Diwali Dhanteras 2021 Investment Cryptocurrency Price News in India Bitcoin Ethereum

New Delhi: People tend to make investment during the auspicious occasions of Diwali and Dhanteras every year. While, gold has been the preferred choice for common people, there are other options which can be looked into by investors. Cryptocurrency is one such option. Bitcoin is the most coveted among all cryptocurrencies in the world but there are some cryptocurrencies that have the potential to join the big league in the near future, according to IANS report.Also Read – Shiba Inu Coin Price Surges To All-Time High, Cryptocurrency Bitcoin Drops. Here’s Why

1. Bitcoin (BTC)

Bitcoin has a market cap of whopping USD 1 trillion. Five years ago, you could buy Bitcoin for about USD 500.Now, it has been hovering around USD 60,000 (around Rs 45 lakh), as per IANS report. Also Read – No Firecrackers, Only Diyas: Maharashtra Govt Urges All To Celebrate Diwali By Lighting Lamps; Issues Guidelines

Bitcoin which is a decentralized digital currency was created by someone called Satoshi Nakamoto (possibly a pseudonym) in 2009. As with most cryptocurrencies, Bitcoin is without a central bank or single administrator that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries, IANS reported. Also Read – IRCTC Latest News: India Railways Runs 110 Special Train to Ease Festive Rush | Details Inside

Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a Blockchain.

2. Ethereum (ETH)

Ethereum has a market cap of more than USD 472 billion. Among cryptocurrencies, Ethereum is second only to Bitcoin in market capitalization.

Available for around USD 4,000 (Rs 3 lakh) per coin, Ethereum is a favourite among crypto developers because of its applications like smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs). It is both a cryptocurrency and a Blockchain platform, according to IANS report.

Ethereum was conceived in 2013 by programmer Vitalik Buterin. In 2014, development work commenced and was crowdfunded, and the network went live on July 30, 2015.

In just five years, its price went from about USD 11 to almost USD 3,000, increasingly more than a whopping 27,000 per cent, as per IANS report.

3. Binance Coin (BNB)

Binance Coin has a market cap of around USD 80 billion. Binance Coin is the cryptocurrency issued by Binance crypto exchange which is the largest cryptocurrency exchange in the world, supporting more than 1.4 million transactions per second.

During the time of its launch in 2017, Binance Coin was just USD 0.10 per coin and now, it trades around USD 400. BNB was initially based on the Ethereum network but is now the native currency of Binance’s own blockchain, the Binance chain.

Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, but later moved its headquarters out of China following the Chinese government’s increasing regulation of cryptocurrency, according to IANS report.

4. Cardano (ADA)

Cardano has a market cap of more than USD 71 billion. Cardano also works like Ethereum to enable smart contracts and decentralised applications. In 2017, Cardano’s price was USD 0.02 and now, its price hovers around USD 2, the IANS report said.

Cardano is recognised for its early adoption of proof-of-stake validation, which means that a person can mine or validate block transactions according to how many coins they hold.

5. Tether (USDT)

Tether has a market cap of USD 70 billion. Available for just USD 1 (around Rs 75), Tether is a stablecoin, which means it is backed by fiat currencies like US dollars and Euro, as per IANS report.

“Tether represents to users that any holder of tethers can redeem them from Tether the company at the rate of one tether for one US dollar,” according to its 2021 settlement by Tether developers with the New York Attorney General, Letitia James.

In May 2021, Tether published a report showing that only 2.9 per cent of Tether was backed by cash, with over 65 per cent backed by commercial paper. Tether is liked by investors who are wary of the extreme volatility of other coins.

Other than these, there are more popular cryptocurrencies like XRP, Solana (SOL), USD Coin (USDC), Polkadot (DOT), and Dogecoin (which has been popularised by Elon Musk).