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If you are entering the crypto market as an investor, it’s pretty obvious that you’ll look out for short-term crypto investments first. There can be two major scenarios, i.e., either you want to test the profit-yielding potential of cryptos in the short term or when you are unable to lock in the funds for long periods. Short-term trading can be divided into various categories based on how quickly profits are realized — in hours, days, or weeks. Generally, the shorter the trading time frame, the greater the risk associated with that trade.
There are thousands of cryptos in the market today, but you might wonder which crypto to buy today in India for short-term gains. Investors need to consider cryptos from multiple perspectives to choose the best cryptos to invest in 2024 for the short term. It is clear that cryptos are an important and new element in any 2024 investment portfolio. Here, we have listed the five best cryptos to invest in 2024 for the short term.
All data regarding the rank and market cap are according to the official data as reported by CoinMarketCap on 28th February 2024.
#1 Dogecoin (DOGE)
Market cap: $17.3 Billion
Rank: #9
Dogecoin began as a joke coin until Tesla’s CEO Elon Musk announced that he would put Dogecoin on the moon, i.e., an entire space project would be funded by DOGE coins only. Musk has been a fervent supporter of Dogecoin and has been quite outspoken in his tweets about why Doge is better than even BTC and ETH.
Doge is the crown holder among meme coins and one of the top cryptos by market capitalization. It was also the most searched crypto in the United States in 2021.
In December 2021, the Dogecoin Foundation announced the addition of a “Dogepedia” to its website to answer all Dogecoin-related questions. The founders are also working on a GigaWallet that will allow more merchants worldwide to accept Dogecoin as a payment option. Click here to know how to buy Dogecoin in India.
#2 Chainlink (LINK)
Market cap: $11,549,444,560
Rank: #12
Chainlink is a decentralized oracle network that aims to play a key role in the practical adoption of blockchain technology. This network aims to provide inputs from various external data sources.
LINK is the native token of Chainlink designed to fund the project’s growth. Given blockchain’s growing relevance in real-world use cases, LINK tokens could be one of the best cryptos to invest in the short term in 2024. Similar to Bitcoin (BTC) and Ethereum (ETH), LINK is built on its own blockchain and encourages the process of mining among its users. The LINK token is used to reward Chainlink network operators when they retrieve data from off-chain feeds, format the data into accessible formats, and perform several off-chain calculations.
In particular, Chainlink is being used to distribute Non-Fungible Tokens (NFTs), bet on personal savings, and facilitate the readjustment of crypto token distribution.
#3 Polkadot (DOT)
Market cap: $10,837,918,015
Rank: #13
Polkadot is a next-generation blockchain protocol that connects multiple specialized blockchains to an integrated network. The Polkadot protocol is designed to be fast and scalable, with transactions going on simultaneously on parallel blockchains (or “parachains”). This removes most of the processing requirements of major blockchains, adding unprecedented levels of scalability and speed to the DOT network. After being fully functional, Polkadot can process over 1,000,000 Transactions Per Second. And all of this remains truly decentralized.
DOT is the native and governance token of Polkadot. DOT allows the holders to vote on decisions related to the future of the network. DOT is also used for staking on the Polkadot network for validating transactions and issuing new DOTs. DOT can be bought and sold on exchanges like WazirX along with all the best cryptos to invest in 2024 for the short term.
#4 Shiba Inu (SHIB)
Market cap: $7.48 Billion
Rank: #16
Shiba Inu is an ERC-20 altcoin created on the Ethereum Blockchain. It is stated in the token’s whitepaper that it has the intention to build an ecosystem of three tokens with different supplies. The other two tokens that are in use at ShibaSwap are Leash and Bone. Shiba Inu coin functions as the foundation’s currency with a complete collection of one quadrillion. The team responsible for the token has also created a decentralized exchange called ShibaSwap, which allows users to dig, hurry and fetch. These terms are used to provide liquidity, stake coins, and retrieve coins, respectively.
If it is not obvious already, most of the SHIB terminology is based on something related to dogs. Thanks to the Twitter feed of Elon Musk and many meme-enthusiast investors, the crypto market often seems like a puppy mill. Like the very concept and names of this Crypto, its rates have also depended on blizzard reasons. For instance, when Elon Musk expressed the desire to own a Shibu pup, the coin price skyrocketed to 300%. Similarly, on 13 May 2021, Vitalik Buterin, a Russian-Canadian programmer and writer, donated 50 trillion SHIBA tokens to the India COVID-Crypto Relief Fund.
#5 Cardano (ADA)
Market cap: $23,752,356,758
Rank: #8
Cardano is a decentralized Proof-of-Stake (PoS) blockchain. It is the first blockchain to be based on peer-reviewed research. Cardano aims to improve the problem of scalability and other inefficiencies of the Proof-of-Work (PoW) protocol used in major crypto networks such as Bitcoin and Ethereum.
The Cardano Foundation, which strengthens the Cardano network, has partnered with many academic institutions to review and research every aspect of the blockchain. ADA is the native crypto of the Cardano ecosystem. It is the first 3rd generation crypto and one of the best cryptos to invest in for the short term.
Third-generation cryptos usually take examples from first and second-generation cryptos and improve their limitations. In particular, Cardano aims to solve issues related to the scalability, interoperability, and sustainability of other crypto platforms. Cardano plans to leverage new advances over the years, such as security, sustainability, and multi-tiered architecture, to develop versatility.
So this was our list of the five best cryptos to invest in 2024 for the short term. Whether you are a beginner or an experienced investor in cryptos, WazirX could be your go-to choice.
WazirX is India’s most trusted crypto exchange. It offers trading in over 350 cryptos, including the best cryptos for short-term investments. In addition, it enables ultra-fast transactions with excellent security features and KYC procedures. So start your trading journey through WazirX today.
We hope this guide puts an end to your query about which crypto to buy today in India for the short term. Happy trading!
Frequently Asked Questions
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
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 Pi Cryptocurrency Safe?
Pi Network captured the crypto community’s interest even before it officially debuted. Its innovative mobile mining approach and user-friendly design simplify crypto adoption for a broader audience. Some users see this as a chance to get engaged in the crypto from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
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.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
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.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
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.
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.
