According to the data, many exchanges in India claims some of the cryptocurrencies in which people are enthusiastically participating. But in common, we have short-listed a few popular tokens. Despite the central bank's roadblock to withhold the rights from using services of the banks, cryptocurrency exchanges in India witnessed the participation of the masses in buying and selling tokens.
In this blog, we will know about the top trading cryptocurrencies in India and try to understand the impact cryptocurrency has made. Let's get started.
How Big is Cryptocurrency Market in India?
As per the information collected from the sources, soon India will become the home of blockchain innovations that will trail the way to a $10 trillion economy. Cryptocurrency exchanges in India backed by a robust framework hold immense potential to drive India forward in blockchain innovations.
Despite the notice about the high-risk factors for traders dealing in cryptocurrencies, reports say that Indians made a profit of $241 million from Bitcoin in 2020 whereas, another news came under the spotlight. In India, traders invested $40 billion in Bitcoin past years. The figure is mind-boggling. Ain't so?
Why is it Illegal to Buy Cryptocurrency in India?
According to the discussions, the government issued a ban on platforms that runs cryptocurrency trading in India. According to the Government of India, cryptocurrencies are not regulated appropriately. It makes them highly volatile, unpredictable, and vulnerable to price manipulation. The government stated that because of no involvement of the government body, it also increases the risk of getting trapped in fraud.
But after several trials of attempts and seeing masses participating in such a highly volatile market, the Government of India asks the Reserve Bank of India (RBI) to start processing the regulations that are much in favour of the people of India. It can be a long wait to see which side the wind blows, but surely, the end will be much soothing.
But now, after months of struggle, there seems to be hope, and cryptocurrency platforms in India seemed to make hay while the sun shines. Every Bitcoin exchange is waiting for the decision to turn much in favour of them. And folks, it's now the time to know the list of cryptocurrencies people are trading.
Most Popular Cryptocurrencies to Trade in India This 2021
There are uncountable cryptocurrencies people are trading into, but after monitoring for several months, there are a few we have finalised for you to invest in. The finalised cryptocurrencies have low and medium risk factors. But they can easily trail your way to a more immeasurable investment.
Bitcoin
Many cryptocurrency platforms in India says that Bitcoin is the most traded cryptocurrency until now. On Flitpay, BTC is the most traded cryptocurrency in India. Last year, as the news breaks that the people of India have invested $40 billion in Bitcoin in past years, the participation in Bitcoin seemed to surged by 2 per cent on Flitpay. Cryptocurrency expert JPMorgan predicts if the slumped Bitcoin recovers 50% of its highest peak, nothing can stop Bitcoin from creating history.
Ethereum
Ethereum was a complement to Bitcoin in the early stages of its emergence. But sooner, it ended up being its biggest competitor. ETH is currently the second-largest market capitalisation with more than $20 billion. It is the second most-traded cryptocurrency on Flitpay, and other exchanges, i.e., WazirX. According to the recent news of August 2021, Ethereum developer Tim Beiko announced in his blog that Ethereum’s London hard fork to launch on August 5th between 10:00 UTC and 15:00 UTC with block 12,965,000. Ethereum expert McCann, being a trader himself predicts the price per ETH to reach $50,000 by 2022.
XRP
It is the native coin of Ripple and is the third most-traded token on Flitpay. On Thursday, April 14 2021, the price surged to $1.8392 but since then, the price has seemed to fall. According to the recent market report released, the daily average volume of XRP has doubled to $4.49 billion in Q2 2020. In general, the global XRP volume has skyrocketed by 98 per cent.
What are the Other Cryptocurrencies to Invest?
There are several other cryptocurrencies you can invest in if you are an Indian resident. Flitpay lets you trade in almost all cryptocurrencies with low and medium risk, such as Cardano, Solana, Doge, Polygon (MATIC), Stellar, Tron and uncountable others.
With asset pricing rising and falling, a little guidance can make you more confident in the portfolio you have created. As the best cryptocurrency exchange in India, Flitpay empowers its traders to access technologies that make their trading experiences hassle-free. If you are an Indian resident and looking for investing in cryptocurrencies in India, the above mentioned token names can dice in your favour. But remember, this blog does not take the sole responsibility of gaining the highest ROI y-o-y.
