Cryptocurrency has now laid its foundations in India with the efficacy to divulge its potency. With the increase in cryptocurrency buy in India, there are a significant increase in use cases, exchanges, mining platforms, DeFi (Decentralized Finance), DApps (Decentralized Applications), DAOs (Decentralized Autonomous Organization), NFTs (Non-Fungible Tokens), and video gaming platforms. These changes are initiating the modification for the digital space.
The cryptocurrency market is witnessing a bull run. After the launch of the first-ever Bitcoin ETF by ProShare and increased flow in funds in October led investors and traders to increase their portfolio weight.
There are more than 5,000 cryptocurrencies in the market, inaugurating an overwhelming situation for traders to choose the best they understand. The things that must be kept in mind as an investor, include:
Longevity: For how long has the cryptocurrency existed
Track Record: Performance of the cryptocurrency during the year of existence
Technology: The platforms usability and security
Adoption Rate: How many people are investing in the cryptocurrency
Also Read: Cryptocurrency in India: Reasons to Adopt as a New Medium of Exchange
Top 5 Cryptocurrencies to Invest in India This December
Other than the points written above, there are more concerns, including transaction speed, the associated fees, and cryptocurrency as transact purposes. With the increase in numbers of cryptocurrencies, it becomes crucial to find out which is the best cryptocurrency in India you can choose to trade for long and short-term.
Here is a list of the top 5 cryptocurrencies in India that you can invest, in December 2021.
Ethereum
Ethereum is not just a cryptocurrency. It is a platform that assisted several cryptocurrencies and decentralized smart contracts. According to the data, it is the largest altcoin by market capitalization. With the increase in the number of use cases, ETH has surpassed the expectations, including DeFi, DAOs, DApps, NFTs, and other unique technologies that are bout to come into operation. Ethereum has targeted to shift Proof-of-Stake (PoS) to Proof-of-Work (PoW) consensus. Therefore, the London Hard Fork upgrade is the first step scheduled for completion in 2022.
With the gain of $1,000 in October, the change in percent has declined to 12.10 in the past seven days. Also, the official declaration to trade ETH futures and derivatives is given by the Australian government. ETH/USD pair increased 45% in October and a whopping 492% in 2021.
Solana
Solana is a creative initiative to support DeFi platforms on a large scale for improving scalability by summing proof-of-history consensus with the underlying proof-of-stake consensus. It has a more succinct validation time for transaction and smart contract execution because of its hybrid protocol.
With the release of Degenerated Ape NFT, Solana increased to $60, resulting in almost 700 per cent of gain this year. It reached its ATH to $216 on September 9, 2021.
Cardano
Cardano is one of its kind, supporting Proof-of-Stake with cheaper and faster transactions with lesser energy consumption when compared to others. ADA is in function at agricultural companies, education institutions, and supply chain management companies for improving business transparency. In September, Cardano had an upgrade to Alonzo, bringing the smart contracts within its purview. To your amazement, 100 smart contracts got launched within 24 hours of Alonzo launch.
With the launch announcement, the ADA price surged by 116 per cent, touching the ATH of $3.10 for a while. To date, it is following the downward momentum, and we can expect to reverse the trend in December 2021.
XRP
XRP is the product launched by Ripple that allows the exchange of crypto and fiat currencies. The platform has heavily invested in the NFT projects that use XRP ledgers. Ripple gives the projection that they are Ethereum's competitors, as NFTs and decentralized platforms are gaining vast traction in the digital world.
The performance of XRP is competent this year. It touched its ATH of $1.96, breaking all the barriers and started heading to the sky from $0.17. With an increase of 2.14 per cent in the last week of October, the investor's expectations about the chart to maintain its upward trend are high.
Stellar
Stellar is known for its robustness and usability to increase support for all existing and future use cases. There are various projects built on Stellar, including Flutterwave, BitGo, and many more. About five months back Stellar announced to use of AMM functionality via protocol 18. It is said to release AMM with the network upgrade.
In October, Stellar soars by 8 per cent and overtook Bitcoin's performance. The XLM took 36.3 per cent of change in the two-week chart. The seven-day change of 15.77 bearish runs in November signs that it continues to maintain the same momentum. But it's an opportunity for long-term traders to seize the moment and wait for the right moment to take action.
Also Read: 5 Reasons to Invest in Cryptocurrencies
Conclusion
Cryptocurrencies are not rich soon schemes. One can get good returns on their investment in the long run.
If you are new to cryptocurrency and wish to invest, sign up at Flitpay, India's most trusted platform. Happy Investing.
Note: The data mentioned above is for reading purposes. The numbers and percentages are not for trading. Do your research before investing.
