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Top 4 Cryptocurrencies To Consider For Long Term Investments In India [2023]

By February 24, 2023November 27th, 20235 minute read
Note: This blog is written by an external blogger. The views and opinions expressed within this post belong solely to the author.

Cryptos have taken India by storm, and there’s no stopping them. Everyone is jumping on the Crypto wagon for short-term profits or long-term holding, further driving it to mainstream adoption. With the introduction of tax laws in the Crypto market, the ambiguity regarding the future of Crypto in the country is a little clearer. Cryptos are here to stay and are a great option for long-term investments in India.

While short-term Crypto traders have made quick profits, a long-term Crypto investment strategy is considered to be much better. This is because Crypto assets typically follow cycles and compound over time, thereby appreciating in value. And despite the extreme bouts of volatility that Crypto markets offer, the potential for massive returns has lured several investors to the space.

We’ve got you covered if you have been considering investing in Crypto for the long term and are confused about which top Crypto you should invest in for the best long-term Crypto portfolio. So for those who are wondering about which Crypto to buy in India for a long-term investment strategy, here are the top 4 picks:

#1 Bitcoin (BTC)

Bitcoin, the first and most well-known Crypto, is without a doubt the top selection for long-term Crypto investment. The main reason behind Bitcoin’s popularity is that investors believe the Crypto will appreciate in value over time due to its limited supply of 21 million. This is strikingly opposite to fiat currencies like the Dollar or the Pound, which do not have a limit on their supply. Most investors also believe that as fiat currencies weaken, Bitcoin will continue to appreciate in value.

Created in 2009 by an individual or group of individuals using the pseudonym Satoshi Nakamoto, Bitcoin (BTC) is the first Crypto and is often referred to as digital gold. BTC is also the dominant Crypto, and not without reason: being the trailblazer of the Crypto sector – its price, market capitalization, and volume are all significantly higher than any other Crypto. Although thousands of different Cryptos are available in the market, Bitcoin still accounts for nearly 40% of the total Crypto market capitalization. This makes it a lucrative fit for the best long-term Crypto investments of 2023.

From around $0.0008 to $0.08 per coin more than a decade ago, Bitcoin’s price touched an all-time high of nearly $69,000 in November 2021. While Bitcoin’s volatility is one of its most prominent risk factors, the potential for massive profits as a result of this volatility is also what has made it so popular. Several analysts estimate that BTC’s price will rise through 2023, reaching as high as $80,000 or $100,000, then to $250,000 by 2025 and a massive $5 million per bitcoin by the end of this decade.

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#2 Ethereum (ETH)

Second only to Bitcoin, both in price and market cap, Ethereum is another highly preferred Crypto investment for many. Along with being a popularly circulated Crypto asset, Ethereum is also famous for its revolutionary network that lets developers build their Crypto through its ERC-20 compatibility standard. In addition to providing a platform for creating various Cryptos, Ethereum also provides for the execution of decentralized smart contracts. DeFi (Decentralized Finance) and NFTs (Non-Fungible Tokens) are yet other concepts that have increased the value of Ethereum over the years.

Ethereum touched an all-time high of over $4800 in late 2021 and started 2022 at the $3600 bracket. Furthermore, Ethereum recorded a growth of 160% in 2021 and is expected to hit $6,500 this year. This makes it a mandatory asset to curate the best long-term Crypto portfolio.

As discussed earlier, Ethereum worked as a key medium of transaction in the NFT boom in 2021. This has already made it a go-to investment option for investors worldwide. Along with this, 2022 holds a special spot in the Ethereum community. This year, Ethereum has launched its most anticipated ETH-2 upgrade, the Merge. This has enhanced its speed and efficiency and will solve the scalability challenges faced by the network. Analysts predict that Ethereum prices will further shoot up post this successful upgrade.

#3 Cardano (ADA)

Developed in 2015 by Ethereum co-founder Charles Hoskinson, Cardano is a public blockchain platform that is open-sourced and decentralized, noted for its early adoption of Proof-of-Stake (PoS) validation. Thanks to its substantial market gain in recent times and its energy-efficient processes that are considered more eco-friendly than Bitcoin, Cardano (ADA) has attracted a wide variety of investors.

ADA is the native token of Cardano, which facilitates peer-to-peer transactions. While ADA may not be able to compete with Bitcoin and Ethereum, ADA grew phenomenally in 2021. ADA grew by 14,000% to touch an all-time high in September 2021. So, if you are speculating about which Crypto to purchase in India for the long term in 2023, ADA is the answer to your query.

Cardano is also one of the popular Cryptos in the NFT space and is expected to further strengthen its roots in the industry in 2023. This will take place parallel with the maturation of significant partnerships that the ADA network signed last year. According to the Economy Forecast Agency, ADA is expected to reach $8.93 in 2023 and $15 by the end of 2025.

#4 Tether (USDT)

Tether (USDT) is considered a stablecoin whose tokens are backed by an equal quantity of US Dollars in circulation, pegging its price to $1. Tether tokens, which were created by the crypto exchange BitFinex and traded under the USDT symbol, are the native tokens of the Tether network.

Tether is by far the most popular of the various stablecoins pegged to the US Dollar. Crypto traders frequently use Tether as a substitute for the US Dollar when purchasing Cryptos. This effectively gives them an opportunity to seek refuge in a more stable asset during periods of high crypto market volatility. 

Some crucial features of Tether (USDT) include the following – It is widely available on multiple blockchain networks, including Ethereum, Tron, and Bitcoin, which means that it can be used in a wide range of applications and traded on a variety of Crypto exchanges. Like other Cryptos, USDT transactions are processed quickly and cheaply, which makes it a convenient option for users who need to move funds quickly.

This makes Tether (USDT) one of the best long-term Crypto investments in 2023.

Invest in Cryptos with WazirX

Whether you’re a beginner to Crypto or a seasoned investor, if you’re wondering about the best long-term Crypto investments in 2023, then WazirX is the right place for you. One of India’s best and most trusted Crypto exchanges, WazirX features over 250+ Cryptos, including top Cryptos like BTC, ETH, ADA, and USDT, and facilitates lightning-speed transactions with highly impressive security features and KYC procedures.

To start trading with WazirX, visit the exchange by clicking here.

Frequently Asked Questions

Is Cryptocurrency Safe To Invest In?

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.

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.

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.

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.

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.

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 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.

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.

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.
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Shashank

Shashank is an ETH maximalist who bought his first crypto in 2013. He's also a digital marketing entrepreneur, a cosmology enthusiast, and DJ.

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