Top Trending Cryptos to Trade in India in 2024

2024/04/19 07:01:02

The cryptocurrency market in India has experienced robust growth, with the investor base significantly expanding to an estimated 25 to 30 million individuals actively engaging in this asset class. This growth trajectory is underpinned by a favorable digital ecosystem, marked by widespread internet access and a booming digital economy. Notably, the Indian government's progressive stance towards digital innovations has further facilitated this expansion, enhancing the market's infrastructure through supportive measures such as the Unified Payments Interface (UPI) and other digital initiatives.

Trading volumes in the Indian crypto market soared to a 10-month high in March 2024 amid optimism surrounding spot Bitcoin ETF approval and the upcoming Bitcoin halving. Against this backdrop of enthusiasm toward crypto among Indian investors, KuCoin became one of the first global cryptocurrency exchanges to register with FIU India, offering a regulated experience to our users in the country.

Top countries by crypto value received | Source: Chainalysis

India has emerged as a leading player in the global cryptocurrency market despite a challenging regulatory and tax environment. The country leads the world in grassroots adoption and is the second-largest crypto market by estimated transaction volume, outperforming several wealthier nations. India's crypto usage spans various activities, ranking in the top ten for different cryptocurrency services, according to Chainalysis’s report on crypto adoption.

In this guide, we will explore the top cryptocurrencies for Indian traders, considering factors like adoption, market trends, and project potential. Discover the coins that might be the right fit for your portfolio.

Top Traded Cryptos for Indian Investors

We have compiled a list of some of the most popular cryptocurrencies Indian investors love to trade in the market. The list below is based on trading volumes and activity observed on our platform over the last 6 months.

Bitcoin (BTC)

Bitcoin, the pioneer cryptocurrency, continues to lead the market with its impressive presence and evolving ecosystem. Launched in 2009 by an entity under the pseudonym Satoshi Nakamoto, Bitcoin was the first to implement a blockchain-based decentralized digital currency. Its core mechanism allows transactions to be verified by network nodes through cryptography and recorded in a public ledger. Despite being known for its volatility, Bitcoin maintains significant influence due to its high market capitalization and liquidity, making it a staple in crypto investment portfolios.

The digital gold has seen much volatility in the Indian and global markets this year over several supporting factors, including spot Bitcoin ETF approvals in the US and Hong Kong, Bitcoin halving in 2024, and the potential upcoming supply squeeze. Its high value, extreme scarcity, and attraction among retail and institutional investors as a store of value and a hedge against inflation further add to Bitcoin’s appeal among crypto investors. Moreover, its longstanding presence and continued adoption by mainstream financial sectors and companies further underscore its relevance and potential as a solid investment choice. Despite regulatory uncertainties and environmental concerns associated with Bitcoin mining processes, BTC remains a key player whose innovations could lead to broad financial implications.

Bitcoin, the leading cryptocurrency by market cap, reigns supreme with a market cap of over $1.2 trillion. Over the past year, Bitcoin has gained over 106% in value.

Ethereum (ETH)

Ethereum, often dubbed the "world's programmable blockchain," offers more than just a cryptocurrency. Launched in 2015, Ethereum introduces a platform where developers can create decentralized applications (dApps) and smart contracts. These contracts automatically execute tasks when conditions are met, enhancing the functionality and application of blockchain technology. This shift towards a more versatile blockchain has cemented Ethereum's position as the second-largest cryptocurrency by market cap. Its ability to support a myriad of projects, from decentralized finance to gaming, makes it a cornerstone of the crypto ecosystem.

Recent strategic shifts, like the ongoing Ethereum 2.0 upgrade, have significantly enhanced Ethereum's appeal. This upgrade, coupled with innovations like liquid staking and restaking mechanisms, allows investors to earn staking rewards without locking up their assets. This change not only reduces its environmental impact but also aims to decrease the new ETH supply, potentially boosting its value. Ethereum remains a hub for developers, maintaining a strong foothold despite the rise of competing blockchains. Its continuous innovations and the robust community of developers contribute to its resilience and long-term potential in the volatile crypto market.

The second largest cryptocurrency by market cap, Ethereum’s market cap stands at over $358 million. In terms of market performance, Ethereum has gained over 42% in the past year.

Gari Network (GARI)

GARI is the native cryptocurrency of Chingari, a popular short-video sharing platform in India. Launched in 2022, Gari is built on the Solana blockchain, offering fast transaction speeds and low costs tailored to empower creators on the Chingari platform. Creators can use Gari to establish e-commerce spaces, sell merchandise, create NFTs, and receive fan funding. This integration aims to build a digital economy around content creation, with users earning GARI for creating or watching content on Chingari.

Chingari's extensive user base of over 200 million, with 30 million active monthly users, provides a solid foundation for GARI's utility and adoption. The token was initially offered in a high-profile ICO and is now traded on several major exchanges, including KuCoin, providing liquidity and access to a broad audience. Recent developments in the GARI ecosystem include enhancements like the launch of the Chingari wallet and various blockchain integrations, aiming to embed GARI into the daily activities of its users and expand its use cases beyond the platform.

As of April 2024, Chingari boats a DAU (daily active users) of over 125,000. The GARI token has a market cap of over $8.6 million and a trading volume of $1.85 million at the time of writing.

Toncoin (TON)

Toncoin (TON), developed by The Open Network, stands out due to its high-performance and scalable blockchain architecture. Launched as a community project derived from Telegram's original blockchain efforts, Toncoin emphasizes speed, cost-efficiency, and user-friendliness, making it attractive for a wide range of applications, including dApps and cross-chain transactions.

Recently, Toncoin has shown notable market performance with a strong upward trend in price against the Indian Rupee, marking a significant 58.8% increase over the last month. Telegram's decision to distribute 50% of ad revenue to channel owners in Toncoin using the Ton blockchain helped the TON price surge by 40%. This trend is particularly impressive given the broader crypto market's downturn. Toncoin's versatility extends to its integration with Telegram, enhancing its usability and exposure. With features like decentralized VPN access, private encrypted storage, and a dynamic sharding system to handle large volumes of transactions efficiently, Toncoin is positioned as a promising investment in the rapidly evolving crypto landscape.

The TON ecosystem is home to over 650 dApps while its native token $TON has offered an ROI of over 160% in the past year. At the time of writing, Toncoin’s market cap stands at over $20 billion.

Celestia (TIA)

Celestia (TIA) is a pioneering modular blockchain network that revolutionizes blockchains by separating data availability from transaction execution. This innovative approach allows Celestia to achieve significant scalability and flexibility, enabling developers to launch their own customized blockchains easily. Since its inception, Celestia has focused on providing a robust platform where transaction data is organized and shared across blockchains in a decentralized fashion, reducing the cost and complexity of decentralized app development.

The TIA token, Celestia's native cryptocurrency, plays a crucial role in the ecosystem by being used for transactions, staking, and participating in network governance. Since its mainnet launch in late 2023, TIA has seen substantial activity and interest. The launch was marked by significant anticipation, leading to a noticeable increase in its price. Celestia was onboarded via KuCoin’s pre-market and was then open for trading on the KuCoin Spot Market, enhancing its accessibility and liquidity. Looking forward, Celestia aims to integrate further with Ethereum and other blockchains, supporting a broader range of applications and services.

Celestia’s token TIA has a market cap of nearly $10 billion. In terms of market performance, the TIA price has gained by over 350% in the past year.

Kaspa (KAS)

Kaspa (KAS) is a Layer 1 blockchain network that operates on a Proof of Work (PoW) mechanism but with a distinctive twist using its BlockDAG (Block Directed Acyclic Graph) architecture. Introduced in 2021, Kaspa has been developed to address the blockchain trilemma of achieving scalability without compromising on security or decentralization. Its unique selling point is the integration of the GHOSTDAG protocol, which allows multiple blocks to be mined and added to the network simultaneously, increasing the network's throughput significantly.

The native cryptocurrency of the Kaspa network, KAS, plays a pivotal role in maintaining network operations, including transaction validation and the execution of smart contracts. Kaspa's innovative approach aims to provide a scalable and efficient blockchain solution capable of supporting a high volume of transactions, which is a significant advantage for developers looking to build decentralized applications on the network. Its continued development and the growing ecosystem of applications being built on it suggest a promising outlook for its technological adoption and investment potential.

Kaspa has given back over 353% in gains to investors over the past year, making it one of the best-performing PoW cryptocurrencies in the market. Its market cap stands at over $2.5 billion at the time of writing.

Ice Network (ICE)

Ice Network (ICE) is an innovative project in the cryptocurrency landscape, aiming to decentralize and democratize the digital world. Launched in July 2023, Ice Network has quickly gained attention for its unique approach to digital currency, incorporating user engagement and data privacy into its core functionality. It operates on the Ice Open Network (ION), a platform designed for high scalability and transaction speeds, making it suitable for a global user base and a variety of applications, from decentralized identities to social media and data storage.

Since its inception, Ice Network has witnessed rapid adoption, boasting one of the fastest-growing user bases in the blockchain space. This growth is reflected in its community-driven initiatives and innovative features like 'tap-to-mine,' which allows users to mine ICE through simple interactions within the app. The network has introduced unique concepts such as slashing and halving to maintain engagement and manage the coin supply. The ICE token was listed on KuCoin in early 2024, enhancing its accessibility and market presence. Despite a volatile start, the community and technological infrastructure of Ice Network presents a compelling case for those considering it as an investment.

The ICE token has a market cap of over $23 million and a 24h trading volume of over $4 million. Of the token’s total supply of over 21 billion, the ICE circulating supply stands at just over 6.6 billion at the time of writing.

Manta Network (MANTA)

Manta Network (MANTA) is a standout modular blockchain platform specializing in zero-knowledge (ZK) privacy technologies. Launched in September 2023, Manta Network uses zero-knowledge proofs to enhance privacy across various applications, including DeFi, NFTs, and more. Its flagship product, MantaPay, utilizes these technologies to allow completely private transactions.

Manta Network's architecture, Manta Pacific, offers developers low-cost, scalable solutions for building ZK applications. The platform's adoption of Celestia's data availability layer helps achieve this by reducing gas fees and enhancing transaction speeds. Despite a challenging market environment with prices experiencing significant volatility since launch, Manta Network has shown resilience and innovation, attracting attention from major crypto exchanges and investors. The network’s commitment to privacy and interoperability between different blockchains positions it as a promising investment in the crypto market. Like Celestia, Manta was also one of the projects onboarded via KuCoin pre-market before launching to the public on the spot market.

Manta Pacific is the seventh largest Ethereum Layer-2 network by total value locked (TVL), with a TVL of $1.23 billion as of April 2024. MANTA has a market cap of over $447 million at the time of writing.

StarkNet (STRK)

StarkNet (STRK) is a layer-2 scaling solution built on the Ethereum network, known for using ZK-Rollup technology. Launched in 2024, StarkNet enhances Ethereum's scalability by processing transactions off-chain and using cryptographic proofs known as STARKs to ensure their validity and security. This approach allows StarkNet to offer faster processing times and reduced transaction costs while maintaining the security properties of the Ethereum mainnet.

Recently, StarkNet has shown dynamic market activity, with its native token STRK experiencing fluctuations in price. Despite a recent decline in its price against the Indian Rupee and other major cryptocurrencies, StarkNet holds potential due to its innovative technology and strong foundation in zero-knowledge proofs, which are highly regarded for enhancing privacy and scalability in blockchain technologies. As the network grows and develops, its capabilities for handling high transaction volumes at lower costs could make it an attractive investment. KuCoin brought STRK to our users via the pre-market route before launching this token for open trading on the KuCoin Spot Market.

Starknet is the sixth largest Ethereum L2 network by TVL, with a TVL of over $960 million. The STRK token has a market cap of over $886 million.

Unilayer (LAYER)

UniLayer (LAYER) is an innovative decentralized trading platform that enhances Uniswap by integrating advanced trading tools, including automated swaps, liquidity management, and detailed analytics. Launched on top platforms like KuCoin in early 2021, UniLayer aims to cater to professional traders within the DeFi ecosystem. It leverages its LAYER utility token for various functions, such as staking and governance, allowing users to participate in the platform's decision-making processes.

The platform made significant strides by integrating with MetaMask, enabling seamless interaction between Ethereum-based and Bitcoin-family cryptocurrencies through its novel system of Universal Nodes. This move positions UniLayer as a bridge across multiple blockchain ecosystems, enhancing its attractiveness as an interoperable platform. Despite its market challenges, with prices significantly down from its all-time high, the ongoing developments and the strategic direction of UniLayer suggest a potential for growth and increased utility in the burgeoning DeFi sector.

KlubCoin (KLUB)

KlubCoin (KLUB) is a distinctive cryptocurrency aimed specifically at the electronic music community, offering a unique "party-to-earn" model. Launched in 2021, it serves as a payment and rewards system for clubbers, festival-goers, and electronic music fans. Users earn rewards and cashback in KLUB tokens by participating in various events and purchases within the KlubCoin ecosystem. The platform has integrated with MetaMask and supports transactions across physical venues and online platforms, including Shopify and WooCommerce, providing a seamless experience for users.

KlubCoin is backed by notable partnerships in the music and tech industries, such as Amnesia Ibiza and Clubbing TV, enhancing its credibility and user adoption. Its recent developments include expanding its partner ecosystem and introducing innovative features like live streaming of events, direct artist tipping, and exclusive access to sold-out events through token staking. The introduction of the token on platforms like KuCoin has further facilitated its accessibility to a broader audience. With its integration into both real-world and virtual event spaces, KlubCoin is set to redefine fan interaction within the electronic music industry.

Eesee (ESE)

Eesee (ESE) is a unique cryptocurrency platform that combines gamification with a digital asset marketplace. Launched on April 11, 2024, Eesee quickly became available on major exchanges, including KuCoin. This platform is tailored to enhance liquidity and lower entry barriers into the Web3 market, using a protocol that simplifies and incentivizes transactions. Eesee is particularly innovative in its approach, allowing users to participate in gamified selling, such as raffles, where they can win high-value digital assets or even real-world assets (RWAs).

The ESE token is central to the Eesee ecosystem, functioning as both a utility and governance token. It powers and oversees all transactions within the platform, from buying and selling to fund withdrawals. The platform's introduction on major exchanges was marked by significant user engagement, with a strong volume on its first day of pre-market trading, suggesting a robust initial acceptance. This robust start, combined with its innovative approach to digital asset trading, makes ESE an intriguing option for those looking to diversify into gamified and NFT-focused cryptocurrencies.

Eesee has a market cap of over $11 million and a 24-hour trading volume of over $5 million.

XAI (XAI)

Xai (XAI) is a cryptocurrency operating on the Arbitrum Layer 3 blockchain, designed to bridge traditional gaming with the blockchain environment. Launched on January 9, 2024, Xai aims to make blockchain benefits accessible to traditional gamers by reducing the friction associated with blockchain technologies. The platform allows for the trading of in-game items and integrates with games to facilitate seamless transactions without direct crypto wallet interactions. This focus on a user-friendly experience targets a broader adoption across the gaming community.

The market performance of Xai has been relatively volatile since its launch. As of the latest updates, the price of Xai has seen fluctuations, reflecting the typical volatility of the crypto market. Still, it remains a point of interest due to its unique positioning in the blockchain gaming sector. Xai's integration into the Arbitrum ecosystem promises enhanced transaction speeds and reduced costs, characteristics that are pivotal for gaming applications. The platform also introduces a novel gas subsidy contract to eliminate in-game gas fees, potentially boosting its adoption among gamers. Investors and users can look forward to developments in Xai's staking mechanisms and its potential to expand within the gaming and decentralized finance (DeFi) spaces.

XAI enjoys a 24-hour trading volume of over $25 million and a market cap of over $181 million. Its trading volume has experienced a 20% spike at the time of writing.

XCarnival (XCV)

XCarnival (XCV) is a multi-chain protocol that caters to the financial needs of the metaverse and NFT sectors by providing innovative NFT financial services. These services include collateralized lending and liquidity solutions for NFTs and other digital assets to enhance financial flexibility within the Web3 space. Launched in 2021, XCarnival is one of the pioneers in NFT lending, recognized for its contributions to the field through winning a championship at the BSC Hackathon for Southeast Asia. XCarnival supports multiple blockchain networks, including Ethereum, Polygon, and Solana, which broadens its accessibility and utility.

The market performance of XCarnival has been volatile. After reaching an all-time high price of $1.94 in November 2021, the token experienced a significant decline, reaching an all-time low in November 2023. Despite these fluctuations, the platform has shown resilience with recent price recoveries. XCarnival’s commitment to expanding its features and maintaining a robust multi-chain ecosystem makes it a noteworthy project within the DeFi and metaverse landscapes. Its role in providing liquidity solutions and facilitating NFT transactions positions it as a significant player in the evolving digital asset market.

XCV has a market cap of over $2 million and a 24h trading volume $260,000.

Multiverse (AI)

Multiverse (AI) is a decentralized platform aiming to democratize access to artificial intelligence and machine learning. Launched on June 7, 2021, by a team of Silicon Valley and Singapore-based developers, Multiverse enables users to fund, develop, and deploy AI applications using blockchain technology. The platform supports various projects, each with its own token, decentralized exchange, and governance model, which are collectively referred to as 'planets' within the Multiverse ecosystem. This structure allows for a high degree of modularity and interoperability among projects, fostering collaboration and innovation.

The AI token is integral to the Multiverse ecosystem and is used for transaction fees, governance, and staking to support projects on the platform. Initially distributed through a gamified platform called KuCoin Win, Multiverse attracted attention by blending entertainment with investment opportunities. Despite a challenging market environment, with its price currently sitting well below its all-time high, the project's innovative approach to integrating AI with blockchain continues to hold potential. Backed by significant investments from major blockchain venture funds, Multiverse is focused on expanding its technological capabilities and market presence, particularly in Europe and Southeast Asia.

The $AI crypto has a market cap of $760 million and a trading volume of nearly $90,000.

How to Get Started with Cryptos in India

Platforms like KuCoin offer a straightforward process for trading cryptocurrencies in India. Here’s a basic guide:

Create an Account: Sign up on KuCoin. You must provide some basic information and go through a verification process.
Secure Your Account: Enable two-factor authentication (2FA) for an added layer of security.
Deposit Funds: You can fund your account using various methods available on the platform, including bank transfers and UPI.
Start Trading: Once your account is funded, you can start buying, selling, and trading various cryptocurrencies.

Here’s a guide on how to buy and sell crypto in India.

Security Best Practices for New Traders

Use Strong Passwords: Always use complex and unique passwords for your trading accounts.
Enable 2FA: Two-factor authentication adds an extra security layer, requiring not just a password and username but also something only the user has on them.
Use Reputable Exchanges: Stick to well-known and well-regulated crypto exchanges, such as KuCoin - the People’s Exchange.
Be Wary of Phishing Attacks: Do not click on unverified links or share your credentials. Always double-check the URLs and email addresses.
Keep Software Updated: Ensure your trading devices are up-to-date with the latest security patches and software updates.

Here’s more information on how to secure your KuCoin account.

Future Outlook

As the global landscape for cryptocurrencies evolves, India's approach to regulation will likely become clearer, especially with potential legislative developments on the horizon. This could pave the way for more secure and structured market operations.

With its large population and growing tech-savvy demographic, India is increasingly becoming a focal point in the global cryptocurrency conversation. This could see India playing a significant role in shaping global crypto trends, especially if it can align its regulatory framework with international standards to boost investor confidence and market stability.