As per reports, a total of 7236.50 Bitcoins were traded in India in 2020 (a 234% increase in trading volume from 2019). It proves India’s enthusiasm in the crypto world and the figures can only increase in 2021 and the years to come. Crypto trading is one of the primary business options in India because of the profitable opportunities it presents.
However, for both intra-traders and people who hold crypto, it is important to analyze the market trends and choose the best cryptocurrency to invest in India in 2021. This is because a lot of regulations, brand collaborations, and crypto adoption take place every year.
Bitcoin continues to be the undisputed leader of the crypto world for nine straight years ever since its inception in 2011. Interest in bitcoin is nowhere near saturation because things are only getting started. As the price continues to climb, more crypto traders have ventured into the crypto market to buy and hold bitcoins.
Towards the end of 2020, Bitcoin lingered at around $29,000 when crypto experts believed $50,000 would be the ultimate target of Bitcoin by the end of December 2021. However, Bitcoin did what it had been doing for years - surprising people and getting back at the critics - by reaching $49,890 in just 45 days into 2021 (just $20 shy of its presumed yearly target of $50,000).
So, Bitcoin is always a safe and promising bet.
Ethereum is the world’s second-hottest cryptocurrency after Bitcoin. Ethereum is the home of decentralization and decentralized applications (dApps). As we move towards a decentralized world, the adoption of blockchain and decentralized systems are found to be prevalent. Thus Ether (ETH) value continues to surge.
Similar to Bitcoin, Ethereum witnessed a massive surge. In December 2020, it lingered at around $700. Halfway into February (at the time of writing), it climbed up to $1800. Thanks to the Ethereum 2.0 launch and the DeFi buzz that led to the creation of more decentralized platforms.
Ripple was one of the top three cryptocurrencies with a huge market capitalization. Despite a minimal value, its total supply is large. It is believed to be one of the few cryptocurrencies that will tap into its actual potential and reaches beyond our expectations in 2021.
Why? Because Ripple has partnered with global banks like PNC Financial Services Group, Banco Santander, Bank of America, and other financial bodies to accept Ripple for cross-border payment.
Not many cryptocurrencies have partnered with banks, though the adoption is increasing of late. Despite the recent lawsuit by SEC, Ripple remains steady at $0.56. If Ripple comes out winning, XRP will definitely skyrocket.
Tron was originally launched as an ERC-20 token. But after its first round of fundraising, it has become highly successful that it set up its own blockchain. It operates similar to that of Ethereum, helping people develop decentralized protocols on its blockchain.
In the long run, Tron is expected to yield good returns. Crypto experts have believed that TRX might reach $1 by 2030. Now that its price is way too less, Tron must be one of your go-to options when it comes to investment.
Bitcoin cash is one of the important forks of Bitcoin. When Bitcoin blockchain was unable to handle the scalability, Bitcoin Cash came into existence with a better performance. Bitcoin’s blocks can handle only 1 MB while the blocks of
Bitcoin Cash can handle 8 MB.
Since Bitcoin Cash is faring better than Bitcoin in such domains, its value had faced some good rise.
Though recently Bitcoin Cash had to endure minor only fluctuations, once, during January-February, the coin leaped to $700 from just $400.
Now that Bitcoin cash is further forked into BCHA and BCHV, we can expect there’s always something exciting in store for us in 2021.
Litecoin is another cryptocurrency that holds a promising future. It was one of the top five cryptocurrencies in the world but COVID-19 had its impact on the coin’s value. But Litecoin’s potential is vast. While Bitcoin takes 10 minutes to create a transactional block, Litecoin takes just 2.5 minutes.
Litecoin also fluctuates relatively with Bitcoin. It has also partnered with external events like UFC and NFL for brand awareness. All these factors could pump up its value.
In 2021, Litecoin is expected to increase in value just like it had always been. However, Litecoin can be held to reap good returns in five years or so. It has potential in long term.
It is absolutely safe to invest in cryptocurrency in India because crypto has become a major force. When the Supreme Court lifted RBI’s ban on crypto, it paved way for millions of crypto traders. Thus, it is safe and legal to invest in crypto in India.
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