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Note: This blog is written by an external blogger. The views and opinions expressed within this post belong solely to the author.
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
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.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
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.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
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.
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
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.
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.
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.
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.
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.
