With the legality of cryptocurrency in India still under severe uncertainty, Indians are showing big interest in digital currency investment. Despite the unsettling debate on whether to ban cryptocurrency or bring it under the legal scanner, the government seems to levy the public with some ease on the profitable source. Cryptocurrency in India has seen massive adoption over the past few months, with around 10 million Indians investing in the digital currency market. Regulators have also opened the door for companies that are working to streamline cryptocurrency exchanges and trading in the country. Most Indian trading platforms feature top cryptocurrencies like bitcoin, ethereum, dogecoin, and more using smartphones. Therefore, the digital currency has become a long-term store of value for many. Every day, an enormous number of new investors from India are buying cryptocurrency to keep their digital assets growing. But not all cryptocurrencies function in the same way and most importantly, Indians have their own set of preferences when it comes to picking the right digital token. For people who believe that digital tokens will be the future norm, Analytics Insight has listed the top cryptocurrencies that Indians can rely on in 2021.
The cryptocurrency market is filled with over ten thousand cryptocurrencies. However, Indian crypto investors still have a soft corner for bitcoin. They constantly rely on bitcoin with the hope to ride the price wave. Fortunately, bitcoin never fails to live up to its expectations. Although price plummets are also very common, in many cases, bitcoin has gained more profits than those plunges. Besides, its price, market capitalization, and volume have kept it at the top for a long time. Bitcoin still represents over 40% of the cryptocurrency market capitalization.
According to experts, ethereum has every potential to overtake bitcoin in the coming years. So far, ethereum has kept a low-key in the market. But after bitcoin's price challenged the digital currency sphere, ethereum emerged as a hope for many crypto investors. At the beginning of 2021, ethereum was trading at INR1.40 lakh and has breached the INR2 lakh barrier by August end. After its recent London upgrade, the digital token is confidently heading to breach INR3 lakh in the coming days.
Many believe that Dogecoin is the most promising cryptocurrency of 2021. After becoming Elon Musk's favorite cryptocurrency, Dogecoin has stolen many other top crypto investors' attention. Experts believe that Dogecoin's value will produce nearly 50% returns by 2021 end if it keeps up the good pace. Elon Musk's constant boosting also helps Dogecoin's price goes up. However, that doesn't always work since Musk has varied opinions on all cryptocurrencies.
Launched in 2017, Cardono became one of the few cryptocurrencies that made it to the top 10 digital currency list in a very short span. Cardano functions on the famous blockchain network that powers bitcoin and ethereum. The digital token has given enormous growth to the investors in the past months with a rise of 150%. However, Cardano is also facing a volatile situation now with its price going down drastically. Fortunately, crypto enthusiasts suggest that this could be a brief plummet and Cardano will be back on the track soon.
Binance Coin was one of the few cryptocurrencies that reached its peak in 2017 during the bull market. Unfortunately, it later plateaued and decreased in value. In 2021, Binance Coin is being rallied at a moderate price. Although the pierce growth is comparatively low, Binance Coin still manages to keep its upward graph going. Many Indians see Binance Coin as a stable form of investment.
Whether you believe it or not, Ripple has a large investment base in India. Many Indian local investors and agents suggest their customers invest in XRP to maintain stable growth over their potential investment. Ripple gained its popularity in 2017 and was also chosen by global baking corporations as their preferred cryptocurrency. It became a silent method for the bank to send and receive payments.
Although pegged to the US dollar, Tether has many people in India who are interested in cryptocurrency. Tether is famous in the digital currency circle for its unique functioning. Unlike bitcoin that is valued based on its market capitalization and investments, Tether is backed by a fiat currency that is admired across the globe. Besides, it maintains a stable and consistent value for the digital token.
After breaking from ethereum, a few people in the leadership team created Polkadot with a better network. Polkadot works on several lanes of the transaction to make it fast and easy. The digital token rewards genuine investors and picks out others who trade just to make money fast. Unfortunately, Polkadot's short history makes it critical for comparison. Therefore, even Indians give a second thought when they plan to invest in Polkadot.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.