Cryptocurrency
Nasscom recently stated that the Indian cryptocurrency market is growing exponentially over the past few years and is expected to touch around $241 million by 2030. Although the Indian government has kept the Cryptocurrency Bill for consideration in the Budget 2022, the youth of the nation is already charged up at investing more in Crypto companies for gaining bigger profits.
India is a nation that has the biggest Crypto investment. Here, more than 100 million people have already invested in cryptocurrencies and majorly the youth (ageing around 24 years) are the main investors, as per the sources. Majorly millennials from tier 2 and tier 3 cities have been investing in crypto (around 60%) for a while now.
The crypto industry has grown tremendously over the decade with awareness among investors (of all age-group), eagerness to regulate the industry, and venture capital inflow. But there is still a constrain when it comes to educating about the currency and right opting for the right company to invest in.
We came up with the top 5 cryptocurrencies on the basis of their market capitalization and the total value of coins being circulated currently, across the globe.
Bitcoin
Created in 2009, Bitcoin (BTC) is the original cryptocurrency, that operates free and it relies on peer-to-peer software and cryptography. The currency was created by someone with the stage name of Satoshi Nakamoto.
Bitcoin is a network that runs on a blockchain. The news was official in 2008 when a paper was out from a suspicious body, which called themselves Satoshi Nakamoto. The paper mentioned that they use a chain of blocks to verify transactions and give rise to trust in a network.
Bitcoin’s price elevated to the highest as it became a household name over time. In May 2016, Bitcoin was available to buy for USD 500. And in January 2022, a single Bitcoin’s price was over $46,000, which means, the company witnessed a growth of about 9,200%.
Ethereum
Powered by blockchain technology, Ethereum is known for its native cryptocurrency, called Ether, or simply Ethereum or ETH. Ethereum platform is secured because of the distributed nature of blockchain technology Also, the security enables ETH to result in value.
Ethereum is both a blockchain platform and a cryptocurrency, and it is reportedly the favourite platform for program developers because of its potential.
Ethereum has also witnessed some sky-high growth since its inception (2015). And stats stated that from April 2016 to January 2022, its price went from about $11 to over $3,700, which is over 33,500% of growth over the years.
Binance Coin
Binance-exchange issued the Binance Coin is the crypto-coin which was founded in 2017. Running on the Ethereum blockchain with standard ERC 20, Binance Coin is further limited to a maximum of 200 million BNB tokens.
The Binance Coin, one of the largest crypto exchanges in the world which can be used to trade and pay fees. It has expanded facilitating trades on Binance’s exchange platform which enables the trader to use Binance coins for trading, booking travel arrangements and even payment processing. Binance can be exchanged or traded for other forms of existing cryptocurrency like Bitcoin and Ethereum.
When the company was formed, the per coin was just $0.10 and by Jan 2022, it had risen to around $520, which states its growth rate of 520,000%.
XRP
XRP was created by the founders of Ripple, a global payments network that counts major banks and financial services amongst its customers. Ripple is an open-source platform that can enable a seamless transfer of money in any currency- whether it is dollars, euros, yen, or cryptocurrencies.
The digital currency of Ripple- XRP acts as a facilitator to quickly convert between different currencies. XRP could be used to facilitate the exchange of different currency types, including fiat currencies and other major cryptocurrencies.
When XRP was founded in 2017, the price of it was $0.006. Currently, in January 2022, its price has reached $0.83, equal to a rise of more than 13,700%.
Cardano (ADA)
A third-generation, decentralized proof-of-stake (PoS) blockchain platform named Cardano has been 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 powered by ADA, which is their native coin.
Cardano’s ADA token has also witnessed modest growth since the time of inception till today if we need to compare it with other major crypto coins. When incepted in 2017, ADA’s price was $0.02 and today, it is priced at $1.34, which is an increase of 6,600%.
