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Cryptocurrency adoption in India has gained momentum, despite uncertainty around the unregulated assets' future in the economy. Investments in cryptocurrency, especially in bitcoin, have witnessed a significant spike since last year. According to surveys conducted by experts, India is one of the global leaders in crypto adoption. More and more Indians have started investing in cryptocurrency, resulting in depreciation in traditional assets like bonds, equity, and local currencies. In this article, we list the top 10 cryptocurrencies that Indian investors and trade on this weekend.
Market Capitalization: US$1.151 trillion
Bitcoin is the most popular cryptocurrency in India today. It is probably because BTC is one of the longest-standing and trusted cryptocurrencies in the market. Bitcoin makes up 46% of the global crypto market. Its underlying technology inspires development and its value spurs investment into similar altcoins. Its recent adoption by different big tech industries and nations like El Salvador has spiked its value by a landslide.
Market capitalization: US$70.126 billion
As its name implies, the token is tethered to the US dollar, making it a stablecoin with minimum volatility in value. This makes it a convenient intermediate currency for a trader, or even just to hold the profits until the investor decides on something else. The stated purpose of the Tether is to combine the unrestricted nature of cryptos with the stable value of the US dollars to give more profit to its buyers.
Market capitalization: US$44.762 billion
Shiba Inu is witnessing a record-breaking spike this week and is estimated to become one of the largest cryptocurrencies in the market. It is started as a meme and quickly gained value as a community of investors were drawn by its quick charm, along with the tweets mentioned by big tech personalities. It is also known as the 'dogecoin killer'.
Market capitalization: US$12.918 billion
Litecoin came into being in 2011 and is one of the first cryptos following the birth of bitcoin. The crypto works on a fast block generation rate, which enables the investor to get faster transaction confirmation. Currently, it is the sixth-largest cryptocurrency in the world and has gained the title of the silver alter ego of the golden Bitcoin.
Market capitalization: US$490.33 billion
It is the second-most valuable crypto on a global scale and is based on the Ethereum blockchain. Over the years, the ETH token witnessed massive growth. Experts predict that it might even overtake bitcoin in the future. Ethereum introduced various innovations to blockchain security and usage, with smart contracts becoming a platform for Defi applications.
Market capitalization: US$38.657 billion
Dogecoin is the largest meme coin in the crypto market and is a tough rival to Shiba Inu. DOGE creators envisioned it as a fun, light-hearted cryptocurrency that would have a greater appeal to the audience than mere financial investments. Currently, it is the tenth-largest cryptocurrency in the market. In 2021, it has received a lot of attention from Reddit users, along with big tech personalities like Elon Musk.
Market capitalization: US$66.447 billion
It is a decentralized blockchain platform that uses native cryptocurrency. It is also known for its early adoption of the proof-of-stake consensus algorithm. Cardano enables peer-to-peer transaction facilities and also allows Ethereum-like smart contracts and decentralized applications on this network.
Market capitalization: US$58.96 billion
Solana is the 6th largest cryptocurrency in the market. It is an open-source project that provides decentralized finance solutions. It aims to improve scalability by introducing the proof-of-history consensus, combined with the underlying proof-of-stake algorithm. Due to its innovative hybrid model, SOL enjoys small-time traders as well as organizational traders.
Market capitalization: US$6.77 million
It is best described as a decentralized platform focused on content sharing and entertainment. Its network is fast as it can conduct up to 2000 transactions per second. It is also well-known as it enables building decentralized apps on its blockchain network.
Market capitalization: US$12.9 billion
Polygon can efficiently transform Ethereum into a full-fledged multi-chain system. This multi-chain system is similar to other cryptos like Polkadot, Cosmos, and others. This allows users to benefit from the strengths of multiple blockchains and enables them to communicate with each other.
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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.
