India has accepted cryptocurrencies. With the recent budget introduced in February 2022, India has become one of the first countries to put crypto trading under the tax ambit. One thing that is clear now is that people in the country are allowed and, in fact, encouraged to trade in cryptocurrencies because even the government now gets to earn tax from crypto transactions. That also makes NOW the best time to invest in cryptocurrencies in India.
Whether you are just starting out in the crypto space or are a proficient investor, here are the top 7 cryptocurrencies you can buy today and hold to earn huge profits in the long term.
1. Libra Coin
Libra coin was one of the fastest-growing cryptocurrencies in 2020-21. In just about a year, the coin registered a 100% growth on the exchange and is now held by thousands of crypto investors worldwide. Libra coin is a digital payment currency backed by the Libra e-commerce blockchain platform. One thing that makes Libra worth holding is its excellent project and growth plan, which will help investors get rich. You can buy and trade the Libra coin at XT.com.
2. Bitcoin
We all have heard of bitcoin. Many of us have purchased bitcoin; some of us even hold it in our portfolios. Bitcoin continues to dominate the crypto market and is still the number one cryptocurrency in terms of market cap. Bitcoin’s current price is almost half of its all-time high price, which makes it the best time to buy Bitcoin now.
3. ETH
ETH is the native cryptocurrency of the Ethereum blockchain. Everything great about ETH comes from Ethereum, which was the first blockchain to introduce smart contracts and enable public blockchain development on a mass scale. With the proposed launch of Ethereum 2.0 this year or next, ETH holders are in for a treat as the value of the coin will skyrocket with the launch.
4. Binance Coin
Binance coin or BNB is the native coin of the popular Binance Exchange. In the last few years, the Binance exchange has grown significantly and now enjoys being the leading exchange for cryptocurrencies and NFTs. It is also very popular in India and also offers the option to trade using INR. Because of the growing popularity of the exchange, the BNC coin has also registered remarkable growth over the years.
5. Cardano
Cardano is another fast-growing cryptocurrency that has grabbed investors’ attention over the past couple of years. The highlight of the Cardano project is its well laid-out roadmap, along with plans to overtake Ethereum to become the most used smart contract-enabled blockchain network. Over the years, Cardano has formed great partnerships and has a wonderful team to help realise its dream.
6. DOGE
DOGE or that initially became famous as a meme coin and grew to popularity over the hype created by some popular celebrities, including the likes of Tesla CEO Elon Musk. DOGE is now moving towards becoming one of the most traded cryptocurrencies and enjoys a huge investor base. Hundreds of more people are likely to invest and earn profits from DOGE in 2022.
7. Litecoin
Launched in 2011, Litecoin was the biggest competitor to bitcoin at the time. It works similar to bitcoin but offers a faster transaction speed with a higher number of transactions executed per second. The best thing about Litecoin is that it is now accepted by hundreds of merchants globally.
When investing in cryptocurrencies, always do your research and read the government guidelines about taxation on cryptocurrencies.