Cryptocurrency is all the rage currently. The various digital currencies on offer today possess certain unique advantages, thanks to blockchain technology.
Not only does this technology provide high security, cryptocurrency is also scarce, thus upping its value. Due to these attributes, more and more investors have started turning to crypto as a saviour during a time when the global economy is suffering due to the pandemic. Cryptocurrency has become a lucrative option for many budding investors looking to diversify, even in India. With the market crash, prices are dropping lower and lower. If you are searching for good cryptocurrency to invest in India, here are some of the leading options:
Good Cryptocurrency to invest in India 2021
As the first cryptocurrency in the market and the highest valued, Bitcoin is practically synonymous with crypto for many. At today’s price of Rs.26,82,421.49, that is US$36,714.48, Bitcoin’s price has dropped by 0.80% in the past 24 hours, and the overall drop in the past week now stands at 3.24%. The famous cryptocurrency peaked at an all-time high of $65000 in April 2021, followed by a sudden drop due to Elon Musk’s declaration about Tesla no longer accepting payments in Bitcoins, as an environmentally conscious decision. However, the currency recovered fairly well after the crash and seems to be going steady; with the drop in the price this may be a good time to buy Bitcoin.
Ether, the second-largest digital currency, is circulating more coins in comparison to Bitcoin. Ether is the native currency of the platform Ethereum. The foundation of Ethereum’s open-source blockchain is smart contracts, which make decentralized finance services (DeFi) possible. Such decentralized applications (DApps) give this cryptocurrency an undeniable advantage. Ethereum is credited for creating a platform for DeFi and because of its success, it’s now widely used in the industry. Today, Ether (ETH) stands at the price of US$2,472.59, with a drop of 4.04% in the past 24 hours and 10.46% in the past week. In INR the price is currently at Rs.180,255.29.
Tether is a cryptocurrency that is backed by conventional money stored in financial institutions like banks in equal amounts in the form of currency such as the dollar-euro. With 829,541 coins being circulated, the value of this digital currency is tied to the US dollar and stands at $1.00 as of today. Tether has seen a rise in the price of 0.02% in the past 24 hours, but a drop of 0.04% in the past week. Thanks to its value being pegged to the dollar, Tether is a fairly stable and inexpensive investment option at the price of INR 72.93.
4. Binance Coin
With only 573,296 coins in circulation, Binance is one of the most popular digital currencies among crypto traders all over the world. The third-largest currency according to market capitalization, Binance Coin was launched in 2017 as a utility token. Hence, Binance Coin’s price is dependent on the utility it holds on the Binance exchange platform. Simply put, the higher the number of people using Binance coin, the higher its value goes. Many experts see this as a promising investment. Currently, the price in USD is $356.49, with the currency seeing a 24-hour drop of 4.22% and a drop of 12.80% this week. At Rs.25,949.01, this may not be the cheapest cryptocurrency investment in India, but it is definitely worth considering.
5. Cardano – INR 129.19
With 637,696 coins in rotation, speedy transactions and a super flexible network, Cardano remains one the most reliable coins for investors. Cardano counts being sustainable, interoperable and scalable among its biggest strengths, and the recent update has also added building smart contracts to this list. Always going slow and steady, the coin aims to decentralize completely at some point. Today priced at US$1.54 or INR112.50, the currency has seen a drop of 2.77% in the past 24 hours and 11.44% this past week.
The anomalous meme-coin that quickly climbed the ranks to become one of the leading cryptocurrencies in the market, Dogecoin, owes its success to Elon Musk’s endorsement. Priced relatively cheaply at US$0.3254, Dogecoin continues to make waves and is predicted to have immense potential for growth in the near future. Despite a market crash, a 24-hour drop of 4.80% and 17.15% this week in total, Dogecoin still stands sixth according to market cap. At the low price of Rs.23.77, this is a good cryptocurrency to invest in India.
XRP is another relatively cheap option and was introduced by one of the original non-decentralized blockchain platforms, Ripple. With a market capitalization of US$45.68B, XRP is one of the top ten cryptocurrencies in the market. At USD0.873 or Rs.63.68, it has seen a price drop of 1.98% in the past 24 hours and that of 10.26% this week.
8. USD Coin
The USD Coin is one of the most stable currencies in the market that allows all investors to redeem one US dollar in exchange for one USD crypto coin. The USD coin's value is expected to rise to US$1.2797 by December 2022. As one of the lowest-risk cryptocurrencies, and priced at INR72.93 or US$1.00, this is a good cryptocurrency to invest in India. The crypto coin saw an increase of 0.06% in value in the past 24 hours, bringing the week’s decrease in price to a mere 0.02%.
9. Polkadot – INR 1,843
Polkadot is run by crypto technology that is proof-of-stake, which sets it apart from its crypto competitors in the market. With an independent blockchain feature for sharing information and the ability to create DApps, Polkadot is another cryptocurrency investment in India you should take a look at. After a week’s drop of 7.52% and a 2.05% drop in the past 24 hours, the price currently stands at Rs.1680.15 or US$23.04.
Uniswap, a DApp on the Ethereum platform, focuses on utilizing and delivering liquidity. Users can essentially trade tokens through the liquidity pools. The UNI coin was only released last year and relies on smart contracts, enabling crypto token transactions on Ethereum’s blockchain. Still relatively young, it is quickly growing in popularity and has been touted as a currency with great potential by market analysts. Priced at INR 1,700.08, (USD23.31) the currency has seen a drop of 4.11% in the past 24 hours, bringing the week’s total to a decrease of 13.87%.
Following the recent market crash earlier this month, most of the cryptocurrencies in the market have seen a drastic fall. This can make it tricky for investors, especially beginners, to find a low-risk and inexpensive cryptocurrency. It’s important to stay up-to-date with the price movements in the market and sort out the fundamentals like finding a source to buy crypto and setting up cryptocurrency wallets. Assess your investment goals, and research your options thoroughly before committing. If you’re looking to invest in an alternate asset class like stocks, consider downloading the Angel Broking app, and trade on the go. With a frictionless digital account opening process and a slew of features that help you make good investment decisions, the Angel Broking app is the perfect way to make your money work for you. Stay tuned for more such interesting content pieces!
Disclaimer: Angel One Limited does not endorse investment and trade in cryptocurrencies. This article is only for education and information purposes. Discuss with your investment advisor before making such risky calls.