Cryptocurrency for the first time emerged in the form of bitcoins in the year 2009 and its technology is even older. But they gained popularity in recent years. Cryptocurrency works in a decentralised manner so there is no authority behind it. Due to this, the government is not encouraging cryptocurrency. Cryptocurrency has emerged as a promising investment because it could be seen that even if the world goes down, cryptocurrency doesn’t. For example, in the case of the worldwide pandemic COVID-19.
From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can make it overwhelming when you’re first getting started in the world of crypto trading. To help you get your bearings, these are the top cryptocurrencies based on their market capitalization or the total value of all of the coins currently in circulation. Some of the top emerging coins you must invest in India are:
- Bitcoin (BTC)
- Market cap: Over $882 billion
Created in 2009 by someone under the pseudonym Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.
Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy a Bitcoin for about $500. As of Jan 2022, BTC to INR price is 31,39,704.77. That’s a growth of about 9,200%.
- Ethereum (ETH)
- Market cap: Over $447 billion
Both cryptocurrency and a blockchain platform, Ethereum is a favourite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
As of Jan 2022, Ethereum price INR is 2,32,995.85 has also experienced tremendous growth. From April 2016 to January 2022, its price went from about $11 to over $3,700, increasing by over 33,500%.
3. Binance Coin (BNB)
- Market cap: Over $86 billion
The Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world.
Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
Its price in 2017 was just $0.10; by Jan. 3, 2022, it had risen to around $520, a gain of approximately 520,000%.
4. Tether (USDT)
- Market cap: Over $78 billion
Unlike some other forms of cryptocurrency, Tether is a stable coin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favoured by investors who are wary of the extreme volatility of other coins.
5. Solana (SOL)
- Market cap: Over $52 billion
Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms that help it process transactions quickly and securely. SOL, Solana’s native token, powers the platform.
When it launched in 2020, SOL’s price started at $0.77. By Jan. 3, 2022, its price was around $171, a gain of more than 22,000%.
These are some of the top crypto coins that are providing greater benefits for investors in 2022. Though there is volatility in the market, its provision on triple value benefit has brought immense quality to the new digital currency.