Table of Contents
One of the few industries that witnessed no harm during the pandemic was cryptocurrency. Digital assets witnessed the biggest boost of their careers. The growing blockchain technology has also allowed these assets to be utilized in several ways that were earlier overlooked.
The sudden surge in cryptocurrencies has gotten the attention of 1.5 crore Indians and is constantly increasing at a steady rate.
So did you miss out on the fun?
Not at all! Cryptocurrencies haven’t looked back ever since their success, and now’s a much better time to invest in them than ever. That is why today, we’ve curated 9 of the best cryptocurrencies to invest in India. Let’s move on to the list then…
Top 9 Cryptocurrencies (2022)
#1. Bitcoin
The first digital cryptocurrency that tops the list is certainly Bitcoin. It has been dominating the crypto market for a long time and also has established itself as a long-term investment. Currently, Bitcoin is the biggest cryptocurrency by value and market capital in the world!
This cryptocurrency was created by the pseudonymous person(s) named Satoshi Nakamoto. Bitcoin was built on a distributed ledger system called blockchain technology.
Bitcoin’s success rate has truly been exponential. Going by statistics, about half a decade ago, Bitcoin’s price was just around 35,000 INR, but today it’s touching the 31.41 lakh mark for one unit.
#2. Ethereum
It’s only natural that Ethereum comes in second place on our list after Bitcoin.
Why?
Well, that’s because Ethereum is only second to Bitcoin in its global market cap. Founded in 2015, Ethereum has become the best altcoin to invest in.
This digital asset has also received much love in India (and globally) due to its addition of smart contracts in blockchain. Indian businesses have already started making use of Ethereum, and the hype doesn’t seem to subside anytime soon.
As of now, just one Ether (Ethereum’s currency coin) costs around 2.12 lakhs. If we are to look to the future, Ethereum’s long-awaited update (Ethereum 2.0) will be live in 2022 itself, and we might soon see a massive jump in ETH’s prices.
#3. Litecoin
The third coin on the list is almost identical to Bitcoin as a cryptocurrency with some minor changes. It’s an open-source and peer-to-peer cryptocurrency. Also, it can be used as a script-based consensus network that makes it different from Bitcoin’s mechanism.
The current price of the coin stands ₹8,700.00. It’s truly one of the most invested altcoins in the market as Litecoin is being adopted globally by leading businesses and countries. LTC has already begun its upward trajectory, and we may soon see it reaching its former glory. Time to consider buying the dip again!
#4. Cardano
Cardano in and of itself is similar to Ethereum. This is because Cardano, too, is a blockchain platform that allows developers to build apps on it. Cardano displays itself as a platform that can bring about global solutions and make positive changes.
Coming over to the price, 1 Cardano costs around ₹73.7415. Given the upcoming web 3.0 and the rapid surge in NFTs and Defi platforms, Cardano is one of the top alternatives to ETH, given its low transaction fees and faster transaction throughput.
#5. Bitcoin Cash
Bitcoin Cash serves as an online cash payment to help the scalability problem of Bitcoin. This altcoin gained quite some attention after its announcement. The major technical difference between Bitcoin and Bitcoin Cash (BCH) is that BCH allows bigger blockchains, which means a better TPS (Transaction per second) rate than that of Bitcoin.
Mid-November saw BCH’s market capitalization cross 890 billion INR! Many reports and studies have suggested that this particular altcoin has a bright future. As of 21 February 2022, a single BCH cost around ₹24,309.
#6. Solana
Solana is a rather new cryptocurrency in the market which began trending in August 2021 when its price soared from a mere 57 INR to approximately ₹6,950.00 on 21 February 2022. That’s definitely a huge jump!
To be precise, it has seen a 18500% increase in this period. Solana was launched in 2020 and works on a unique proof of stake and proof of history consensus mechanism that aids in making quick and secure transactions.
Even though this token is comparatively new, it has managed to climb up and strongly stand amongst the top 10 cryptocurrencies in the world and is one of the top alternatives to the Ethereum network.
#7. Tezos
Next up on our list is another fresh cryptocurrency in the market but yet got a great IPO when it was launched. This token is not mining- based rather, they work on a proof of stake mechanism. Another notable addition is that they too design smart contracts similarly as Ethereum does.
The very beginning of this token’s journey was quite rocky, but eventually, it got a significant boost in 2020, which improved its potential as an investment. One XTZ (Tezos token) costs around ₹259.1011 as of now.
#8. Cosmos
Cosmos is a cryptocurrency with unique features compared to others; it’s a decentralized network that allows blockchain to interact across the distributed framework. The token ATOM was created to function as the interject of blockchains to improvise its interoperability and scalability problems. The ATOM token has been steadily climbing up the charts and is one of the top 20 cryptocurrencies. One ATOM token can cost around ₹2,044.63 right now.
#9. Ethereum Classic
Let’s come onto the second last but certainly not the least cryptocurrency – Ethereum Classic. This altcoin is a hard fork of Ethereum and is also known as Ether’s original or pure form.
However, the split of Ethereum was never intended in the first place. In 2016, the DOA was breached as fraudsters found a loophole in the blockchain coding and managed to steal $60 million worth of Ether.
Nevertheless, this hack was reversed as the distributed consensus network was split into forks. Ethereum Classic has a decent and steady future with predictions of around 7,500 INR by the end of 2022. Its current price is ₹1,995.11.
Currently, the market capitalization of ETC is over $3,557,351,480
Conclusion
To wrap things up, these were the top current cryptocurrencies to invest in India! The crypto market has certainly made its special space in the Indian community as more users start to trade with cryptos. The list contains assets that are a good long-term investment and have immense potential due to their constant revisions in the system, as well as a robust foundation. Let us know which crypto you’re looking to buy in the comments below!
Further Reading:
8 Trending Cryptocurrencies to Invest in India in 2022
Top 12 Cryptocurrencies You Should Buy and Hold in India 2022
5 Cheap and Potential Cryptocurrencies to Invest in India in 2022
Frequently Asked Questions
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.
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.
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.
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 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.
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.
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 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 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.
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.
