Do you know? According to the World Bank, the total market capitalization of the global cryptocurrency market is about US$2.6trillion, which is the same as India’s gross domestic product for the year 2020. During the COVID-19 crisis, even investors were uncertain about their investments in India. For instance, when we look at WazirX, which is one of India’s leading crypto exchanges, that saw huge growth, not just from the largest cities but from Tier-II and Tier-III cities too. Cryptocurrencies have been popularly growing day by day, not just simply buying and holding, but is going beyond that. Whether it be Bitcoin, Ethereum, or Ripple’s XRP, these top cryptocurrencies are being slowly accepted as payment on online ‘bridge’ services like shopping.io, which enables purchases from sites such as Amazon or eBay.
Cryptocurrencies are based on blockchain technology, which is a cryptographically secured ledger of all the transactions that are conducted. For this reason, people are excited to invest in something that permits decentralized, trusted transactions even when not controlled by a bank or a country. Let’s see the top 10 cryptocurrencies that are most admired in India.
1 Bitcoin (BTC)
Bitcoin is the most widely known cryptocurrency in India. The reason for this demand is that BTC is the longest living crypto that is valued more. It makes up nearly 46% of the crypto market capitalization globally, becoming one of the best cryptocurrencies to invest in. Experts also believe that Bitcoin may become a reserved currency of sorts for the rest of financial systems. BTC tops the list of top cryptocurrencies in the crypto market.
2 Tether (USDT)
Tether is a stablecoin that is backed by the US with minimum volatility of value. This makes it a convenient intermediate currency for a trader. Though it can’t give you huge profits at the same time it can’t even give you heavy losses too. Most of them argue that stablecoins defeat the underlying principle of cryptocurrencies being decentralized, but it plays a vital role for the very same reason. It is one of the best cryptocurrencies to invest in the market.
3 Shiba Inu (SHIB)
This cryptocurrency started as a meme that was named after a breed of Japanese hunting dog ride train to frame. The first days of October 2021, witnessed a growth of about 145%. The price of the coin has been satisfactory in a crypto market where buying one whole Bitcoin costs a lot more than 49lakh. In India, with this, it gained fame when US$1 billion worth of SHIB was donated to India’s COVID-relief fund by Ethereum founder, Vitalik Buterin. For these reasons, it has made its mark in the top cryptocurrencies list.
4 Ethereum (ETH)
Ethereum is also the most popular cryptocurrency across the globe. The token is based on the ETH blockchain and has become a cornerstone of the cryptocurrency world. It brought about innovations such as blockchain security and usage with its smart contracts becoming a platform for other applications too. The non-fungible tokens, decentralized finance, and decentralized applications are needed to derive to take part in the trading. It is believed as one of the best cryptocurrencies in the crypto market.
5 WazirX (WRX)
It is a utility token that allows users to use it as an intermediary between currency trades wherever a direct ‘currency pair’ exchange isn’t available. It can supply up to one billion tokens. WRX is used in many transactions, such as deposits, withdrawals, rewards, and incentives. It is one of the best cryptocurrency exchanges in India. It is one of the top 10 cryptocurrencies in India’s market.
6 Dogecoin (DOGE)
Dogecoin has been on the news for quite some time now, and thanks to Elon Musk for it. Even though it was started as a joke, it later picked up a boom in the cryptocurrency market. It is the first currency to have a Shiba Inu dog as its mascot. Musk has publicly stated his liking for this coin on various social media platforms. It is also one of the few ‘altcoins’ with no supply limit, yet it has seen a 7623% rise over the year making space in the list of top cryptocurrencies in the market.
7 Tron (TRX)
Tron has a goal of decentralizing entertainment; its 100 billion tokens would be used by audiences to connect with content creators directly if it is music streaming videos. Direct transactions and distributed file sharing using blockchain are likely to make less expensive content who will have to buy Tron tokens. It is one of the best cryptocurrencies in the crypto market.
8 Polygon (MATIC)
It was based on Ethereum smart contracts, MATIC tries to take us closer to a ‘cross chain’ platform. This permits the users to gain from the strengths of various blockchains and enables them to communicate with each other. This cryptocurrency is popular among investors who are hoping to add to the growth of decentralized finance such as borrowing and lending. It is one of the best cryptocurrencies to invest in in 2021.
9 Cardano (ADA)
Cardano is more environmentally friendly when compared to the top cryptocurrencies. It can use an energy-intensive mining process. The coin’s blockchain also supports NFTs and smart contracts from DeFi usage. Most of the investors say that the rise of the coin is due to its real-world uses, such as tracking farm supply chains and fighting retail plagiarism. It is one of the top 10 cryptocurrencies in the list of markets.
10 Solana (SOL)
Solana is advantageous in sectors of decentralized finance solutions and is popular among the developers with 500 DApps built on top of its blockchain. Users of those applications who use DeFi services and trade NFT tokens need Solana tokens explaining its great rise in value this year making its mark in the list of top cryptocurrencies in the market.
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