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Indian cryptocurrency: Cryptocurrency Trading In India like Bitcoin, Ethereum, Shiba Inu, Pi, and many more
The Indian cryptocurrency market has been a topic of considerable conversation over recent months. There have been major changes in the country with regard to cryptocurrency meaning that bitcoins in India are now taxed up to 30% - this is proving to be a considerable turnoff for investors, but it doesn’t mean that there isn’t interest in top cryptocurrency investments.
Bitcoin is not alone in this, as the tax is industry wide. Although based on market share it is Bitcoins in India that face the greatest impact, the same can be said for the likes of Ethereum, XRP, Shiba and Polkadot too as they are all feeling the pinch of the tax. Top cryptocurrency exchanges are reporting a considerable decrease in trading activity on their exchanges, and in the immediate aftermath of the tax introduction there was a dramatic drop in Indian cryptocurrency activity and cryptocurrency prices.
While the crypto news India media outlets are reporting has been negative in the short term, there is no sign of this news relating to cryptocurrency meaning the end of the industry in the country. In fact, Bitcoins in India remain high in popularity, and alternative coins continue to also be purchased - albeit at a lower rate than before.
The Indian cryptocurrency market is still very much open to traders in the region, and while the recently implemented tax has had an impact on crypto trading, with cryptocurrency prices currently at their lowest levels for many months there are still many attractive propositions available.
Indian cryptocurrency: Figure out how much your bitcoins are worth, or think about costs, and check the BW6 app.
One of the key factors that will determine whether a trader invests in cryptocurrencies is controlling their costs. With current cryptocurrency prices lower than usual, Bitcoins in India are more accessible than they have been for a long time. Remember, too, that you don’t have to buy a full Bitcoin to get started! As a result of the recent bear market in cryptocurrency meaning that prices have fallen significantly, many markets may be considered to be ‘undervalued’ - meaning there is optimism that markets will rise and be attractive to traders once again.
With that in mind, here’s a rundown of the top Indian tokens, based on their popularity in cryptocurrency meaning they are some of the most traded on the market.
Top 10 Cryptocurrencies In India
- Bitcoin (BTC)
- Ether (ETH)
- Tether (USDT)
- XRP (XRP)
- Terra (LUNA)
- Cardano (ADA)
- Litecoin (LTC)
- Solana (SOL)
- Shiba Inu (SHIB)
- Polka (DOT)
- Bitcoin (BTC) Bitcoin is the crypto king. First established in 2008, it has been on a wild ride since falling to just $0.01 in value after a huge market crash in 2011. Currently trading at approximately $38k, if there is ever a cryptocurrency that will make it into the mainstream, it’s Bitcoin (btc usdt).
- Ether (ETH) - Chances are, if you know anything about cryptocurrencies you will have heard of Ethereum. ETH is a highly established token, initially released in July 2015, and growing in popularity across India. The crypto has been on a tremendous growth journey since its inception, growing 33,500% since 2016 to date, and most importantly outperforming Bitcoin in 2021 - gaining 418% in comparison to Bitcoin’s 66%.
- Tether (USDT) - Tether is a stablecoin that is tied to the US Dollar. This makes its value extremely stable, and perfect for Indian cryptocurrency traders that are looking for an investment that doesn’t have the same volatility as other more popular cryptocurrencies.
- XRP (XRP) - XRP is one of the top rated cryptocurrencies according to CoinMarketCap, a leading crypto price tracking website. Enjoying its peak prices in 2017 at over $3 a token, XRP currently trades close to $0.32 - its lowest price since early 2021. This altcoin price INR is approximately 30 INR, making it, in altcoin price INR terms, the cheapest altcoin on the list.
- Terra (LUNA) - You will have heard of these guys very recently…after its infamous crash in May 2022, LUNA is on a mission to redefine itself, and rebuild trust among the crypto trading community. There is also a spinoff of Terra called Luna 2.0 that may be of interest to traders if they’re looking for a brand new Indian cryptocurrency opportunity to invest in.
- Cardano (ADA) - Another leading alternative coin on crypto exchanges, Cardano is another cryptocurrency that is currently trading well below its historical high valuation of close to $3. This altcoin price INR is currently around 37 INR, making it, in altcoin price INR terms, one of the cheaper cryptocurrencies.
- Litecoin (LTC) - Litecoin is one of the oldest cryptocurrencies on the market, proving it has the ability to stand the test of time. This altcoin price INR currently stands at approximately 3,580. Litecoin peaked as high as $377 in 2021, however is now trading close to $43.
- Solana (SOL) - While a competitor of ETH, SOL is still a highly appealing cryptocurrency to trade with in Indonesia in 2022. Talking numbers, Solana entered the crypto market at $1.5 in 2021 - it entered 2022 at $258. A contributing factor to Solana’s recent successes is its incredibly fast transaction speeds, which are a thumbs up to the infrastructure on which the crypto is built.
- Shiba Inu (SHIB) - One of the ‘memecoins’, Shiba Inu is an ever popular choice amongst crypto traders. This crypto was created as something of an homage to the Doge meme of many years ago, with its ‘much wow’ side eye. Shiba is one of the cheaper crypto coins, trading currently at $0.00001014.
- Polka (DOT) - While 2022 has been a slower start for some cryptocurrencies than expected, DOT has come roaring out of the blocks. Nudging its way into the top 10 cryptocurrencies list, Polkadot is backed by tremendous blockchain technology, and as a relative newcomer to the crypto party - being established only in 2020 - it has shown signs of being a real trend-setter in the crypto space.
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Crypto’s gaining popularity in India
With the India tax on cryptocurrency meaning there has been less activity on Indian crypto exchanges recently, there has undoubtedly been a reduction in the amount of trading volume across the country. It was the crypto news India based traders were hoping would not arrive, and it had a significant short term impact on trading. With that said, India is still the country that has the most amount of cryptocurrency holders, and the number continues to grow. Naturally, there will be some traders who are put off by the crypto tax, but that hasn’t distracted traders from the fundamentals of crypto that they still remain excited about.
How does cryptocurrency work?
A cryptocurrency is a form of digital currency. They are not physical forms of money, and they are stored entirely on the blockchain. They can be purchased on cryptocurrency exchanges, and are stored in crypto wallets. With cryptocurrency meaning that users do not have any barriers to entry when looking to hold, it is proving to be popular in countries where their local currencies are less stable.
All cryptocurrency prices in india?
To find cryptocurrency prices in India, head to BW6.com and browse the top cryptocurrency prices at your convenience. There are also many price tracking websites that will convert prices of cryptocurrencies from USD to INR. Alternatively, google provides a reliable console for tracking cryptocurrency prices in India. Crypto news India based traders will be looking out for will undoubtedly keep them up to speed with the latest price developments.
Which is the best Indian Cryptocurrency?
Bitcoin is the most popular Indian cryptocurrency, and has been very popular in crypto news India media outlets have shared over recent years. Expect to see Bitcoins in India at the top of crypto news India searches for a long time yet.
Which Cryptocurrency has the best future in India?
Similar to above, it is hard to look beyond the likes of Bitcoin and Ethereum for having the strongest future in India. These are cryptocurrencies that have stood the test of time, and though they are suffering like the rest of the market at the moment, they will lead crypto’s inevitable resurgence once confidence is restored in traders.
Is Cryptocurrency legal in India?
As crypto news India media outlets have been reporting over previous months, a crypto tax has recently been slapped on Bitcoins in India, as well as the thousands of other crypto that can be traded in the country. With that said, it remains entirely legal, and Indian cryptocurrency traders are totally free to buy and sell crypto - at a cost, however.