Nasscom recently stated that the Indian cryptocurrency market has been growing exponentially over the past few years and is expected to reach around $241 million by 2030. Although the Indian government has kept a crypto bill for consideration in the 2022 budget, the youth of The nation has already started incurring a lot of investment in Crypto companies to earn bigger profits.
India is a country with the largest investment in cryptocurrency. Here, more than 100 million people have already invested in cryptocurrencies, and most of them are young people (around 24 years old) who are the main investors, according to the sources. Millennials from tier 2 and tier 3 cities have been investing heavily in cryptocurrency (around 60%) for a while now.
The cryptocurrency industry has grown tremendously over the decade with awareness among investors (of all age groups), concern for industry regulation, and an influx of venture capital. But there are still limitations when it comes to education about currency and choosing the right company to invest in.
We have come up with the top 5 cryptocurrencies based on market capitalization and total value of coins currently circulating around the world.
Created in 2009, Bitcoin (BTC) is the original, free-to-operate cryptocurrency based on peer-to-peer encryption and cryptography. The coin was created by someone with the stage name Satoshi Nakamoto.
Bitcoin is a network that runs on the blockchain. The news was official in 2008 when a newspaper emerged from a shady body calling itself Satoshi Nakamoto. The newspaper reported that they are using a series of blocks to verify transactions and inspire trust in the network.
The price of Bitcoin skyrocketed as it became a household name over time. In May 2016, Bitcoin was available for purchase for $500 USD. And in January 2022, the price of one Bitcoin was over $46,000, which means that the company has seen a growth of about 9,200%.
Powered by blockchain technology, Ethereum is known for its native cryptocurrency, called Ether, or simply Ethereum or ETH. The Ethereum platform is secured due to the distributed nature of blockchain technology Also, security enables ETH to create value.
Ethereum is a blockchain and cryptocurrency platform, and it is said to be the preferred platform for software developers due to its capabilities.
Ethereum has also seen some high growth since its inception (2015). The stats stated that from April 2016 to January 2022, its price went from around $11 to over $3,700, which is over 33.50% of growth over the years.
Binance-exchange has released Binance Coin, the cryptocurrency that was established in 2017. It operates on the Ethereum blockchain with the ERC 20 standard, and Binance coin is limited to a maximum of 200 million BNB.
Binance Coin, one of the largest cryptocurrency exchanges in the world that can be used to trade and pay fees. It has expanded the facilitation of transactions on Binance’s exchange platform which enables a trader to use Binance coins to trade, book travel arrangements and even process payment. Binance can be exchanged or traded with other forms of existing cryptocurrencies such as Bitcoin and Ethereum.
When the company was formed, a single coin was only $0.10 and by January 2022, it had risen to about $520, indicating its growth rate of 520,000%.
XRP was created by the founders of Ripple, a global payments network that includes major banks and financial services among its clients. Ripple is an open source platform that can enable seamless transfer of funds in any currency – be it dollars, euros, yen or cryptocurrencies.
The digital currency of Ripple- XRP acts as a facilitator for fast conversion between different currencies. XRP can be used to facilitate the exchange of different types of currencies, including fiat currencies and other major cryptocurrencies.
When XRP was established in 2017, its price was $0.006. Currently, in January 2022, its price reached $0.83, which is an increase of more than 13.70%.
The third generation decentralized Proof of Stake (PoS) blockchain platform called Cardano is designed to be a more efficient alternative to Proof of Work (PoW) networks.
Cardano works like Ethereum and enables decentralized applications and smart contracts. It is operated by ADA, which is their native currency.
Cardano’s ADA token has also seen modest growth from its inception until today if we need to compare it to other major cryptocurrencies. When it launched in 2017, ADA was $0.02 and today it is $1.34, which is a 6600% increase.