Table of Contents
The Crypto market is moving forward and upward and is all set to explode in 2023. Imagine investing in a digital asset and watching its value skyrocket, potentially transforming you into a Crypto-millionaire in a few days. While it may sound too good to be real, history has shown us that such phenomena are not uncommon in the world of Crypto. Are you ready to seize the opportunity and potentially reap the benefits of this exciting market?
In this blog, let’s check the best Cryptocurrency to buy in India in February 2023 that can explode this year.
Top Cryptocurrencies to buy in February 2023 in India
#1 Bitcoin (BTC)
Bitcoin was the first-ever Crypto that came into existence in 2008. Its founder Satoshi Nakamoto released a whitepaper stating the bitcoin network as a peer-to-peer network affecting payments without any financial intermediaries. Bitcoin is considered the most prominent Crypto. It is one of the most popular Cryptos when it comes to buying the best Crypto in India. Crypto has seen multiple meltdowns and jumps since its inception, but its high liquidity will benefit traders as long as it exists, regardless of market conditions. The price of one BTC as of 28 February 2023 was around $23,344.
#2 Ethereum (ETH)
The second-largest Crypto by market cap, Ethereum, is another favorite Crypto when it comes to buying the best Crypto in India. It was launched in 2013 as a smart contracts-compatible blockchain network that can be used for hosting decentralized applications and platforms. The DeFi craze in the summer of 2021 had over 80% of the decentralized applications being launched via the Ethereum network. Ethereum’s smart contract capabilities have also been the infrastructure behind the NFT boom. Ethereum has shifted to the PoS consensus under its set of ETH 2.0 upgrades and has been a popular choice for traders who want to buy Cryptocurrency in India. One ETH is priced at $1,623 as of 28 February 2023.
#3 Polygon (MATIC)
MATIC is one of the most promising Cryptos of this year. Indeed, 2022 was not a great year for Cryptos, but when we look back at 2021, MATIC saw a significant jump in its price, from $0.01 on 1 January 2021 to a level of $2.9 in late 2021! Moreover, various Crypto experts have predicted a bullish view on MATIC for 2023 and beyond.
And this is what makes it a potential fastest-growing Crypto in India! The buzz around Polygon, MATIC’s blockchain, grew after Ethereum’s upgrade. The coin will subsequently grow when the bearish run weathers away. The price of one MATIC as of 28 February 2023 was around $1.233.
#4 Avalanche (AVAX)
Avalanche is a framework for Decentralized Applications (DApps) that supports open, programmable smart contracts. The platform is typically regarded as a layer-one blockchain for private blockchain networks. It is operatively comparable to Ethereum. But it has some eccentric qualities and critical features that make it a unique and valuable Crypto platform.
Avalanche aspires to overtake other Ethereum competitors as the leading blockchain for smart contracts. This is because it has a lot of advantages, like the capacity to handle up to 6500 transactions per second (tps) without compromising on scalability. In fact, its scalability is substantially better than that of older blockchains like Bitcoin and Ethereum. One AVAX is priced at $18.06 as of 28 February 2023.
#5 Cardano (ADA)
Cardano was launched in 2017 by Ethereum’s co-founder Charles Hoskinson. Cardano, another Crypto from the list of top Crypto to buy in February 2023, has a roadmap of five stages to become a truly self-sustained decentralized ecosystem. The Cardano Network recently integrated smart contracts capabilities on its network and is one of the potential ‘Ethereum Killers’ on the scene. Given its robust vision and reliance on sound projects and partnerships, Cardano has the capability to stand the test of time and will be a favorite for whoever wants to buy Crypto in India. One ADA token is priced at $0.36 as of 28 February 2023.
#6 Dogecoin (DOGE)
Dogecoin (DOGE) is a very popular meme token that has made its way to the list of top Crypto to buy in February 2023. It was the first meme coin released in 2013. The Dogecoin network is a hard fork of Litecoin. The dog-themed token had declined until 2021. After Elon Musk posted a series of tweets in its favor, it skyrocketed in value and rose more than 20,000% in a single year. The likes of influencers, including Mark Cuban and Musk, continue speaking in its favor, and quite some time back, Wall Street-listed AMC entertainment started accepting payments in Dogecoin. One DOGE token is priced at $0.08 as of 28 February 2023.
#7 Floki Inu (FLOKI)
Floki Inu is one of the best meme coins you can buy in India in February 2023. Its name is inspired by Elon Musk’s pet dog named, Floki. Looking at its rank in the Crypto market, Floki Inu stands at position #216 on CoinMarketCap in February of 2023
The official Floki website says that supporters of the Shiba Inu made this Crypto. Nonetheless, this coin gained significant profits in only a few months. You can thank another one of Musk’s tweets, showcasing his puppy ‘Floki,’ for this increase.
Floki has many upcoming flagship projects, including an education platform called Floki Inuversity, NFT, a metaverse NFT gaming Valhalla, and Flokiplaces (merchandise marketplace).
#8 Stellar (XLM)
Stellar was founded by Jed McCaleb, who was earlier a developer of the Ripple protocol. It is an open blockchain network that connects financial institutions for large transactions and provides enterprise solutions. In addition, the system allows cross-border transactions between any currency. Stellar’s currency, Lumens (XLM), is one of the most popular Cryptos in India. One XLM token is currently priced at $0.09.
Why should you choose WazirX to trade Crypto?
WazirX is India’s most trusted Crypto exchange, which lets you buy, sell, and trade numerous Crypto-assets like Bitcoin, Ethereum, Ripple, Litecoin, etc. The platform is accessible via a website or an app on Google Play Store, Apple App Store, Windows, and Mac OS. WazirX is highly secure, has superfast KYC, lightning-speed transactions, simple and practical design, excellent customer service, and more such features.
If you are a new investor or a professional trader, WazirX has got you covered!
Frequently Asked Questions
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
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.
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 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?
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.
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.
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 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 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.
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.
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.
