Cryptocurrencies have gained momentum in India. Their wide-scale popularity has revolutionized the entire crypto trading ecosystem. When the prices of cryptocurrencies shoot up, the interest in them also spiked dramatically.
If you are considering cryptocurrencies for long term investment in India, here are the most preferred options:
1. Bitcoin (BTC)
Launched in the year 2009, Bitcoin is the very first digital currency based on blockchain technology. It is also one of the most popular currencies and is prominently known for its long-term returns. Anyone who holds this cryptocurrency has a higher chance of earning profitable returns.
Even a large number of businesses have shown their trust in this cryptocurrency. Reputed companies like Virgin Airlines, Burger King, KFC, Subway, Tesla have accepted the use of bitcoin for transactions. This cryptocurrency has wide-scale support, thus, it proves to be a store of value for long-term investors.
2. Ethereum (ETH)
Ethereum is an open-source platform for creating decentralized applications (Dapps) and smart contracts. Ether, the native digital currency of Ethereum, is the second-largest cryptocurrency by market capitalization. It is amazingly fast, cheaper, and boasts of a strong financial system. Apart from offering payment processing, ETH has paved the way for borrowing, trading, lending, and staking. As per the recent updates, the Ethereum to INR exchange rate is equivalent to ₹286,507 and is expected to go up to ₹6,76,428 in the coming few years.
Litecoin is another worth-it investment option. This crypto coin has exhibited strong growth over the years. With a market cap of 11.6 billion dollars, this coin has built a strong foundation. In the past few years, the coin has contributed to amazing developments. It can process a block in two and a half minutes which is even faster than bitcoin. Also, experts believe that litecoin’s price may reach up to $595 by the year 2030. Thus, it is a prospective purchase candidate for long-term investments.
4. Cardano (ADA):
Cardano is similar to Ethereum. It is also a public blockchain platform that aims to establish a decentralized financial product ecosystem. As Cardano is launched to overcome the drawbacks of ethereum, it seems to be a good option for long-term investment in India. It is the biggest rival of Ethereum and has an overall market cap of around $72 billion.
Additional Cryptocurrencies to look for in 2022
- With a track record of returns of more than 20,000 percent in the last few years, dogecoin is a profitable investment option. As per the latest price trends, the 1 Dogecoin price INR equivalent is ₨ 11.52.
- Polkadot is an interconnected blockchain system that allows multiple blockchains to work in parallel in a single network. With this, DOT effectively tackles the challenge of interoperability.
These are some of the top cryptocurrencies you can invest in India for 3-5 years. The aforementioned currencies are the most promising ones known to hold unique value propositions.