In the previous blog, we have discussed “What is the concept of cryptocurrency” and “What is its future in India?” Today, we will be tackling the question, “What is the best cryptocurrency in India?”
Just to revise, we shared about the blockchain technology that is the core of the cryptocurrency, advantages and risks associated with the cryptocurrency, Crypto Bill of India and the future that cryptocurrency holds. Well, if you are not aware of any of these facts about cryptocurrency or answers to questions like “What is blockchain technology?” or “What makes cryptocurrency go up and down?”, click here!
One of the most crucial facts we discovered during the research of that blog was that “10 crore Indians hold cryptocurrencies making them one of the biggest stakeholders of this currency in the world.
If this topic has sparked your attention and you are looking for the best cryptocurrencies in the world, then you must give this blog a good read!
But before that, you must know these must know the market. Yes, these are some of the most crucial factors that you should take into consideration before you incept the journey to investing in crypto:
Cryptocurrency is a volatile market
There is a high risk involved of losing the money
One can also receive a high reward in monetary terms.
Invest the amount that you are also willing to lose.
Like every other investment, it is best to not put all eggs in one basket.
With distributed investment, you should not focus on only a few cryptocurrencies.
You must be aware of the category of cryptocurrencies you are investing in.
Speaking of categories of cryptocurrencies, there are four major types of cryptocurrencies including Payment cryptocurrencies, infrastructure cryptocurrencies, financial cryptocurrencies, and service cryptocurrencies.
Your money should be invested in different categories and based on the risk involved in each.
Make sure 50% of your investment is in the established players like Bitcoin, etc.
Cryptocurrencies have popped up across the world in multiple numbers since the past few years and the trend is rising but at the same time, some of the cryptocurrencies are gaining more popularity from an investor’s point of view.
Price: 35,80,730.34 INR as of 29-12-2021
Bitcoin has to be one of the most popular cryptocurrencies in India, given that it has been one of the earliest cryptocurrencies and the the best cryptocurrency to invest in right now. Today, it holds similar value to a finite precious metal like gold. Over 106 million owners of Bitcoin and hundreds of thousands of transactions, this crypto has been popular amidst the common man as well as the big players like MicroStrategy, Square, and Tesla.
Well, there is a twist in the Tesla and Bitcoin story. We have discussed Bitcoin in detail in this descriptive blog. Have a look!
Price Today: ₹ 2,82,100.83 as of 29/12/2022
The second-largest cryptocurrency in the world, Ethereum has to be the next name on this list of best cryptocurrencies to invest in. Ether, based on the Ethereum blockchain, has become a cornerstone of the cryptocurrency world. If compared to the finite resources, Ether is silver.
Founded by Vitalik Buterin, the best cryptocurrency to invest in right now, Ethereum aims to the decentralized range of products and services by allowing blockchain platforms to software engineers to build applications so that they can leverage the security and usage like payment, insurance, crowdfunding, etc.
Price Today: ₹ 74.54 Rupees
As the name suggests, Tether is the token that is tethered to the value of the US dollar designed by individuals who recognized that the cryptocurrency market was extremely unpredictable and agitating.
One of the best alternative cryptocurrencies to bitcoin and the best cryptocurrency to invest in right now, in 2014 launched, the tether allows users to experience the blockchain network. They also encrypt their investments against major price surges and falls.
Price: ₹ 1,450.17 INR as of 29-12-2021
The renowned decentralized trading protocol, Uniswap is known for its role in facilitating a growing network of automated trading of decentralized finance (Defi) tokens.
The exchange is an automated market maker (AMM) launched in November 2018 who gained popularity post the Defi phenomenon surge in token trading. Its prizes are set using mechanical formulas and trades occur using smart contracts. It aims to keep token trading automated open to anyone with tokens while improving the efficiency of trading versus that on traditional exchanges.
These are just some of the popular established and establishing cryptocurrencies and they continue to prosper.
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