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The top 10 cryptocurrencies to invest in India in 2023 based on market capitalization

Cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. It has gained wider outreach in recent times, owing to heightened security, ease of fund transfer, and more. From Bitcoin and Ethereum to Dogecoin and Tether, many cryptocurrencies will be invested in India in 2023.

Cryptocurrency or crypto decentralized system to record transactions and issue new units. It works on a distributed public ledger called Blockchain, a record of all transactions updated and held by currency holders. Crypto uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and the o public ledger. The first cryptocurrency was Bitcoin, founded in 2009, and remains the best known today. The top cryptocurrencies like Ethereum are on the verge of creating ‘the merge’, Ripple is planning to top the world of consistency whereas Bitcoin wants to simply become a transaction mode.

There are thousands of cryptocurrencies. The top 10 Cryptocurrency to invest in India in 2023 are:

Bitcoin

Bitcoin was founded in 2009 and is the oldest and most d well-known cryptocurrency in India. It is referred d as the ‘gold standard’ of cryptos. It was developed for individuals to send money easily over r internet. Bitcoin is a virtual currency that provides an alternative payment system that operates free of any regulatory body. The coin forms up to 46% of the overall cryptocurrency market capitalization.

Ethereum

Ethereum was developed in 2009 and it is a blockchain platform with its cryptocurrency called Ether or Ethereum. This network is used to create financial products that will remove the need for intermediaries. Ethereum is the most popular currency after Bitcoin and it is the perfect collateral; for decentralized finance and NFT marketplaces.

Tether

Tether was launched in 2014 and is a blockchain-enabled platform designed to digitally facilitate the use of flat currency. It works to disrupt the conventional financial system via a modern approach to money. It enabled the customer the ability to transact with traditional currencies, without the inherent volatility and complexity associated with digital currency.

Terra

Terra is a blockchain payment platform for r stablecoin. It relies on maintaining a balance between two types of cryptos. The stablecoins of Terra, such as TerraUSD, feature ties to the value of physical currencies. Luna powers this platform, which also helps in minting more Terra stablecoins. When the price of a stablecoin jumps ahead of its currency’s value, the platform encourages users to burn their Luna and create more stablecoins. Similarly, as the value of stablecoin falls, users burn their Terra and create more Luna.

XRP

XRP is an open payment network under which you can transfer various currencies. The coin features ties with a private company such as Ripple, which aims to overcome the limited mode of financial networks. Ripple features its roots back in 2017. The company has emerged as a major player in the Indian crypto industry. But 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.

Binance Coin

Binance Coin is one of the top cryptocurrenciesyou can utilize to pay fees and trade on Binance, one of the most significant global crypto exchanges. It came into existence in 2017. Binance Coin has stretched past just clearing trades on the Binance exchange platform.

Solano

Solana attracts developers with over 500 dApps built on the blockchain. Solana functions on a unique hybrid proof-of-history and proof-of-stake mechanisms. This helps it in processing transactions quickly and efficiently. The coin features in the list of top cryptocurrenciesfor investors who no longer want to experience the volatile transaction fees of Ethereum. 

Cardano

Cardano is one of the top cryptocurrencies because of its early hold for proof-of-stake validation. This method facilitates transaction time and results in lesser energy usage. In turn, this reduces environmental impacts by controlling the competitive transaction verification aspect of platforms like Bitcoin. This coin also functions similarly to Ethereum, which participates in enabling smart contracts and decentralized applications (dApps).

Polkadot

Polkadot was launched in 2016 and 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 blockchain using this platform’s security. Polkadot has generated as much as $200 million from investors. This makes it one of the most significantly funded projects. Its value is expected to rise in the coming year, owing to its unique innovations.

Litecoin

Litecoin was founded in 2011 and it is the first-ever altcoin. It is a decentralized 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.