There are over 9,000 cryptocurrencies that you can choose from if you want to invest in cryptocurrencies. The largest cryptocurrency is Bitcoin followed by Ethereum and then there are other altcoins. Bitcoin dominates roughly 55% of the crypto markets, mainly used as a digital currency and has grown by over 100% since the beginning of 2021 while Ethereum provides plenty of use-cases apart from being just a digital currency.
The market for Non-Fungible Token (NFT) and Decentralised Finance (DeFi) has increased rapidly. Cryptocurrency space is evolving continuously and apart from Bitcoin and Ethereum, there are other interesting projects too that you can choose from in NFTs and DeFi.
Today You can easily invest in cryptocurrencies in India. But, before selecting a crypto, it is important to look at the fundamentals of each and do your own research to minimize the risk associated with investing in cryptos. Keep your disposable income and risk appetite in mind before diving into it.
While choosing which cryptocurrency to invest in:
- Understand the basics of blockchain and crypto
- Follow the markets and keep a track of which cryptocurrencies are performing well
- Open an account on a crypto investment app such as CoinDCX Go
- Select crypto and start investing
Before selecting the cryptocurrency, it is important to get a basic understanding of what blockchain technology is and how crypto works. At CoinDCX, we have a comprehensive free platform dedicated to blockchain and cryptocurrency education called DCX Learn. After understanding the basics, the next step is ideally keeping a track of the markets, thoroughly researching interesting projects by following their community pages, past performance, website, social media accounts, etc.
Once you have made up your mind, you can create an account on crypto investment apps such as CoinDCX GO and start investing. On the CoinDCX Go app, we also send regular market updates on the coins listed on our platform to keep our investors informed about the momentum in the markets and accordingly take buy/sell decisions and create orders.