Top 10 Cryptocurrency in India
Over the past few years, cryptocurrency has grown in popularity, with many different coins finding success on the market. Because every coin has different benefits and drawbacks, it is crucial to complete your homework and comprehend the coin you are investing in. Whatever coin you decide to invest in, it’s a terrific way to diversify your portfolio and make some money.
Cryptocurrency is a decentralized digital currency that is not connected to any central bank or other governmental body and uses encryption for security. Although Bitcoin is the most widely used cryptocurrency, others include Ethereum, Tether, Binance USD, Solana, XRP, USD Coin, Dogecoin, Binance Coin, and Cardano.
An increasing number of individuals are using cryptocurrency because of its accessibility, rapidity, and security. Fewer fees and transactions are frequently processed in a matter of seconds. Additionally, because the supply is fixed and cannot be expanded, cryptocurrencies are not subjected to inflation.
Why Invest in Cryptocurrency?
Everybody comes to crypto investing with their own agenda, whether swiftly and deliberately or slowly over time. Investing in crypto might seem like a no-brainer compared with the day-trading heavyweights who buy and sell assets during stock market hours (by comparison there’s no time limit on when you can make a profit in the decentralized finance world). And for younger consumers, crypto may even seem inevitable for our social media-driven future.
“A lot of people thought at first dogecoin was a literal joke,” said Randi Hipper, an 18-year-old influencer known as Miss Teen Crypto, in a late 2021 conversation with CoinDesk. “But then people like Elon Musk started tweeting and it got serious. Then Mark Cuban got in and started accepting DOGE for payment for the [Dallas Mavericks pro basketball team]. DOGE is serious now.”
But most crypto investors aren’t only in it for popular meme coins like Dogecoin. In fact, everyone from hobby traders to institutional investors like JPMorgan Chase is starting to see cryptocurrency, Web 3, and the metaverse as an opportunity-filled trifecta.
Top 10 Cryptocurrency in India
1. Bitcoin (BTC)
Created in 2009 by someone under the pseudonym Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.
Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy Bitcoin for about $500. Since then Bitcoin has witnessed many ups and downs but has shown tremendous resistance. Last year Bitcoin lost 65% of its market value.
2. Tether Cryptocurrency
Users can send and receive digital tokens tethered to the dollar using the digital currency Tether, linked to the dollar. The goal of Tether is to develop a stable-value digital currency that can be used to conduct exchanges between other currencies. The cryptocurrency may be exchanged for any other currency on the Tether platform and is backed by reserves of dollars, euros, and other significant currencies. Unlike conventional payment methods, transactions are quicker, less expensive, and more secure.
Tether is utilized as a currency and a platform for initial coin offerings in addition to being used as a currency (ICOs). Companies that participate in ICOs trade digital tokens for funding. This is a type of crowdsourcing. ICOs use Tether to enable investors to buy these tokens with fiat money instead of buying bitcoin first. This increases investor stability while also facilitating the process for businesses to raise cash.
3. Shiba Inu
Could a crypto token named after a breed of Japanese hunting dog ride the meme train to fame? The cute memes it inspired, its whitepaper named ‘WoofPaper’, and the market interest it drew would say yes.
The first three weeks of October 2021 saw it rise by 145%. It began life with a very low exchange rate, and even after the rally, one token of SHIB costs $0.00002941. This means that ₹ 2300 could buy you over a million tokens of SHIB. That is oddly satisfying in a crypto market where buying one whole Bitcoin costs a lot more — ₹49 lakh more.
4. Binance Coin (BNB)
The Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world.
Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
BNB’s price in 2017 was just $0.10. By the beginning of March 2022, its price had risen to around $413, a gain of approximately 410,000%. Even after such a huge market crash, BNB didn’t shake much.
5. USD Binance Cryptocurrency
Binance, one of the biggest cryptocurrency exchanges in the world, introduced the stablecoin Binance USD (BUSD). It is a virtual currency tied to the U.S. dollar, meaning every BUSD token is backed 1:1 by the recurring billing U.S. dollar reserves.
BUSD aims to provide virtual currency advantages without requiring reliance on a single party. A group of organizations, including Binance, Paxos, and a few other significant financial institutions, are responsible for the issuance and backing of BUSD coins. Users can be confident that each BUSD token is backed in the same proportion by its escrow-held reserves of U.S. dollars.
BUSD aims to provide stablecoin advantages without requiring reliance on a single party. A group of organizations, including Binance, Paxos, and a few other significant financial institutions, are responsible for the issuance and backing of BUSD coins. Users can be confident that each BUSD token is backed in the same proportion by its escrow-held reserves of U.S. dollars.
6. Ethereum (ETH)
Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to the beginning of March 2022, its price went from about $11 to over $3,000, increasing more than 27,000%. However, due to the overall market crash, Ethereum plunged to a yearly low of $1,091 on November 9, 2022.
7. Avalanche (AVAX)
AVAX is a native token of Avalanche blockchain which supports smart contract functionality. It works on the Proof of Stake (PoS) mechanism and is known as one of the fastest and most trustworthy smart contract platforms in the DeFi space. Like Ethereum, it supports smart contracts to run decentralized applications on its network and uses Solidity language, the same which is used by Ethereum.
Avalanche has a limited supply of 720 million AVAX tokens. Half of these were created and distributed at the time of its launch in 2020. The remaining tokens are yet to be generated via the minting process in the form of staking rewards. Moreover, unlike Bitcoin and Ethereum, Avalanche’s fees are not paid to validators; rather all fees are burned which increases the scarcity of AVAX.
8. Cryptocurrency Cardano
A multinational team of engineers and researchers developed the blockchain technology that underpins the Cardano cryptocurrency platform. It is a decentralized network based on a set of fundamental guidelines and standards and was created to be a very safe and dependable platform for international financial transactions.
Cardano is an open-source platform that facilitates the development and deployment of decentralized apps (dApps) and smart contracts. It is made to give financial transactions a safe, scalable, and dependable platform.
Additionally, the platform gives consumers a safe and dependable way to send, receive, and store digital assets like bitcoins. It is also intended to serve as a foundation for smart contracts, which are computer programs that let users make agreements with one another without using an intermediary.
9. Litecoin (LTC)
Litecoin (LTC), an open-source blockchain project launched in 2011, was created by former crypto exchange Coinbase software engineer Charlie Lee. It was one of the initial cryptocurrencies whose code is imitated from Bitcoin. Despite the fact that it has similarities with Bitcoin, it is developed to have a faster transaction confirmation time. It can be used as an avenue for paying people around the world without a mediator. LTC is frequently considered “silver to Bitcoin’s gold.”
Litecoin has a total round-off supply of 84 million tokens. In May 2021, it recorded its lifetime high of $413.47 but it dropped by over 50%. There are a growing number of merchants that undertake Litecoin. It has a per-token value of around $84, the 11th-largest cryptocurrency in the world.
10. Solana (SOL)
Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps), and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms that help it process transactions quickly and securely. SOL, Solana’s native token, powers the platform.
When it launched in 2020, SOL’s price started at $0.77. By March 1, 2022, its price was around $101, a gain of nearly 13,000%.
Related More Posts :