The year 2022 has been a rollercoaster ride for the stock and the crypto market. With major global events taking place all around the world, the cryptocurrency market especially has been in a constant frenzy and the prices of crypto tokens have been oscillating frequently.
While this might not be the best time for novice investors to start their investing journey in crypto, there are a few cryptocurrencies that have managed to sustain their prices and hold in the market. To buy cryptocurrency in India, it is important that you know which coins to invest in, so read on and find out the coins that can be a safe bet.
Bitcoin (BTC) : Market Capitalization: $846 Billion
Bitcoin (BTC), the first cryptocurrencies to be created, is based on a blockchain, which is a ledger that records transactions over a network of thousands of computers. Bitcoin is maintained private and safe from fraudsters because updates to distributed ledgers must be confirmed by solving a cryptographic problem, a process known as proof of work. As Bitcoin has grown in popularity, its value has risen. In May 2016, a Bitcoin could be purchased for about $500. Bitcoin reached its all time high in november 2021 at $68,000 and then drastically dropped to $35,000 in January 2022. You can buy bitcoin on any of the crypto exchange platforms as it is still one of the highest priced and well to do tokens in circulation. It is predicted that the price of bitcoin will reach $100,000 in the coming future.
Ethereum (ETH) : Market Capitalization : More Than $361 Billion.
Ethereum, which is both a cryptocurrency and a blockchain platform, is a favorite among programmers because of the possible uses it offers, such as smart contracts that run automatically when certain conditions are satisfied and non-fungible tokens (NFTs). Ethereum has also seen explosive development. From April 2016 to the beginning of March 2022, its price increased by more than 27,000 percent, rising from about $11 to over $3,000 and is currently priced at $1,127 approximately.
Binance Coin (BNB) : Over $68 Billion In Market Capitalization
Binance Coin is a cryptocurrency that may be used to trade and pay fees on Binance, one of the world’s biggest cryptocurrency exchanges. Binance Coin has grown beyond just conducting deals on Binance’s exchange platform since its introduction in 2017. It can now be used for trade, payment processing, and even making trip reservations. It can also be swapped or traded for other cryptocurrencies like Ethereum or Bitcoin. In 2017, the price of BNB was just $0.10. Its price had climbed to nearly $413 by the beginning of March 2022, a gain of around 410,000 percent and currently stands at approximately $206 per token.
Cardano (ADA) : Over $33 Billion In Market Capitalization
Cardano is renowned for being one of the first crypto projects that use proof-of-stake validation. By eliminating the competitive, problem-solving part of transaction verification seen in systems like Bitcoin, this solution reduces transaction time, energy consumption, and environmental effect. Cardano functions similarly to Ethereum in that it uses ADA, its native token, to allow smart contracts and decentralized apps. In comparison to other prominent crypto currencies, Cardano’s ADA token has grown slowly. The price of ADA in 2017 was $0.02. Its current price is $0.49, seeing a meteoric rise of 2400% over the years.
Solana (SOL) : Market Capitalization Of $33 Billion.
Solana is a cryptocurrency that was created to fuel decentralized finance (DeFi), decentralized applications (DApps), and smart contracts. It employs a hybrid proof-of-stake and proof-of-history method to conduct transactions rapidly and securely. The platform is powered by SOL, Solana’s native cryptocurrency. SOL’s price was $0.77 when it was introduced in 2020. Its price has risen about 4000%, to roughly $29 USD, where it stands currently.
Polkadot (DOT) : Market Capitalization Of About $22 Billion.
Polkadot (DOT), which was created in 2016, is a one-of-a-kind blockchain interoperability protocol that connects multiple chains. It also enables parachains, or alternative blockchains, to exchange data and perform transactions without jeopardizing their security. Developers may use the Polkadot security to develop their own blockchains. Polkadot was established by Gavin Wood, the co-founder of Ethereum. The fascinating aspect about DOT is that its overall supply is unrestricted. Rather, a fresh token is issued on a regular basis. It reached its all time high in may 2021 when the value of the token was around $55.7. DOT currently stands at $7.21 approximately.
For people who are new to investing, always do your research, follow expert advice and educate yourself before making any financial decisions, especially regarding cryptocurrency as it is a volatile market and losses can turn significant.
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