The Cryptocurrency market in India is estimated to add 2000 users every month. As per a Reuters report, the Indian IT (Income Tax) Department has seen $3.5 billion (more than Rs 22 crore approx.) worth of transactions over the period of last 17 months.
Following are the Top 5 cryptocurrencies in terms of Market Cap in India as per data from Koinex.in in reverse order:
5. Bitcoin Cash (BCH)
This hard fork version of Bitcoin earned a market capitalization from existing Bitcoin investors. Available for investment and trade in India, its per block size is 8mb compared to Bitcoin's 2mb. It value at present (2:26 pm Koinex) is Rs 1,41,133 per coin compared to Bitcoin which is valued at Rs 9,39,999.
4. Litecoin (LTC)
Launched in 2011, it was one among the first cryptocurrencies to follow Bitcoin. Like any other competitive product, it is also an improvement over what inspired its creation. It is much similar to Bitcoin but faster in creation of blocks.
3. Ripple (XRP)
Ripple is not a cryptocurrency. It is a real-time gross settlement system (RTGS) that is owned and run by the American company Ripple Labs.
What's treated as a currency is its token known as XRP and it cannot be mined like Bitcoin or Ether.
Its value per token is just around Rs 116 (2:11 pm Koinex) but there are 100 billion token issued by the company in circulation putting it in the top three position worldwide. If the value of XRP exceeds $6 per piece, it will beat Bitcoin.
2. Ether (ETH)
You must have heard of Ethereum, but Ethereum is the blockchain-based distributed computing platform and the currency associated with it is technically called 'Ether'. Ethereum is the colloquial term for Ether.
This cryptocurrency has been holding the position of the second largest cryptocurrency internationally too.
1. Bitcoin (BTC)
It is not surprising to see the cryptocurrency that brought digital asset investment into the limelight to be on top. The first and the most popular cryptocurrency in the world is also highly valued and invested in India.