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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.
Do you know the similarity between India’s GDP in 2020 and the total capitalization of the global crypto market as of October 2020? They both stand at $2.6 trillion. This one statistic is enough to show how cryptocurrency is growing by leaps and bounds. The Indian economy is enticing to any growing business.
Further, despite the legal ambiguity, India is home to the highest number of cryptocurrency owners in the whole world, amounting to over 10.07 crores crypto investors. Surprising right? And to maintain this lead in the long run, in this article, we will give you the exclusive list of the top cryptocurrencies you can consider buying in India in December 2021.
Should You Invest in Cryptocurrency?
Cryptocurrency has seen massive growth after RBI lifted the ban from crypto trading in March 2020. Since then, India’s crypto market has grown by 641%. One of the pillars that help the cryptocurrency market grow exponentially is the presence of reliable and easy crypto trading platforms like WazirX. In an official statement, it confirmed that it had experienced a growth of 2,648% in users signing up from tier II and tier III cities.
Cryptocurrency now is more than a speculative concept. It is an asset for every investor for their long-term goals. If you are an existing crypto investor or a newbie just diving in, read ahead to know the top 5 cryptocurrencies to buy in India in December 2021.
Top 5 Cryptocurrencies to Buy in India in December 2021
5. Polygon (MATIC Network)
Polygon (formerly known as MATIC network) is an Ethereum token of Indian origin. Polygon uses level 2 side chains that allow it to execute faster and cheaper transactions. Ethereum and cheap? Yes, you heard it right. Polygon was created to eliminate the issue of high transaction costs in Ethereum. By using a decentralized platform, Polygon improves interoperability between Ethereum and other networks. This makes it one of the best cryptocurrencies to buy in India in December 2021. Read more about Matic/Polygon here.
Current Price of Matic in India: ₹146.700 on WazirX
4. USDT or Tether
If you are looking for the least volatility, then USDT or Tether can be your best bet in the market. Tether is a stable coin and can be used as your buy-hold strategy to save your assets until you want to invest further. If you’re fond of the rollercoaster ride of the cryptocurrency market, then USDT will be really boring to you. However, as an intelligent investor, you must know the importance of such stable coins. Tether is a fiat-collateralized stable coin that allows you to make transactions with anyone without the involvement of any third party. Therefore, it is one of the top cryptocurrencies to buy in India for investors of all levels.
Tether or USDT is a 1:1 currency peg for USD, Offshore Chinese Yuan, and Euro. This stable coin represents the value of its underlying assets. WazirX is one of the leaders to have introduced Tether in the Indian market, and you can know more about Tether or USDT here.
Current Price of USDT in India: ₹80.73 on WazirX
3. Ether or ETH by Ethereum
Ether by Ethereum is the second most popular cryptocurrency in the whole world. This is also one of the top cryptocurrencies to buy in India. Ethereum can be called the fastest growing cryptocurrency after Bitcoin that introduced the concept of programmable blockchain, and therefore, NFTs and much more, in the global market.
Ethereum uses decentralized apps and smart contracts to make the most of the investments. Currently, Ether’s circulating supply surpasses over 111 million around the globe. Other than monetary transactions, you can execute any kind of transaction involving smart contracts and dApps using Ether. To know more about why Ether by Ethereum is one of India’s top currencies to buy in December 2021, have a look here.
Current Price of ETH in India: ₹3,04,589.0 on WazirX
2. WRX by WazirX
WazirX is undoubtedly the best crypto exchange platform in India. To boost the cryptocurrency market in India, WazirX introduced its own utility token, WRX advancing the trend #IndiaWantsCrypto. You can effectively use WRX as an intermediary whenever a currency pair exchange isn’t available. Other than crypto trades, you can use WRX for transactions with the rupee, transactions for NFTs, and much more. This is why WRX is deservingly one of the top cryptocurrencies to buy in India.
Current Price of WRX in India: ₹86.68 on WazirX
1. Bitcoin or BTC
Bitcoin has been the longest on the crypto scene and has the loftiest price and request capitalization. Bitcoin, the world’s first cryptocurrency, has been a popular topic of conversation around the globe since its inception in 2009. The original concept of Bitcoin was to create a decentralized digital currency that could be exchanged globally, free from the control of any central authority. However, despite many challenges since Bitcoin’s inception, it has emerged as one of the top cryptocurrencies to buy in India.
Bitcoin was already formally accepted as payment at thousands of merchandisers and websites, including the likes of Tesla, Microsoft, and numerous other global brands. But it’s still a great asset more than anything else. Bitcoin started its journey from just $0.08 and hit the graph with $66,930 in November 2020. Over 40% of young Indians own Bitcoins. With the rise of the popularity of cryptocurrency, BTC is the talk of the town. Visit here to know more about this crypto leader.
Current Price of BTC in India: ₹37,97,201 on WazirX
Final Takes, Invest with WazirX
So this was our list of top cryptocurrencies to buy in India in December 2021. No matter which cryptocurrency you choose to invest in, it is important to execute all your trades through reliable trading platforms like WazirX. It is the perfect platform for traders of any age. WazirX allows you to invest in over 100 cryptocurrencies with advanced security features. Fast and secure transactions through WazirX is a dream come true for any investor. So exchange with WazirX, join the trend #IndiaWantsCrypto.
Frequently Asked Questions
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.
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
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.
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
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.
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.
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 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.
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.
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.
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.
