The current phase of digital assets is popularly denoted as the great crypto market meltdown, and this phenomenon is not just restricted to a particular geographical area. As global economies continue to suffer at the hands of inflation, the market value of the broader crypto market is also going downhill. Besides facing financial losses and risks due to the declining values of cryptocurrencies, Indian crypto investors are also hit hard by the regulatory breakdown that the government is currently initiating. Experts have commented that the Indian crypto market lacks proper infrastructure, which is one of the major reasons why India has lost its position of being a crypto leader in the global market. The future of cryptocurrency in India is quite uncertain as the growing amounts of regulations are triggering more and more investors to flee the market, but there are still many crypto fanatics who continue to accept cryptocurrencies as a valuable source of income and have accepted its volatility. Here, we have enlisted the top affordable cryptocurrencies that Indian investors can buy in 2022.
The current value of Cardano is less than US$1.00, which makes it an extremely affordable investment option for Indians. Cardano is a blockchain platform that is built on a proof-of-stake consensus protocol called Ouroboros. Development initiatives on the Cardano platform might be delayed, but the cryptocurrency definitely has the potential to become a lucrative investment asset in the future.
XRP is an open-source cryptocurrency that leverages an open-source distributed ledger called the XRP ledger. The value of the token is presently soaring after its minor victory against the US Securities and Exchange Commission. The XRP community believes in creating solutions that solve insufficiencies, including remittance and asset tokenization.
USDT is a stablecoin that mirrors the price of the US dollar. The token's peg to the USD is one of the major features that attract investors to it. USDT's peg to the dollar is achieved through maintaining a sum of commercial paper, fiduciary deposits, cash, reserve repo notes, and others.
USD Coin is another stablecoin that is pegged to the US dollar and can prove to be a lucrative investment asset. Every unit of this cryptocurrency in circulation is backed up by US$1 that is held in reserve, in a mix of cash and short-term US Treasury bonds.
Binance USD is a 1:1-based stablecoin issued by Binance. Investors can gain a lot of advantages and gain profits, based on its price stability. Stablecoins play an important role in transactions, payments, and settlement, and the DeFi ecosystem.
Dogecoin originated from a joke, yet, it has emerged as one of the most popular investment assets in India. The cryptocurrency sharply rose last year due to the hype around the fact that Elon Musk supports the cryptocurrency. DOGE has been hit hard by the crypto market sell-offs, but crypto continues to remain one of the top memecoins in the market.
Polkadot is an open-source sharded multichain protocol that connects and secures a network of specialized blockchains, facilitating the cross-chain transfer of any data or asset, not just tokens, hence, enabling developers to make blockchains to be interoperable with each other.
Polygon is a decentralized application that is built on the Ethereum network as a way to expand Ethereum into a multi-chain system. Experts believe Polygon could be the solution that the developers need to deploy to make decentralized applications faster, more efficient, and affordable.
Avalanche is a promising new cryptocurrency that rose to prominence in 2021. Avalanche is basically a superfast blockchain platform that uses three chains rather than one that indicates tasks are divided and transaction speeds are significantly increased. The token uses two separate consensus mechanisms, which ensures that the platform is immensely scalable.
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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.