Not only is India a heavily populated country, but we are also an enthusiastic country with a myriad of individuals waiting to hop onto the latest trends and learn newer things. The youngsters in our country are experimenting and eager to gain knowledge and apply them to the best of their ability. The same zeal has been transformed into the sector of cryptocurrencies. In 2021, India became the second-highest country among the heaviest cryptocurrency users all around the globe. The boom in the crypto market grew in India by more than 641% until June 2021.
As the investors scrambled to diversify their portfolios and investments by 2020-2021, many were drawn towards cryptocurrencies. The users came from the developed and industrial hubs in India but a large portion also comes from Tier-II and Tier-III cities. Almost all regions in India, even the remote ones have access to high-speed internet. This is why technology and information about cryptocurrencies are available to people with mobile phones or laptops.
Here are the top and trending cryptocurrencies in India that potential and older investors can look into and consider investing in:
- Ethereum – An important crypto currently trending in the market that has made a huge mark on investors is Ethereum. Considering where it started, the current value of ETH to INR has increased manifold and is, therefore, extremely sought-after among the Indian population. Being a cornerstone in the cryptocurrency world, Ether is the silver to Bitcoin’s gold. Ethereum has introduced innovative technologies in its blockchain security and uses smart contracts to attract its users to the platform. Making another conscious change towards a more environment-friendly approach, Ethereum 2.0 is all set to reduce energy consumption thus becoming more sustainable.
- Bitcoin – The most popular crypto in the Indian market is BTC. Having the longest shelf-life, with the highest value, this coin has a finite supply that increases its demand among investors. It makes up more than 46% of the global market capitalization. Owing to the immense popularity and demand, different countries like El Salvador have decided to accept bitcoins as their legal tender. With more countries adopting this approach and the decentralized market expanding, the world economy might move towards being less dependent on fiat currencies.
- Litecoin – This is another open-sourced blockchain like bitcoin and has made its way to the top as fast as it was launched. It has gained its place as a valuable cryptocurrency in the country as investors are expressing their desire to purchase this coin as an alternative to bitcoin. The transactions on Litecoin are much faster and it also has a higher supply volume as opposed to BTCs. It uses a different algorithm for mining and is secure. Considering the price of LTC to INR would be the primary thing to keep in mind before making this purchase. It is also available on most payment exchange methods and therefore, is easy crypto to obtain and trade-in.
- Tether – USDT is a stablecoin. This means that it is backed by a fiat currency such as the U.S. dollar, Euro, Indian Rupee, etc. The value of such stablecoins only fluctuates as much as the value of these fiat currencies may rise or fall. In other words, the value of USDT is ‘tethered’ to the value of the fiat currency. The volatility of such coins is, therefore, minimal and less erratic. Owing to this quality, many people who have a lower tolerance for risk decide to invest in cryptos like this. Not only does this subject them to lesser risks but it also works as a good investment asset.
- Tron – This currency was developed based on the Ethereum platform and has become popular fast. The blockchain technology that is backed by Tron uses a decentralized operating system. It also allows the hosting of several decentralized apps. Additionally, the benefits of investing in TRX would be that it is looking for a path ahead and paving the way for the future. This is happening as Tron allows the tokens to be used by the masses which directly connects the content creators to the population that wants to view the content. At a reduced price, the beneficiaries can also engage in file sharing and transferring data directly. It is considered a good long-term investment plan even in the future.
There are thousands of cryptocurrencies in the market in today’s day and age and several currencies and NFTs are being launched every single day. How strongly a particular crypto makes its presence known in the markets and the wallets of the investors is dependent on several factors such as – the economy, significant incidents in the global or regional scenario, the trends of the currencies, type of investment (long or short term), etc.
Each investor would be required to take into account these and other factors that may influence the rise or fall of the money they have invested. It is important to enter this field with a wide range of knowledge to be able to make informed decisions. Keep a keen eye out for the newer trends and invest money timely no matter the price. Take guidance from experts in the field who may be able to help you maximize your profits.