According to the World Bank, the overall market capitalization of the worldwide crypto market is $2.6 trillion, which was the same as India’s gross domestic product (GDP) for the entire year 2020. That is the extent to which cryptocurrencies have invaded our markets. According to Nasscom, the Indian cryptocurrency market has grown exponentially in recent years and is predicted to reach $241 million by 2030.
The COVID-19 pandemic was a boon for cryptomarkets. With the market crumbling in uncertainty amid prolonged shutdowns, digital currencies attracted a lot of investors. WazirX, one of India’s most popular cryptocurrency exchanges, along with many other crypto trading platforms, recorded exponential surges in customers, not just from the country’s largest cities but also from Tier-II and Tier-III locations. Millennials include a significant chunk of this growing investor base and label it as the ‘future’ of exchange in commerce. The crypto regulation bill proposed by FM Nirmala Sitharaman in 2021 further solidified the fact that the government also recognizes virtual currencies as ‘real’ currencies, thereby instating legality, the only missing piece in the growing base of virtual currencies.
Many of these cryptocurrencies, including Shiboshi NFTs, purchased with Shiba Inu, are accepted as payment while buying from eBay and Amazon. Many shopping sites are now accepting cryptocurrencies as legal modes of payment.
Investors have been looking for investment possibilities to combat the inflation blues as global inflation rises in 2022. Many investors consider cryptocurrencies to be a high-return investment, while few stays varies of the uncertainties that underlie every exchange. Either way, the growing popularity of cryptocurrencies in India should be utilized for all the gains it can offer. India is currently booming with many cryptocurrencies.
Let’s look at the Top 5 most profitable cryptocurrencies in India:
1 BTC – 29,72,259.73 INR
Bitcoin (BTC) is the first cryptocurrency created in 2009, which relies on peer-to-peer software and cryptography to operate. Satoshi Nakamoto, a person with the stage name Satoshi, invented this currency. Bitcoin continues to remain the most popular and secure cryptocurrency in the country. Bitcoin accounts for 46% of the worldwide crypto market capitalization. According to some experts, its underlying technology encourages innovation, and its value encourages investment in other ‘altcoins.’ Bitcoin, according to some experts, could become a reserve currency for the remainder of the financial system — known as decentralized finance (DeFi) — that is emerging around cryptocurrencies. With a market capitalization of $861.8 billion, Bitcoin has become an easy choice for every investor starting to enter the virtual markets.
Also Read: Step by Step guide on How to buy Bitcoin?
- 2. ETHEREUM
1 Ether – 2,18,188.96 INR
Ethereum is a blockchain platform as well as a cryptocurrency, and it is said to be the ideal platform for programmers due to its potential. It is the 2nd largest cryptocurrency in terms of market capitalization. Since its beginning, Ethereum has experienced tremendous growth (2015). According to statistics, the price increased by almost 33,500 per cent between April 2016 and January 2022, from around $11 to over $3,700. To participate in high-value trades such as non-fungible tokens (NFT), decentralized finance (DeFi), and decentralized applications, you’ll need Ether or other tokens derived from it (DApps). Overall, it is another secure option in cryptocurrencies.
- 3. BINANCE COIN
1 Binance Coin – 29,774.47 INR
Binance Coin is a crypto-coin launched in 2017 by the Binance exchange. Binance Coin, which runs on the Ethereum blockchain and uses the standard ERC 20 protocol, is limited to a total of 200 million BNB tokens.
The Binance Coin is a cryptocurrency used to trade and pay fees on one of the world’s foremost cryptocurrency exchanges. It has increased its trade facilitation on Binance’s exchange platform, allowing traders to use Binance currencies for trading, travel booking, and even payment processing. Binance can be traded or exchanged for other cryptocurrencies like Bitcoin and Ethereum. The per coin was $0.10 during the initial days of its inception, and by January 2022, it had climbed to about $520, indicating a growth rate of 520,000%. This growth rate is expected to rise as cryptocurrencies occupy an important position in world trade.
- 4. CARDANO
1 Cardano – 62.90 INR
Cardano is a cryptocurrency similar to Ethereum that allows decentralized apps and smart contracts. It’s powered by ADA, the native coin of the company.
Cardano is less harmful to the environment than other currencies that rely on an energy-intensive mining process. Its blockchain also allows for NFTs and smart contracts for DeFi. Investors defend the price increase over time by citing real-world applications such as tracking farm supply chains, combating retail plagiarism, and so on. Comparing Cardano’s ADA token to other major crypto coins has likewise shown modest growth from its debut until today. The price of ADA was $0.02 in 2017, and it is now $1.34, a 6,600 % increase. Amidst the ongoing energy crisis, an environment-friendly coin such as Cardano is expected to perform better than average.
- 5. XRP
1 XRP – 46.29 INR
The inventors of Ripple, a worldwide payments network with major banks and financial institutions among its customers, created XRP. XRP serves as a gateway to easily convert between other currencies. XRP could be used to swap various currencies, including fiat currencies and other major cryptocurrencies.
The price of XRP was $0.006 when it was created in 2017. Its price has now risen to $0.83 in January 2022, representing a gain of more than 13,700%. These cryptocurrencies in India are relatively stable that offer good returns.