2021 was truly a year that belonged to Cryptos and blockchain, with Crypto adoption growing across geographies, institutions, and business firms like never before. While the major 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 now 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 list of the 11 Cryptos that would be the 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!
Frequently Asked Questions
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.
Is Cryptocurrency Legal In India?
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
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 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.
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.
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.
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.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
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 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
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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