How cryptocurrencies have shown trend over the past few weeks and months can give an idea of their potential in the near future. And whether one should invest now or wait can also be decided. Here is the trend of the top 5 digital coins since the start of this financial year (April 1):
Bitcoin is the oldest cryptocurrency in the world. It has been ruling the cryptocurrency market since its launch in 2009. On April 1 this year, it was around Rs 42 lakh. was on the level. But by the end of May, when the market crashed largely due to Chinese crackdown on mining, it hit a low of Rs 22 lakh. However, the price of bitcoin has now corrected. On September 18, it was around Rs 37 lakh. Was trading.
Experts say that it is the only virtual currency that has the potential to challenge bitcoin, but it is still far from its true potential. At the beginning of this financial year, Ethereum was trading at Rs 1.40 lakh. It crossed the Rs 2 lakh mark in early August. This was the time when London had a major upgrade to the Ethereum blockchain. Since then the price of Ethereum has continued to rise. It was trading at Rs 2.76 lakh on 18 September.
Launched in 2017 Cardano is a new coin compared to the rest which is steadily progressing to make its way into the top 5. Cardano gave returns of around 150% in just one month. On July 20, it was trading at Rs 79.71. But by August it had reached a high of Rs 191.41. It gave more profit in the next few weeks. Due to which it reached an all-time high at the beginning of this month which is Rs 227. But now the price of Cardano has come down a bit. At the time of writing the news, it was trading at Rs 187.82 on September 18.
Tether is a stable currency pegged to the US dollar. Being the first, it is the most popular stable currency. Since it is dollar pegged, each Tether coin is assumed to be backed by actual dollars in Tether Limited’s reserves. So it is very stable as compared to other cryptocurrencies. However, such stability creates the possibility of stopping its growth as well. In this financial year, it has remained within the range of Rs 73-75. The price of Tether on 18 September was Rs 77.
It is at number five in terms of market capitalization. Technically speaking, Ripple is not a cryptocurrency. It facilitates open-source payments and XRP is the cryptocurrency operating on this network. Its price has doubled since April 1. 41 to Rs. Now it is priced at Rs 80. But it was at an all-time high of Rs 242 in late 2017 and early January 2018. Ripple was priced at Rs 84 at the time of writing the news on 18 September.