28 July 2021
The Cryptocurrency world can feel like an overwhelming venture, especially if you are just a beginner. And why wouldn’t anyone? There are about 5000 Cryptocurrencies to choose from, ranging from Bitcoin to Dogecoin. Every Cryptocurrency is in a way unique from one another. Each Crypto has its journey, goals, applications, functions, and use-cases. Given that, Cryptocurrencies are growing in popularity, wherein traders and investors all over the world are embracing this new form of Digital Currency. It has become a lucrative investment approach for many investors that are looking to diversify their portfolio.
Many countries have embraced and adopted Cryptocurrency. On March 4, 2020, the Supreme Court of India overturned the ban on Cryptocurrencies. This enabled Crypto enthusiasts in India to choose from a wide range of Cryptocurrencies. As many large companies are accepting Crypto payments, Indian companies are yet to follow the suit. As a result, investing in Cryptocurrencies and projecting their future or potential in the Indian Crypto market is a delicate endeavour.
Before investing, you need to understand Cryptocurrency thoroughly. You must research market trends and the Cryptocurrency you wish to buy. Keep in mind that the market is volatile and that an investor must be willing to take risks and strategize. However, you can also benefit when the value of your Cryptocurrency rises; you can sell it or withdraw it as desired.
In this blog, we have laid out 10 Promising Cryptocurrencies For Indian Investors
1. Bitcoin (BTC)
Market Cap: $616,599,490,724
Total Supply: 21,000,000 BTC
Created in 2009, Bitcoin is the first decentralized Cryptocurrency under the pseudonym, Satoshi Nakamoto. It is a P2P digital currency, which means that all transactions take place between equal, independent network participants without the need for intermediaries or third parties. According to Nakamoto, Bitcoin was created to facilitate “online payments to be sent directly from one party to another without going through a financial institution.”
Bitcoin is the first largest Cryptocurrency by market capitalization. Many Crypto analysts and enthusiasts treat Bitcoin as a safe haven, wherein the Crypto is known for its payment transactions and store of value. Moreover, many large companies are already accepting BTC payments such as Microsoft, PayPal, Overstock, Starbucks, Newegg, etc.
Bitcoin has an undisputed dominance in the Crypto market, considering the fact that before Bitcoin there were few similar ideas for decentralized electronic currency and even though there are thousands of other Cryptocurrencies in the market. The reason why Bitcoin has grown in popularity is that it was the first digital currency that emerged to be used in the real world. Bitcoin has managed to hold a distinct position in the market, and its value has skyrocketed like no other Cryptocurrency. Five years ago, you could have bought BTC for about $500. While as of now, a single Bitcoin is worth over $32,500. This equates to a 6,300% increase.
2. Bitcoin Cash (BCH)
Market Cap: $8,939,526,372
Total Supply: 21,000,000 BCH
Bitcoin Cash is a hard fork of Bitcoin. It is a P2P electronic cash system that intends to become a reliable worldwide currency with fast payments, huge transaction capacity, and low transaction costs. Bitcoin Cash payments are delivered directly from one person to another, similar to how actual money, such as a dollar bill, is handed to the person being paid. Thus, Bitcoin Cash can process transactions faster and at lower rates than Bitcoin.
Bitcoin Currency blends the rarity of gold with the spendable nature of fiat money. It offers a wide range of applications, such as paying participating merchants for goods and services in-store and online. It facilitates new microtransaction economies and reduces the fees for cross-border trade and remittances. Some of the other use cases of BCH are simplified smart contracts, private payments with tools, tokens, and many more. Thus, its scalability implies potentially huge growth in the future.
3. Binance Coin (BNB)
Market Cap: $47,962,003,940
Total Supply: The initial total supply was set at 200,000,000 BNB, but the supply is gradually decreasing due to its regular coin burn events.
Binance was founded in 2019 by Changpeng Zhao. It is one of the world’s largest Cryptocurrency exchanges. The Binance Coin can be used to trade and pay fees on Binance, and can also be traded with other Cryptocurrencies.
According to the company’s website, its objective is to become the Blockchain ecosystem's infrastructure services provider. BNB is also treated as one of the most popular utility tokens with several advantages. It has developed an ecosystem of functionalities for its users by employing Blockchain to provide new-age finance.
4. Cardano (ADA)
Market Cap: $41,202,792,480
Total Supply: 45,000,000,000 ADA
Cardano was founded in 2017 by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. It is a proof-of-stake Blockchain platform that aims to empower “changemakers, innovators and visionaries” to create a positive global change. The open-source project also aspires to “redistribute power from unaccountable structures to the margins to individuals," resulting in a more safe, transparent, and fair society.
Cardano is powered by ADA, its native token, to enable smart contracts and decentralized apps (DApps), which also adds more utility factors. It is renowned for being one of the first Crypto projects that used Proof-of-Stake (PoS) validation. This mechanism helps reduce transaction time, energy consumption, and environmental effects by removing the competitive and problem-solving part of transaction verification. Cardano’s ADA token has relatively modest growth when compared to other Cryptocurrencies.
5. Dogecoin (DOGE)
Market Cap: $26,589,334,091
Total Supply: There is currently no information on the total supply of DOGE.
Dogecoin (DOGE) is based on the popular Internet meme "doge" and has a Shiba Inu as its logo. The open-source digital currency was forked from Litecoin in December 2013 by Billy Markus, Jackson Palmer, and Oregon. Because it was based on a dog meme, Dogecoin's designers envisioned it as a joyful and light-hearted Cryptocurrency that would appeal to a wider audience than Bitcoin's core audience. Elon Musk, the CEO of Tesla, has posted on multiple occasions that Dogecoin is his favourite Cryptocurrency.
Dogecoin has been chiefly used on Reddit and Twitter as a tipping mechanism to reward the creation or sharing of high-quality content. You can get tipped by joining a Dogecoin community or through a Dogecoin faucet. Thanks to its creative memes and dedicated community, Dogecoin quickly became a popular Cryptocurrency choice. Unlike many other Cryptocurrencies, there is no limit to Dogecoin’s issuance, making the currency susceptible to depreciation as supply grows. However, its price has seen substantial growth from merely $0.0002 to $032, a 159,900% increase.
6. Ethereum (ETH)
Market Cap: $234,354,848,555
Total Supply: There is currently no information on the limited issuance or a defined monetary policy on the total supply of ETH.
Ethereum was first described in the 2013 whitepaper by Vitalik Buterin. Buterin and his co-founders raised funds for the project through an online public crowd sale in the summer of 2014, and the Blockchain was officially launched on July 30, 2015. It is an open-source, decentralized Blockchain system with its own Crypto, Ether. Ethereum serves as a platform for several different Cryptocurrencies as well as decentralized smart contract execution. Its goal is to create a worldwide platform for decentralized apps (DApps), allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.
Ethereum is the second-largest Cryptocurrency by market capitalization. Many large companies are accepting Ethereum payments, such as Overstock, Travala, Coingecko, CoinTelegraph, Shopify, and so forth. It is also a favourite platform for developers because of its potential applications. ETH’s price has increased by more than 22,000% in just five years, from around $11 to over $2,500.
Additionally, Ethereum is a host to several other Cryptocurrencies, also known as tokens. It pioneered the concept of the Blockchain smart contract platform and is also popular for NFTs.
Also Read, Top 10 Cryptocurrency Exchange In India
7. Polkadot (DOT)
Market Cap: $13,811,490,817
Total Supply: There is currently no information on the total supply of DOT.
Polkadot was founded by the Web3 Foundation. It is an open-source sharding multichain protocol that allows the cross-chain transfer of any data or asset type, not just tokens. Polkadot intends to unify by building a Cryptocurrency network that connects the multiple Blockchains to work together. In simple terms, it works on making a wide range of Blockchain networks interoperable.
Since Polkadot's launch in 2020, this integration has spurred significant growth and may influence how Cryptocurrencies are maintained. It has the potential to revolutionize the decentralization of the internet and the way Cryptocurrencies operate. As a result, Polkadot has earned a bullish position in the market.
8. Ripple (XRP)
Market Cap: $28,693,657,501
Total Supply: 100,000,000,000 XRP
Ripple is a digital technology and payment processing company. XRP is the currency that runs on RippleNet, a digital payment platform built on top of the XRP Ledger, a distributed ledger database. While RippleNet is operated by Ripple, the XRP Ledger is open-source. It is not based on Blockchain, but instead on the previously described distributed ledger database.
The RippleNet payment platform is a real-time gross settlement (RTGS) system to enable global immediate monetary transactions. XRP is known for its faster transactions and cross-border partnerships. It can also be used on the network to facilitate exchanges of different currency types such as Cryptocurrencies and fiat currencies. Whilst XRP Ledger's main coin is XRP, you can still use any currency to transact on the platform. In addition, XRP is gaining favour amongst Crypto investors due to its ability to survive market volatility.
9. Tether (USDT)
Market Cap: $62,107,376,933
Total Supply: There is currently no information on the total supply of USDT.
Tether (USDT) was launched in 2014 by Brock Pierce, Reeve Collins and Craig Sellars. Tether, a Hong Kong-based business, has created USDT, a stablecoin that reflects the U.S. dollar price. The USDT is pegged to the dollar by keeping a number of dollars in reserves that are equal to the number of USDT in circulation. In simple terms, USDT is backed by fiat currencies like Euro and U.S. dollars and has a theoretically equal value to one of those denominations.
Because of the Crypto markets' notoriously high volatility, Cryptocurrencies tend to fluctuate by 10-20% in a single day, making them unreliable as a store of value. Since USDT's value is intended to be more consistent than other Cryptocurrencies, which is why it's appreciated by investors who are concerned about other coins' excessive volatility.
10. Uniswap (UNI)
Market Cap: $10,692,495,891
Total supply: 1,000,000,000 UNI
UNI is a well-known Ethereum-based token that runs Uniswap, a decentralised trading protocol that helps automate the trading of decentralised finance (DeFi) tokens. This system eliminates the need for intermediaries, such as a bank or a broker-dealer. Instead, it is powered by pool user resources and smart contracts.
Uniswap’s governance token (UNI) was created to “officially enshrin[e] Uniswap as publicly-owned and self-sustainable infrastructure while continuing to carefully protect its indestructible and autonomous qualities.”
It strives to keep token trading automated and open to anyone who owns tokens. It also enhances trading efficiency over traditional exchanges. Uniswap improves overall efficiency by using automated ways to solve liquidity difficulties.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.