Cryptocurrencies have gained significant traction in India, with an increasing number of investors exploring the potential of digital assets. In this blog will explain what are the top 10 cryptocurrencies in India, providing detailed information on each to help you understand their unique features and why they are popular among Indian investors.
Cryptocurrencies have gained significant traction with more investors exploring the potential of digital assets. The cryptocurrency market in India is rapidly growing, with various digital assets catering to different needs and preferences. Each cryptocurrency offers unique features and potential benefits.
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What is meant by Cryptocurrency?
Cryptocurrency is a form of digital or virtual currency that uses cryptographic techniques to secure transactions and control the creation of new units. Unlike government-issued traditional currencies, cryptocurrencies function on decentralized networks using blockchain technology, guaranteeing transparency and permanence of transaction records. Know more on what cryotocurrency is?
The most well-known cryptocurrency is Bitcoin, introduced in 2009, but there are thousands of other cryptocurrencies with various features and use cases. Cryptocurrencies can be used for online purchases, investments, and to transfer value across borders quickly and with lower fees. Their decentralized nature eliminates the need for intermediaries like banks, offering a new level of financial autonomy.
Cryptocurrency list in India
The list will help you understand the top 10 cryptocurrencies Indian crypto investors can choose to buy;
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Tether (USDT)
- Cardano (ADA)
- Solana (SOL)
- Ripple (XRP)
- Polkadot (DOT)
- Dogecoin (DOGE)
- Litecoin (LTC)
What are the top 10 cryptocurrencies in India?
- Bitcoin (BTC):
- Bitcoin is the first cryptocurrency, was created by an anonymous person or group known as Satoshi Nakamoto in 2009. It remains the most well-known and widely accepted cryptocurrency.
- Bitcoin is decentralized, meaning no central authority controls it, and it has a limited supply of only 21 million bitcoins that will ever be mined.
- Often referred to as “digital gold,” Bitcoin is seen as a reliable investment and a hedge against inflation in India.
- Ethereum (ETH):
- Ethereum was launched in 2015 by Vitalik Buterin. It serves as a decentralized platform that facilitates the creation of smart contracts and decentralized applications (dApps).
- Ethereum’s key features include smart contracts, which are self-executing contracts with terms directly written into code, and dApps, which support a wide range of decentralized applications.
- Ethereum is currently transitioning to Ethereum 2.0, a proof-of-stake model that aims to improve scalability and energy efficiency.
- This versatility makes Ethereum popular among developers and investors interested in decentralized finance (DeFi) and NFTs in India.
- Binance Coin (BNB):
- Binance Coin is the native cryptocurrency of the Binance exchange, launched in 2017 by Changpeng Zhao. Binance Coin is a utility token used to pay for transaction fees on the Binance exchange and powers the Binance Smart Chain, a blockchain platform for dApps.
- Binance also conducts quarterly burns of BNB tokens to reduce supply. BNB’s utility on the popular Binance exchange and its role in DeFi projects contribute to its popularity in India.
- Tether (USDT):
- Tether is a stablecoin pegged to the US dollar, providing a stable value compared to more volatile cryptocurrencies.
- It is claimed to be backed by traditional currency and cash equivalents, ensuring its value remains stable.
- Tether is widely used in India for trading and as a haven during market volatility.
- Cardano (ADA):
- Cardano, founded by Charles Hoskinson, a co-founder of Ethereum, is a research-driven blockchain platform launched in 2017. Cardano uses the Ouroboros proof-of-stake protocol and is designed to handle large volumes of transactions, focusing on scalability and sustainability.
- Cardano’s emphasis on these features appeals to Indian investors looking for long-term growth.
- Solana (SOL):
- Solana, launched in 2020 by Anatoly Yakovenko, is known for its high-speed transactions and low fees.
- Solana uses a unique consensus mechanism called Proof of History (PoH), enabling it to process thousands of transactions per second cost-effectively.
- Solana’s efficiency and speed make it attractive for DeFi projects and high-frequency trading in India.
- Ripple (XRP):
- Ripple was created in 2012 by Chris Larsen and Jed McCaleb to facilitate real-time cross-border payments.
- RippleNet, its network of institutional payment providers, enables fast transactions settled within seconds at a low cost.
- Ripple’s partnerships with financial institutions and its focus on cross-border payments are key attractions for Indian users.
- Polkadot (DOT):
- Polkadot, founded by Dr. Gavin Wood, a co-founder of Ethereum, launched in 2020 to enable interoperability between different blockchains.
- Polkadot’s multi-chain network connects multiple blockchains and uses a nominated Proof of Stake (NPoS) consensus mechanism.
- Its innovative approach to interoperability appeals to developers and investors interested in the future of blockchain technology in India.
- Dogecoin (DOGE):
- Dogecoin started as a joke in 2013 but has since gained a large following, partly due to endorsements from celebrities like Elon Musk.
- Dogecoin has an inflationary supply, meaning there is no maximum supply of Dogecoins, and it is supported by a strong and active online community.
- Its fast and cheap transactions make it a popular choice for new investors and younger audiences in India.
- Litecoin (LTC):
- Litecoin, created by Charlie Lee in 2011, is a peer-to-peer cryptocurrency designed to complement Bitcoin.
- Litecoin generates blocks every 2.5 minutes, compared to Bitcoin’s 10 minutes, using the Scrypt algorithm, making mining more accessible.
- Its lower transaction fees and faster transaction times make it a practical option for everyday use and smaller transactions in India.
Which countries are legally accepting cryptocurrencies?
Cryptocurrencies are fully legal in numerous countries, often with regulatory frameworks in place. These countries include:
- United States: Cryptocurrencies are legal and regulated. For tax purposes, they are classified as property.
- Canada: Legal and regulated, with cryptocurrencies classified as commodities.
- European Union: Generally legal, with individual member states having their own regulations. Notably, Germany and France have robust regulatory frameworks.
- Australia: Legal and regulated under the Australian Securities and Investments Commission.
- Japan: One of the first countries to legalize and regulate cryptocurrencies, treating them as legal property.
- South Korea: Legal with stringent regulatory measures.
- India: Legal but subject to evolving regulations aimed at combating illegal activities.
Countries where cryptocurrencies are illegal
Several countries have outright banned cryptocurrencies:
- China: All cryptocurrency transactions and services are banned.
- Egypt: Cryptocurrencies are prohibited under Islamic law.
- Bolivia: Cryptocurrencies are banned, considered a pyramid scheme.
- Bangladesh: Trading and ownership of cryptocurrencies are prohibited.
- Morocco: All activities related to cryptocurrencies are illegal.
Which is the cheapest cryptocurrency?
Based on the latest data, one of the cheapest cryptocurrencies by price per unit is Shiba Inu (SHIB), which is often valued at a fraction of a cent (INR 0.0006). However, the “cheapest” cryptocurrency can vary depending on the metric used (price per unit, market cap, etc.).
Top cryptocurrencies in India with Price
Here’s a detailed list of the top cryptocurrencies in India, including their current prices in INR. These prices are subject to change as cryptocurrency markets are highly volatile.
| Rank | Name | Symbol | Price (INR) | Market Cap (INR) | 24 Hour Trading Volume (INR) |
|---|---|---|---|---|---|
| 1 | Bitcoin | BTC | INR 62,39,120.98 | INR 1,21,23,00,00,00,000 | INR 3,00,50,00,00,000 |
| 2 | Ethereum | ETH | INR 2,47,489.68 | INR 29,00,00,00,00,000 | INR 1,00,20,00,00,000 |
| 3 | Tether | USDT | INR 83.27 | INR 6,70,00,00,00,000 | INR 3,80,00,00,00,000 |
| 4 | Binance Coin | BNB | INR 23,495.12 | INR 3,80,00,00,00,000 | INR 20,00,00,00,000 |
| 5 | USD Coin | USDC | INR 82.30 | INR 3,10,00,00,00,000 | INR 1,50,00,00,00,000 |
| 6 | XRP | XRP | INR 44.28 | INR 2,20,00,00,00,000 | INR 30,00,00,00,000 |
| 7 | Cardano | ADA | INR 25.75 | INR 1,70,00,00,00,000 | INR 12,00,00,00,000 |
| 8 | Dogecoin | DOGE | INR 6.15 | INR 1,00,00,00,00,000 | INR 4,00,00,00,000 |
| 9 | Solana | SOL | INR 2,173.45 | INR 88,00,00,00,000 | INR 10,00,00,00,000 |
| 10 | TRON | TRX | INR 7.34 | INR 60,00,00,00,000 | INR 2,50,00,00,000 |
| 11 | Polkadot | DOT | INR 524.60 | INR 50,00,00,00,000 | INR 8,00,00,00,000 |
| 12 | Litecoin | LTC | INR 7,053.14 | INR 50,00,00,00,000 | INR 3,00,00,00,000 |
| 13 | Avalanche | AVAX | INR 1,623.42 | INR 40,00,00,00,000 | INR 2,00,00,00,000 |
| 14 | Chainlink | LINK | INR 613.84 | INR 35,00,00,00,000 | INR 1,50,00,00,000 |
| 15 | Uniswap | UNI | INR 805.61 | INR 30,00,00,00,000 | INR 2,00,00,00,000 |
| 16 | Shiba Inu | SHIB | INR 0.0006 | INR 30,00,00,00,000 | INR 1,50,00,00,000 |
| 17 | Wrapped Bitcoin | WBTC | INR 62,39,120.98 | INR 30,00,00,00,000 | INR 50,00,00,00,000 |
| 18 | Stellar | XLM | INR 11.31 | INR 25,00,00,00,000 | INR 1,00,00,00,000 |
| 19 | Bitcoin Cash | BCH | INR 38,930.84 | INR 24,00,00,00,000 | INR 1,50,00,00,000 |
| 20 | Monero | XMR | INR 15,987.26 | INR 23,00,00,00,000 | INR 80,00,00,000 |
| 21 | Ethereum Classic | ETC | INR 1,620.51 | INR 20,00,00,00,000 | INR 90,00,00,000 |
| 22 | Cosmos | ATOM | INR 1,223.57 | INR 20,00,00,00,000 | INR 50,00,00,000 |
| 23 | Filecoin | FIL | INR 486.94 | INR 19,00,00,00,000 | INR 70,00,00,000 |
| 24 | Internet Computer | ICP | INR 604.26 | INR 18,00,00,00,000 | INR 1,00,00,00,000 |
| 25 | VeChain | VET | INR 2.52 | INR 15,00,00,00,000 | INR 60,00,00,000 |
| 26 | Theta Network | THETA | INR 80.43 | INR 14,00,00,00,000 | INR 40,00,00,000 |
| 27 | Algorand | ALGO | INR 19.34 | INR 13,00,00,00,000 | INR 50,00,00,000 |
| 28 | Hedera | HBAR | INR 7.84 | INR 12,00,00,00,000 | INR 40,00,00,000 |
| 29 | Decentraland | MANA | INR 47.84 | INR 11,00,00,00,000 | INR 30,00,00,000 |
| 30 | The Graph | GRT | INR 25.67 | INR 10,00,00,00,000 | INR 50,00,00,000 |
| 31 | Aave | AAVE | INR 7,543.22 | INR 10,00,00,00,000 | INR 50,00,00,000 |
| 32 | Sandbox | SAND | INR 54.26 | INR 9,00,00,00,000 | INR 20,00,00,000 |
| 33 | EOS | EOS | INR 59.34 | INR 8,00,00,00,000 | INR 25,00,00,000 |
| 34 | Tezos | XTZ | INR 64.35 | INR 7,50,00,00,000 | INR 30,00,00,000 |
| 35 | Axie Infinity | AXS | INR 1,247.62 | INR 7,00,00,00,000 | INR 20,00,00,000 |
| 36 | Zcash | ZEC | INR 3,850.67 | INR 6,50,00,00,000 | INR 30,00,00,000 |
| 37 | PancakeSwap | CAKE | INR 218.23 | INR 6,00,00,00,000 | INR 20,00,00,000 |
| 38 | Neo | NEO | INR 810.45 | INR 6,00,00,00,000 | INR 15,00,00,000 |
| 39 | Flow | FLOW | INR 65.67 | INR 5,50,00,00,000 | INR 20,00,00,000 |
| 40 | Maker | MKR | INR 2,19,674.25 | INR 5,00,00,00,000 | INR 30,00,00,000 |
JOIN 24EFILING TELEGRAM CHANNELConclusion
In conclusion, the cryptocurrency market in India is rapidly growing, with various digital assets catering to different needs and preferences. Understand what are the top 10 cryptocurrencies in India before investing in digital assets. From the pioneering Bitcoin to the versatile Ethereum and the efficient Solana, each cryptocurrency offers unique features and potential benefits.
FAQs
1. What are the top 10 cryptocurrencies in India?
The top 10 cryptocurrencies in India are Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, XRP, Cardano, Dogecoin, Solana, and Polkadot.
2. Why is Bitcoin so popular in India?
Bitcoin is the most popular cryptocurrency in India because it was the first cryptocurrency and has the highest market value. Many people trust it as a secure and valuable investment.
3. Is it legal to own cryptocurrencies in India?
Yes, owning cryptocurrencies is legal in India. However, regulations are still being developed.
4. What are the benefits of investing in cryptocurrencies in India?
Investing in cryptocurrencies in India has several advantages such as high returns, diversification, innovation, accessibility, decentralization, etc.
