The year 2021 truly belonged to Cryptos and blockchain, with Crypto adoption growing across geographies, institutions, and corporations like never before. While the top Crypto list had every token reaching its new ATH, other low market cap Cryptos became some of the most popular cryptocurrencies among traders in India. Cryptos have moved beyond their speculation-driven phase and are considered a viable investment option, given their distinction as innovation assets with little correlation and compounding network value.
Coming to 2022, this year can’t be considered that great for the Crypto market. The bear market got extended, and we are into Crypto winter now. But, as a Crypto community, we are hopeful that the situation will get back on track in 2023.
Here’s a rundown of the 11 Cryptos that would be the top favorites of any trader looking to buy Crypto in India in 2023.
- Bitcoin (BTC)
Bitcoin was the first 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. Bitcoin is one of the most popular Cryptos among the top Crypto list for trading 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 25 January 2023 was around $22,678.
- Ethereum (ETH)
The second-largest Crypto by market cap, Ethereum, is another top favorite from the top Crypto list in 2023. 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 hot choice for traders who want to buy cryptocurrency in India. One Ether is priced at $1,559 as of 25 January 2023.
- Litecoin (LTC)
Litecoin was launched in 2011. It was among the first Cryptos in the market after Bitcoin. Often referred to as the silver to Bitcoin’s gold, it was created by Charlie Lee, an MIT graduate, and former engineer. Even though Litecoin is similar to Bitcoin in many ways, it has a faster block generation rate which offers faster transaction confirmation time. Today thousands of merchants and e-commerce portals accept Litecoin as payment. One LTC is priced at around $88 and is one of the most popular Cryptos that traders and investors will pursue in 2023.
- Cardano (ADA)
Cardano was launched in 2017 by Ethereum’s co-founder Charles Hoskinson. Cardano, another Crypto from the top Crypto list, has a laid-out 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 25 January 2023.
- Polkadot (DOT)
Another Ethereum co-founder, Gavin Wood, collaborated with Robert Habermeier and Peter Czaban to create Polkadot. They aim to create and connect decentralized apps, utilities, and organizations via Polkadot’s network. In addition, their website assures data and identity security for ultimate user control. Polkadot is one of the most popular Cryptos, given its scalability and interoperability. It holds great potential in the upcoming web3 internet. One DOT token is currently priced at $6.30.
- Ripple (XRP)
Ripple is a crypto, payment exchange system, and network launched in 2012. It promises a faster and more efficient way to ensure global payments. RippleNet allows third-party developments for other uses of XRP. Read this blog to learn more about Ripple. One XRP token is currently priced at $0.40.
- Uniswap (UNI)
Hayden Adams created the leading decentralized Crypto trading protocol as a platform facilitating the exchange of ERC-20 tokens efficiently and quickly without the requirement of a third party. The Uniswap ecosystem is a growing network of Defi apps with 300 integrations involving developers, traders, and liquidity providers participating together. Being the largest DEX in the Crypto space, it is one of the most popular Cryptos traded in India. One Uniswap token is currently priced at $6.52. Any trader looking to buy Crypto in India should consider making Uniswap a part of their portfolio, given the current defi surge.
- Dogecoin (DOGE)
Developed by Billy Markus and Jackson Palmer, both software programmers, Dogecoin was the first-ever meme coin developed to mock the volatility of the Bitcoin network. The Shiba Inu-inspired Crypto is at the top Crypto list by market cap. After Elon Musk posted a series of tweets in its favor, it skyrocketed in value. The likes of influencers, including Mark Cuban and Musk, continue speaking in its favor, and recently, Wall Street-listed AMC entertainment started accepting payments in Dogecoin. If you are considering buying Crypto in India, you can read this blog on what Dogecoin is and how to buy Dogecoin in India. One Dogecoin is priced at $0.08 as of 25 January 2023.
- Binance Coin (BNB)
Binance Coin runs on Ethereum technology. The BNB token was launched by the world’s largest Crypto exchange platform Binance. The token powers the Binance ecosystem and has several applications and benefits, such as it can be used to avail discounted fees on the trading platform. Being one of the most popular Cryptos, it can be bought and sold easily at any exchange. One BNB is currently priced at $304.69 and has consistently remained on the top Crypto list.
- Bitcoin Cash (BCH)
Bitcoin Cash holds an important place in the history of altcoins; BCH was launched in August 2017 after a split from the original chain of Bitcoin. The Bitcoin network has a 1 megabyte (MB) limit on the size of the blocks, while the BCH hard fork was implemented to increase the block size from 1 MB to 8 MB. This upgrade allows the blocks to hold more transactions within them. This also leads to an increase in transaction speed. BCH has huge potential as a payments gateway and can be a potential candidate for the top Crypto list. One BCH is priced at $131.5.
- 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. The system allows cross-border transactions between any currency. Stellar’s currency, called 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?
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 available 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!
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
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.
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.
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.
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.
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.
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.
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.
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.
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.