The cryptocurrency hype has traveled from the west and reached India, attracting investors with its high value. Be it, seasoned investors or novice enthusiasts, everyone wants to partake in a conversion about cryptocurrencies and give opinions. While many NRIs have good knowledge about the growing cryptocurrency market, Indians need to update themselves with the market news.
After the recent market dip brought by China's crypto ban, the low crypto coin prices have caught the interest of Indian investors and skeptics. People, who were once against risking money in such a volatile market due to high prices, are now ready to make their first, albeit small cryptocurrency investment.
For you to get started, here are the top cryptocurrencies to buy and hold in May 2021. As of today, the crypto market is in recovery, which makes this an ideal time to invest.
Price today: INR 3,246,223
For Indians, Bitcoin is synonymous with cryptocurrency. And rightfully so, because this was the first and is the highest valued crypto in the market right now. After reaching an all-time high of about $65000 in April this year, the price started plummeting recently, thanks to Elon Musk's tweet about Tesla not accepting Bitcoins anymore (initially, Tesla had decided to accept Bitcoins as a mode of payment). If you have the budget, now is the best time to buy Bitcoin as the price dropped by almost 30%.
Price today: INR 1,298
Many Indians might not be familiar with Cosmos, but this is a crypto that cannot be overlooked. Cosmos is one of the most affordable cryptocurrencies in the market with high growth potential. On May 7, Cosmos hit its all-time high of approximately $32 but owing to the market crash, the value came down to $23.
Price today: INR 31,390
As per market capitalization, Binance Coin is the third-largest cryptocurrency, the first two being Bitcoin and Ethereum. In 2017, Binance Coin was launched by one of the world's largest cryptocurrency exchanges Binance, as a utility token. Hence, the pricing of this crypto coin depends on its utility on the Binance platform. In simple terms, if more people use Binance Coin to trade other cryptos, its value will increase. Experts predict that by the end of May 2021, the price of one Binance Coin will hit $505.
Price today: INR 7.21
Tron was initially developed over the Ethereum platform and in comparison, Tron is gaining quickly. One of the reasons for the rapid growth is the fact that Tron is a decentralized operating system based on blockchain technology, which gives it the ability to host several decentralized applications. While the market crash did not impact Tron as much as it did to other cryptos, its affordable price and future potential make it a good buy.
Price today: INR 31.605
It is baffling how a crypto coin that started out as a meme is now a leading player in the market. Unofficially endorsed by the "Dogefather" Elon Musk, Dogecoin is a cheaply priced cryptocurrency with immense growth expectations. Though the market crash had stumped the price of Dogecoin, it is still the fourth-largest cryptocurrency as per the market cap.
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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.