Cryptocurrencies are the most talked-about investments, as of now. Following this trend, the Indian government has recently announced that it is setting up a dedicated body to form the necessary crypto
To ensure your cryptocurrency investments are profitable, Analytics Insight has come with 10 promising cryptocurrencies for Indian investors. Keeping in mind the market volatility, the following crypto coins are expected to yield results.
currency regulations. This has spiked the interest of several Indian cryptocurrency investors. From Bitcoin, Dogecoin, Tether, and Polkadot, there are more than 10,000 cryptocurrencies in the market to choose from. While many companies around the world have started to accept cryptocurrencies for payments, Indian companies are not yet there. This makes investing in cryptocurrencies and predicting their future a rather delicate subject.
Bitcoin is the first cryptocurrency and also the largest as per its market cap of US$646 billion. For cryptocurrencies, Bitcoin has become a household name with loyal investors who believe in its potential through market dips. Rightfully so, because Bitcoin hit its all-time high of US$60,000 at the beginning of 2021 and experts anticipate it will surpass the value soon. Many regions in the US and Europe have started accepting Bitcoins as a mode of payment, which shows the word's reliability on Bitcoin.
As a cryptocurrency and as a blockchain platform, Ethereum is a developer's favorite. When it comes to utility, Ethereum's feature called smart contracts allows developers to build several blockchain apps around it that support NFT. Five years ago, Ethereum was priced around US$11 and now, its value has grown to US$1,967 (INR 1,45,939).
If you're skeptical about the cryptocurrency market and want to invest in a low-risk crypto coin, Tether is a promising option. Unlike other cryptocurrencies, Tether is a stablecoin. A stablecoin's value is pegged to a fiat currency, like the US dollar. This means with every Tether coin you buy; its value is linked with the value of US$1. This also means Tether will withstand market fluctuations better than other coins.
After Bitcoin, Ethereum, and Tether, Binance is the fourth largest cryptocurrency with a market cap of US$43 billion. Binance coin has a purpose in the crypto market. It can be used to trade and pay fees on the Binance exchange, one of the largest cryptocurrency exchanges in the world, and can also be traded for other cryptocurrencies. So as long as there is activity in the Binance exchange (there will be), Binance Coin's value will continue to grow. What was once US$0.10 is now US$287.08, at the time of writing (INR 21,300).
Recently, Elon Musk rightly pointed out how detrimental cryptocurrencies are to the environment. Cardano uses proof-of-stake validation for its network which reduces transaction time and decreases energy usage. Like Ethereum, Cardano also enables smart contracts and decentralized apps, adding more utility factors.
Elon Musk and Dogecoin have a relationship that riled the cryptocurrency market. What once started as a meme has now become a prominent cryptocurrency in the market with a market cap of over US$44 billion. It's easily one of the largest cryptocurrencies. In 2017, Dogecoin's value was US$0.0002 and by June 2021, the value spiked to US$0.32 (INR 23.7).
XRP is a token by Ripple, a renowned digital technology and payment processing company. XRP is gaining popularity amongst investors for its ability to withstand market volatility. XRP can be used to exchange crypto and other traditional currencies like the dollar and the pound. Compared to Bitcoin, XRPs transaction rates are much cheaper and the transaction time is much faster.
Another stable coin, the USD coin has a direct link with the US dollar. The coin aims to be stable at the ratio of 1:1. USD coin or USDC is powered by Ethereum and this coin can be used to facilitate global transactions.
A relatively new cryptocurrency, Polkadot has a unique vision for the crypto market. It aims to integrate several blockchain networks into one so they can work together. This integration can be revolutionary and change the way cryptocurrencies work. This has helped Polkadot earn a bullish place in the market. Between September 2020 and June 2021, Polkadot's price grew from US$2.93 to US$20.95. As of June 28, Polkadot is priced at US$17.20 (INR1,276).
Similar to Binance, Uniswap coin powers Uniswap exchange, which works with an automated liquidity model for trading. This system eliminates the need for a middleman like a bank or a broker. Instead, it uses Ethereum's smart contracts system. It's one of the affordable cryptocurrencies with a value of US$17 (INR1,320 at the time of writing).
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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.