Top 10 Cryptocurrencies to Invest In 2023 – Best Cryptocurrencies In India

Cryptocurrency is a digital currency which can be used to purchase goods and services without the use of physical bills or coins. Crypto, as a digital currency, is a highly volatile asset with erratic price fluctuations. But interestingly, the current global crypto market cap is $1.03 trillion and the number of cryptocurrency investments have increased since the previous year. Approximately 115 million Indians have chosen to invest in this digital asset. If you are new to the world of cryptos, the various players in this industry might overwhelm you. From Bitcoin to Litecoin, there are thousands of cryptocurrencies to choose from. We’ve listed the top cryptocurrencies to buy. So, let’s dive in!

Fun Fact:

The first commercial bitcoin transaction was for pizza!

Best Cryptocurrencies in India

Here is an overview of the top cryptocurrencies to buy in India as per market price and 1 year returns: 

Also Read

A Complete Guide To Bitcoin – The Biggest Cryptocurrency

Initial Coin Offering (ICO): Meaning, Types and How it Works

Top 10 Cryptocurrencies in India

Find top cryptocurrency list mentioned below, based on various parameters and features: 

1. Bitcoin (BTC)

Bitcoin is the oldest well-known cryptocurrency in India. Experts often refer to Bitcoin as the ‘gold standard’ of cryptos. The coin forms up to 46% of the overall cryptocurrency market capitalisation. Bitcoin was developed for individuals to send money easily over the internet. The virtual currency provides an alternative form of payment system that operates free of any regulatory body. 

Here are the trends and historic data on Bitcoin’s performance that may come handy while investing in BTC: 

• Current price: ₹18,73,289
• Market Cap : ₹36.1 trillion
• 5 Year Returns: 127.72%
• 3 Year Returns: 122.06%
• 1 Year Returns: 37.06%

2. Ethereum (ETH)

Ethereum comes second in the list of top 10 cryptocurrencies in India. It is a decentralised blockchain network powered by the Ether token that allows users to make transactions, earn interest on their holdings through staking, trade of cryptocurrencies, use and store of non fungible tokens (NFTs), play games etc. Ethereum emerged as a top player in 2021 amongst the NFTs and decentralised finance (DeFi) players. 

The market trends of Ethereum are as follows: 

• Current price: ₹1,34,801
• Market Cap : ₹16.5 trillion
• 5 Year Returns: 76.66%
• 3 Year Returns: 485.27%
• 1 Year Returns: 36.43%

3. Tether (LUNA)

This coin is tethered to the Dollar’s value making it a stablecoin, which means the value of this coin is less volatile. Making its way to the top cryptocurrencies in India, this coin is popular among investors who are wary of investing in volatile cryptocurrencies but still want to participate in the crypto market. Since Tether is a stable crypto whose value does not fluctuate as often, it is also used as an exchange medium.

Tether’s market trends showcase the following performance:

• Current Price: ₹82.55
• Market Cap: ₹5.6 trillion
• 3 Year Returns: -0.11%
• 1 Year Returns: -0.05%
• 6 Month Returns: -0.03%

4. Binance Coin (BNB)

Binance Coin is one of the top cryptocurrencies that can be used to trade and pay fees on the Binance cryptocurrency exchange. You can use the coin for payment processing, trading and booking travel plans. Moreover, you can also use this coin to trade or exchange other types of cryptocurrencies, such as Ethereum or Bitcoin.

Follow the below mentioned price trends to have a clearer idea about Binance Coin’s market performance:

• Current Price: ₹26,581
• Market Cap: ₹4.2 trillion
• 2 Year Returns: 198.37%
• 1 Year Returns: 31.47%
• 6 Month Returns: – 0.31%

5. Ripple (XRP)

XRP is yet another sensation in the crypto market. It is an open payment network under which you can transfer various currencies. The coin has its ties with a private company – Ripple, which aims to overcome the limited mode of financial networks. Interestingly, Ripple does not work on the PoW or PoS system. Instead, the coin uses a distributed consensus mechanism to confirm different transactions. This makes it one of the distinct and top cryptocurrencies in India.

Check out the market trend associated with XRP are as follows:

• Current Price: ₹32.5
• Market Cap: ₹1.7 trillion
• 5 Year Returns: -64.12%
• 3 Year Returns: 18.74%
• 1 Year Returns: 14.26%

6. Terra (UST)

Terra is a blockchain payment platform for stablecoins, it is based on keeping a balance between two types of cryptos i.e. Terra Stablecoins and LUNA. Terra stablecoins, such as TerraUSD, are linked to the value of physical currencies. This platform is powered by Luna, which also aids in the production of more Terra stablecoins. That being said, Luna and Terra stablecoins work in tandem based on supply and demand. When a stablecoin’s price exceeds the value of its currency, the platform encourages users to burn their Luna and create more stablecoins. Users burn Terra and create more Luna as the value of stablecoin falls.

Follow the data below to have a better understanding of Terra’s market performance:

• Current Price: ₹164
• Market Cap: ₹3.5 trillion
• 2 Year Returns: -69.13%
• 1 Year Returns: 57.83%
• 6 Month Returns: 0.98%

7. Cardano (ADA)

Cardano is one of the most valuable cryptocurrencies in terms of market capitalization. It is intended to be a flexible, sustainable, and scalable blockchain platform for running smart contracts, allowing creation of a wide range of decentralised finance apps, new crypto tokens, games, and other applications.

Here are some stats supporting the current market prices and historic overview of Cardano’s performance: 

• Current Price: ₹32.02
• Market Cap: ₹1.1 trillion
• 3 Year Returns: 457.78%
• 1 Year Returns: 0.141%
• 6 Month Returns: -0.126%

8. Solana (SOL)

Solana has a wide range of applications emerging in the DeFi sector. It is based on a novel hybrid proof-of-history and proof-of-stake mechanism; which enables it to process transactions quickly and efficiently. Furthermore, the coin is included in the list of top cryptocurrencies for investors who no longer want to deal with the volatile transaction fees of Ethereum.

Here is the list of market statistics of Solana as per the historic data available:

• Current Price: ₹1,882
• Market Cap: ₹705.5 billion
• 2 Year Returns: 191.73%
• 1 Year Returns: 131.141%
• 6 Month Returns: -43.43%

9. Polkadot (DOT)

Polkadot is a unique interoperability protocol that connects various chains. It also enables data exchange and transaction processing for parallel blockchains. It does all of these without compromising on security. Moreover, developers can conveniently create their own blockchain using this platform’s security. Interestingly, Polkadot has generated as much as $200 million from investors. 

The following are the stats justifying Polkadot’s market trend: 

• Current Price: ₹565.98
• Market Cap: ₹653.8 billion
• 2 Year Returns: -70.24%
• 1 Year Returns: 59.33%
• 6 Month Returns: -22.40%

10. Litecoin (LTC)

Litecoin is the first ever altcoin, which traces its roots back to 2011. It came into existence two years after the launch of Bitcoin by Charlie Lee. It is a decentralised crypto, based on blockchain technology. The primary idea behind the creation of this coin was to address the limitations of Bitcoin. Despite many similarities with Bitcoin, this crypto features a faster transaction speed. In addition, the significant overall stock of Litecoin makes it a lucrative investment. You can utilise this coin for purchasing goods and services, sending money overseas and much more. Further, you can conduct all such transactions on this platform without intermediaries. 

The following pointers highlight Litecoin’s market performance based on historical data:

• Current Price: ₹7960.84
• Market Cap: ₹576 billion
• 5 Year Returns: -56.53%
• 3 Year Returns: 19.24%
• 1 Year Returns: 41.69%

Also Read

8 Top Crypto Exchanges in India – Best Crypto Exchanges 2023

What Is Tax On Crypto In India And How It Is Calculated

Is Investing in Cryptocurrency Safe?

Investing in cryptocurrency could be extremely risky if you’re not a seasoned investor. In fact, as per a report by CNBC the crypto industry lost approximately $1.4 trillion in 2022. One of the popular crypto coins – Bitcoin – lost 60% of its value in 2022. That being said, some industry experts opine that a few crypto currencies could salvage the losses in 2023. In India, 30% tax is levied on profits earned via crypto trading. So, consider all these factors including your crypto expertise and risk tolerance before investing in digital coins.

Taxation on Income from Cryptocurrencies

Digital assets like cryptocurrencies are taxable under Section 115BBH of Income Tax Act, 1961. As per the section, following are the things that you must keep in mind while investing in cryptocurrencies.

1. Income generated from transfer of cryptocurrencies to Indian currency are taxable at 30%.
2. No adjustment of losses from profit, or carry forward of losses incurred will be entertained.
3. TDS at the rate of 5% will be applicable on transfer of Virtual Digital Assets (VDA) exceeding ₹50,000 in a financial year by a specified person. Similarly, it will be applicable if transfer of VDA exceeds ₹10,000 by anyone other than the specified person.
4. In case of non-availability of PAN, the individual will be liable to pay 20% tax at source.

Final Word

Although investing in cryptocurrencies is risky, it allows you to diversify your portfolio from traditional financial assets such as stocks and bonds to digital assets. Investors who are willing to experiment and take risks can choose these cryptocurrencies. However, before making a decision, conduct extensive market research.

If you are looking for investment options other than Crypto, visit Navi Mutual Fund to get started! You can invest in a wide range of funds with SIP just Rs.10.

*Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.

FAQs

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article. 

Before you go…

Instead, want to put your savings into action and kick-start your investment journey ? But don’t have time to do research. Invest now with Navi Nifty 50 Index Fund, sit back, and earn from the top 50 companies.

Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.