Cryptocurrency adoption in India has gained momentum, despite uncertainty around the unregulated assets’ future in the economy. Investments in cryptocurrency, especially in bitcoin, have witnessed a significant spike since last year. According to surveys conducted by experts, India is one of the global leaders in crypto adoption. More and more Indians have started investing in cryptocurrency, resulting in depreciation in traditional assets like bonds, equity, and local currencies. In this article, we list the top 10 cryptocurrencies that Indian investors and trade on this weekend.
Market Capitalization: US$1.151 trillion
Bitcoin is the most popular cryptocurrency in India today. It is probably because BTC is one of the longest-standing and trusted cryptocurrencies in the market. Bitcoin makes up 46% of the global crypto market. Its underlying technology inspires development and its value spurs investment into similar altcoins. Its recent adoption by different big tech industries and nations like El Salvador has spiked its value by a landslide.
Market capitalization: US$70.126 billion
As its name implies, the token is tethered to the US dollar, making it a stablecoin with minimum volatility in value. This makes it a convenient intermediate currency for a trader, or even just to hold the profits until the investor decides on something else. The stated purpose of the Tether is to combine the unrestricted nature of cryptos with the stable value of the US dollars to give more profit to its buyers.