Which cryptocurrency is best to invest in India for the long term?
As the popularity of cryptocurrencies grows on Wall Street, more possibilities become accessible. There are over 10,000 cryptocurrencies now available for investment or trading, ranging from Bitcoin and Ethereum to Dogecoin and Tether, so choosing the best cryptocurrency options might be tough, especially if you are a beginner. We’ll go over some of the cryptocurrencies to make things easy for you.
To understand this topic briefly one should first understand what exactly cryptocurrency is, cryptocurrency are digital currencies or assets which are secured by cryptography. Cryptocurrencies work on a medium called a blockchain. These digital assets are for funds in invested long-term term benefits. There are a few digital currencies to invest in India namely:
1. Bitcoin (BTC)
The first digital currency that was launched in 2009, was Bitcoin. The concept of blockchain was introduced through bitcoin. Satoshi Nakamoto was the founder of bitcoin. The highest price bitcoin reached was 62lac INR estimated and the lowest it reached was 22lac INR.
2. Ether (ETH)
Founded by Vitalik Buterin in 2013, this coin runs on the blockchain called Ethereum, which is said to be one of the most popular blockchains currently. The highest price Ether reached was 3.72lac approx.
3. Solana (SOL)
Solana, the world’s fastest blockchain was founded by Anatoly Yakovenko in the year in 2017. Due to its blockchain being the fastest the transactions with 400ms. This makes this blockchain more trendy in the present situation. The highest price reached is 20.99k approx.
4. Binance (BNB)
Starting in 2020 is considered to be the world’s biggest exchange. BNB is the mother currency of Binance. Founded by Changpeng Zhao. The highest price estimated is 55k approx.
5. Stockupex (STX)
STX was founded by Dr. ADV. Santosh Thorat in 2019. The private sale of STX began in 2020. The highest price reached is 69.77k approx. And few others, there are a few factors that will help you to invest in crypto, they are as follows:
1. Valuation :
Valuation is directly proportional to the demands of the users and inversely proportional to availability.
2. Blockchain efficiency :
It is important for one to know how efficiently the blockchain works, as to increase the utility one needs to make it usable within the blockchain.
3. Scarcity :
The more is the supply the less is the price estimate for the coin. The scarcity of coins increases its market demands.
4. Market capitalization
Market capitalization is the total supply of coins through the market. Market capitalization = total circulating supply of coins price of each coin. It can also be defined as the total value of coins mined.
Trade performed on a coin in the last 24 hours decides the volume of the coin. It can also be considered the popularity of the coin.
The popularity of cryptocurrencies stems from their complete transparency, which is enabled by open-source, publicly verifiable technology. As the requisite financial infrastructure is built, investors are increasingly able to get institutional-grade custody services. Despite the market’s volatility and fluctuation, long-term investments in cryptocurrency are regarded as extremely beneficial. They can provide a reliable stream of funds after retirement or a much-needed financial cushion in the case of an unexpected economic slump. Crypto trading is popular among investors because it is incredibly flexible, as it is available 24 hours a day, seven days a week, allowing traders to conduct business at any time of day.
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