As per the World Bank, the overall market capitalization of the worldwide cryptocurrency market is $2.7 trillion. This number is similar to India’s gross domestic product or GDP. For the entire year of 2020, which was $2.6 trillion.
A majority of this increase happened in the last year when traders sought to safeguard their portfolios in the wake of the COVID-19 pandemic’s uncertainties. The same may be also said about India. WazirX, which is India’s most popular cryptocurrency trading platform. It has seen a surge in customers, not solely from the country’s metropolitan areas but also Tier-II & Tier-III locations.
It has expedited digital acceptance in these locations, according to the business. Especially when combined with the pandemic-induced quarantine. WazirX now boasts over 9.5 million active users on its website, with a total trading turnover of $31 billion with proper cryptocurrency training this year. It offers more than a hundred different cryptocurrencies to trade. But if you have no idea, then you can go for a cryptocurrency course.
In this piece of article, we are going to share India’s top ten cryptocurrencies in 2021. However, before that, let’s find out why to invest in cryptocurrencies.
What makes individuals want to invest in cryptocurrencies?
Blockchain technology underpins cryptocurrencies, which is a cryptographically protected ledger of all activities. Even if not governed by a government or bank, this permits decentralized, trustworthy transactions.
On cryptocurrency trading, you can swap the worth of cryptocurrencies. This is much like switching the valuation of paper currencies such as the dollar, rupee, or corporate equities on the share market.
Now it’s time to check out India’s top ten cryptocurrencies –
Right now, in 2021, the price of this cryptocurrency is 78.72 INR. As the moniker indicates, this currency is ‘tethered’ to the American Dollar’s value. This makes it a ‘stable coin with low-value fluctuation. As a result, it’s an applicable intermediary currency for traders or even for simply holding earnings until you determine what to put money in next.
You could, for instance, trade one cryptocurrency to obtain Tether coins. Then trade the currencies to acquire some other cryptocurrency. It is among the most monotonous cryptocurrencies to manage. So crypto advisors say that stable coins violate the core premise of decentralization. Yet, it serves an essential purpose for precisely that reason.
Shiba Inu is the next cryptocurrency on our list whose price in INR is 0.00428. Could a digital coin branded after a Japanese hunter’s dog breed become famous thanks to memes? Yes, according to the charming memes it spawned, it’s ‘WoofPaper’ whitepaper, as well as the commercial interest it sparked.
It increased by 145 percent in the first few weeks of October 2021. It started with a highly minimal exchange value. One SHIB coin costs $0.00002941 despite the surge. This implies that $2300 can get you almost a million SHIB coins. In a cryptocurrency world where procuring single Bitcoin prices is considerably more — a whopping Rs. 49 lakh extra — this is surprisingly rewarding.
It’s indeed, at its core, a coin built on the Ethereum network. It rose to prominence in India after Ethereum inventor Vitalik Buterin’s contribution. A $1 billion amount of SHIB to India’s COVID-Crypto Charity Fund in April 2021.
Bitcoin is the next famous cryptocurrency on our list. Right now, the price of Bitcoin in INR is ₹47,11,887. In India, Bitcoin is by far the most widely used cryptocurrency as per crypto advisors. This is most likely because it is the oldest cryptocurrency and has the maximum value and a finite quantity, similar to gold. Bitcoin is even referred to be the ‘gold benchmark’ of cryptocurrencies by its supporters.
Bitcoin accounts for 46percentage of the worldwide crypto market capitalization. Its core technology encourages innovation, and its valuation encourages participation in other ‘altcoins.’ Bitcoin, according to some specialists, may become a backup currency. A backup for the remainder of the economic institutions. This is also known as decentralized finance or Defi — which is emerging around digital currencies.
Countries such as El Salvador, which a while back began accepting Bitcoin as legitimate tender. They have seen cryptocurrency as a way to reduce their reliance on paper currencies. In El Salvador’s scenario, the American dollar addresses financial system issues such as high money transfer costs, economic presence, and far more.
The following crypto coin in this rundown is Ethereum, whose worth is INR is ₹3,21,300. This is the world’s second most valued cryptocurrency. Built on the Ethereum platform and it has proven a foundation of the crypto market. To put it another way, if Bitcoin is gold presently, Ether is silver.
Ethereum pioneered blockchain privacy and utilization. Its smart contracts have since become a substrate for various applications. To participate in high-value transactions, you’ll require Ether or even other tokens created from it. Transactions such as –
- Non-fungible currencies
- Decentralized finances
- Decentralized apps
With an update to Ethereum 2.0, expected for early next year, the currency also hopes to become more environmentally friendly. It will also reduce operational costs — in essence, an effort to stay appealing among traders and programmers alike.
Solana is another most famous cryptocurrency in India, with a price value of INR 15,550. It is valuable in the expanding domain of decentralized finance alternatives. It has 500 DApps developed on the pinnacle of its blockchain, which makes it appealing to developers. Customers require Solana coins of those programs that utilize Defi operations. Apart from that, exchange NFT tokens explain its six-fold increase in income this year.
Polygon is also a famous crypto-token in India. The price value of Polygon in INR is 136. MATIC attempts to bring us forward to a ‘cross chain’ ecosystem centered on Ethereum smart agreements. Customers will be enabled to take advantage of the benefits of several blockchains while also connecting. It’s popular among investors hoping to profit from the rise of decentralized finance.
So that was the end of our discussion on today’s topic, in which we highlighted a few well-known cryptocurrencies in India. Whenever you invest in cryptocurrency, keep in mind that it is far more unpredictable than the share market. Rumors and dramatic news are the only things that keep cryptocurrency trading alive. So, as per crypto advisors, if you’re a risk cautious person, this is not the place for you. You may try it if you don’t mind losing money shortly.