Cryptocurrency is fast gaining popularity in India. It has seen its subscriber base jumping manifold worldwide in the last three years. Last week, cryptocurrency, including Bitcoin, saw huge correction and spread panic among crypto traders and investors when China cracked down on mining and trading of the cryptocurrency. Since then, the crypto market has seen good recovery. Cryptocurrencies are digital currencies that are backed by blockchain technology, which works on decentralization.
This technology is considered hack resistant and transparent. Currently, it is an unregulated market in India and the government is mulling to come up with new guidelines to regulate it. Bitcoin, Ethereum, Tether, Cardano, Binance Coin hold top five positions on CoinSwitch Kuber, one of the most famous cryptocurrency exchanges in India. Let’s have a look at these coins and understand how they fare today.
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Bitcoin: A decentralized digital currency, which uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. It holds rank 1 and has a market cap of Rs 54,83,565 crore with 2 crore circulating supply as per Coin Switch Kuber. At 4:50pm, bitcoin was trading at Rs 30,75,606 per BTC, down 0.27 per cent.
Ethereum: Ranked at no 2 with Rs 24, 15,318 crore, it uses blockchain protocol to do away third-party for sending or receiving finds. It uses smart contract technology to facilitate transactions. Ethereum was trading at Rs 2,20,246, down 0.32 per cent on Thursday. Ethereum rose from Rs 17,606 to Rs 3,49,738 in one year time.
Tether: USDA (Tether), as per CoinSwitch, converts cash into digital currencies to replicate the value of the coin to the price of the national currencies. Tether market cap is Rs 4,42,580 crore and has acirculating supply of 6,071 crore USDT. Tether was trading at Rs 78.2844, up 0.01 per cent as on May 27 at 5 pm. Tether one year low was Rs 63.398 and it went on to attain Rs 137.9317 as one-year high.
Cardano: Cardano comes next in the rank with Rs 4,24, 538 crore. It has a circulating supply of 3195 cr ADA. It was trading at Rs 135.61, down 0.46% as on Thursday. It gave its investors 2439.02 per cent return after being priced at RS 5.307808, it hit its one-year high of Rs 199.579030.
Binance Coin: It is ranked 5th on Coin Switch and has a market cap of Rs 4,24,545 crore. Binance Coin has circulating supply of 13 cr BNB. It has defined as the token that fuels all operations on Binance exchange, which claims to operate the world’s biggest bitcoin exchange and altcoin crypto exchange by volume.