks, others like China have strict bans.
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.
