Despite the constant ups and downs, cryptocurrencies continue to attract investors. While it has wiped the savings of many, it also gave rise to many millionaires in a short period. If you have been planning to invest in cryptocurrency in India despite being aware of the attached cons, you should try to be careful with your cryptocurrency selection.
Since the market has thousands of cryptocurrencies available for trade, picking a select few can be overwhelming. To help investors ease their investment process, we have curated a list of the most promising cryptocurrencies investors can consider adding to their portfolio. So let’s quickly learn more about these cryptocurrencies shared below.
- Bitcoin (BTC)
Cryptocurrency enthusiasts must have heard of Bitcoin before. It is the first cryptocurrency to make it big in the market. Although it was hit badly in the last market crash, it slowly regained its position. Several experts predict Bitcoin to cross the $100,000 mark if the markets continue doing well.
For those who aren’t aware of what Bitcoin is, it is a blockchain-based decentralized platform facilitating instant value transfer without needing any third-party intervention. Bitcoin can be a wise investment choice if you are planning long-term returns. However, we would suggest doing thorough research before making any final investment.
- Ethereum (ETH)
The second most-popular on our list is Ethereum. In terms of utility, it is way ahead of Bitcoin. The main highlight of Ethereum is its advanced smart contracts. Any developer on the globe can create Dapps, Defi projects, and NFTs using the Ethereum platform. This feature has given Ethereum its massive success and popularity.
Many experts believe Ethereum can surpass Bitcoin in popularity, demand, and market value in the coming years. Hence, you can consider Ethereum as a potentially good investment option. Ethereum can also be your choice if you plan to diversify your portfolio.
- Dogecoin (DOGE)
Meme coins like Dogecoin run primarily on the hype generated by people and the market. If you read a reliable crypto blog covering the latest industry trends and information, you would know Dogecoin has emerged as an insanely popular meme coin in recent times. Although meme coins don’t offer a valuable utility, their market value cannot be left ignored.
You should consider adding Dogecoin to your portfolio to earn profits by trading short term. It is the most promising and popular meme coin that has generated good profits for investors. A quick look at Dogecoin’s market valuation over the past few years will highlight how good this meme coin has performed.
- Decentraland (MANA)
Decentraland is a virtual reality blockchain-run platform giving tough competition to Facebook’s Metaverse, and MANA is the platform’s native currency. Since the popularity of virtual platforms like these is expected to rise significantly in the future, Decentraland can be a lucrative investment keeping the long-term scenario in mind.
Since Decentraland is for every business and individual, it shows how technologies can nurture a thriving metaverse for all. In this virtual platform, people can buy digital land plots using MANA. So the more people invest in these plots using MANA, the more its value increases, giving investors higher returns.
- Polygon (MATIC)
One of the biggest and best-emerging cryptocurrencies is Polygon. It was created to fill in the gap existing in Ethereum. Many developers faced transaction speed challenges and had issues with high transaction costs. These problems are taken care of by Polygon. Since Polygon has plenty of use cases, people are driven toward it.
You should consider adding Polygon to your portfolio if you want to invest in cryptocurrencies that solve real-world problems. Since it was introduced in the market, it has enabled developers to build user-friendly and scalable dApps. Industry experts believe Polygon has a long way to go since its development team has a lot planned for the coming years.
Choosing Cryptocurrencies Should be Dependent on Your Goals
Not everyone has the same investment goals, so conducting diligent research on your shortlisted cryptocurrencies is crucial. Ultimately, investors should be picking cryptocurrencies that align with their investment goals. To make your research work easier, we have shortlisted some of the best-performing and promising cryptocurrencies that deserve your attention.
Since the cryptocurrency market has always been highly volatile, investors should be ready to face wild price swings. If you’re a beginner, never invest a significant portion of your savings in any cryptocurrency. Start with a small investment and scale as you proceed. It will reduce your likelihood of incurring hefty losses during investment.