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)
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.
It’s only natural that Ethereum comes in second place on our list after Bitcoin.
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.
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!
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.
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.
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.
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
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!
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.
Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency 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.
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.
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
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
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.
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.
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.
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.
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.