New Delhi: After Wednesday’s blood bath, investors are once again buying the cryptocurrency after Elon Musk showed his support for the ‘new finance’. Right now, there are more than a thousand cryptocurrencies and many of them fell tremendously earlier this week. All this makes it very difficult for the investors to choose a currency in which they can invest with minimum risk. So, investors, we’re here to help you.
First of all, one needs a source to buy the cryptocurrencies – either through cryptocurrency exchanges or other sources like PayPal. One also has to have a cryptocurrency wallet so that they can store the blockchain link to access their crypto coins. And lastly, before you make a crypto investment, here’s a list of few cryptocurrencies which are a little more safer to invest in than the others as their price is said to be a little stable.
1. Bitcoin (BTC)
Price today: INR 3,246,223
For Indians, Bitcoin is synonymous with cryptocurrency. And rightfully so, because this was the first and is the highest valued crypto in the market right now. After reaching an all-time high of about $65000 in April this year, the price started plummeting recently, thanks to Elon Musk’s tweet about Tesla not accepting Bitcoins anymore (initially, Tesla had decided to accept Bitcoins as a mode of payment). If you have the budget, now is the best time to buy Bitcoin as the price dropped by almost 30%.
2. Cosmos (ATOM)
Price today: INR 1,298
Many Indians might not be familiar with Cosmos, but this is a crypto that cannot be overlooked. Cosmos is one of the most affordable cryptocurrencies in the market with high growth potential. On May 7, Cosmos hit its all-time high of approximately $32 but owing to the market crash, the value came down to $23.
3. Binance Coin
Price today: INR 31,390
As per market capitalization, Binance Coin is the third-largest cryptocurrency, the first two being Bitcoin and Ethereum. In 2017, Binance Coin was launched by one of the world’s largest cryptocurrency exchanges Binance, as a utility token. Hence, the pricing of this crypto coin depends on its utility on the Binance platform. In simple terms, if more people use Binance Coin to trade other cryptos, its value will increase. Experts predict that by the end of May 2021, the price of one Binance Coin will hit $505.
4. Tron (TRX)
Price today: INR 7.21
Tron was initially developed over the Ethereum platform and in comparison, Tron is gaining quickly. One of the reasons for the rapid growth is the fact that Tron is a decentralized operating system based on blockchain technology, which gives it the ability to host several decentralized applications. While the market crash did not impact Tron as much as it did to other cryptos, its affordable price and future potential make it a good buy.
5. Dogecoin (DOGE)
Price today: INR 28.605
It is baffling how a crypto coin that started out as a meme is now a leading player in the market. Unofficially endorsed by the “Dogefather” Elon Musk, Dogecoin is a cheaply priced cryptocurrency with immense growth expectations. Though the market crash had stumped the price of Dogecoin, it is still the fourth-largest cryptocurrency as per the market cap.
