Cryptocurrency, a form of digital asset based on the idea of distributed ownership, is the latest trend in the city. Investors see it as an opportunity for a good return and see it as a store of value. Several digital coins have been around for nearly a decade, but a rapid surge in value earlier this year has made them a popular investment destination. The market collapsed shortly thereafter, giving those on the fence an opportunity to buy the dip and immerse themselves in what some have dubbed the “future currency of the world.”
Can cryptocurrencies become the world’s future currency? There is some uncertainty. First, they are very volatile. Second, they still lack regulation and government support in most countries. Despite these problems, the crypto market is thriving and more coins are being added to the vault. According to market research company CoinMarketCap, there are more than 1,000 types of crypto-coins in circulation today.
What are the most popular cryptocurrencies?
Bitcoin (BTC)
Bitcoin is the oldest and most popular digital coin in the world. It was launched in 2009 by an anonymous person (or group of people) under the pseudonym “Satoshi Nakamoto”. On June 1, Bitcoin was trading at Rs. 26,40,420; on July 30th the price closed at Rs. 29,13,645. Bitcoin’s current market capitalization is Rs. 58.3 trillion.
Ethereum (ETH)
Ethereum is currently in second place. Ether is the most important token on the Ethereum blockchain. It was first described in a whitepaper in 2013 by the Russian-Canadian programmer Vitalik Buterin. Buterin later, along with other co-founders, funded the project through an online sale the next year. You officially introduced the blockchain in July 2015. On June 1, Ethereum closed at a price of Rs. 1,87,286; on July 30th it was trading at Rs. 1.74.817. The current market capitalization is Rs. 21.3 trillion.
Tether (USDT)
Tether is the largest digital coin by market value and is known as stablecoin. Unlike most cryptocurrencies, these coins are tied to real assets in order to maintain a stable value. Tether has been pegged to the US dollar for stability reasons, but the company has revealed that it does not have enough dollar reserves to maintain stability. Over the past 15 days the price of Tether has ranged from Rs. 74.61 to Rs. 74.41. The market capitalization is Rs. 4.6 trillion.
Cardano (ADA)
Cardano was founded in 2017 by Ethereum co-founder Charles Hoskinson and is a Proof-of-Stake (PoS) blockchain platform. In the PoS model, owners provide their tokens as security in order to maintain the authority over the token in relation to their use. Cardano was trading at Rs. 90.24 on July 16. And by July 30th it had reached a value of Rs. 94.62. The current market capitalization is Rs. 3.1 trillion.
Ripple (XRP)
Ripple, a US-based technology company, developed the digital XRP coin in 2012 to be a fast, cost-effective, and more scalable alternative to digital assets and existing money payment platforms like SWIFT. You can buy XRP from any digital wallet and keep it in a hot or cold wallet. The price has jumped from Rs. 44.81 on July 16 to Rs. 54.61 on July 30. The market capitalization is Rs. 2.6 trillion.
Dogecoin (DOGE)
Dogecoin was introduced as a meme-based currency to poke fun at Bitcoin and has become so popular with people recently that it has taken on a life of its own. Based on the popular “Doge” meme, it features the Shiba Inu face on its logo. Software engineers Billy Markus and Jackson Palmer launched the digital coin in 2013. After being forgotten for nearly seven years, billionaire Elon Musk endorsed it and started spreading it on his social media handle. On July 16, it was trading for Rs. 13.35 but had increased in value to reach Rs. 15.71 to July 30. The award has seen ups and downs throughout its journey. The market capitalization is Rs. 2 trillion.
Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.
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