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Note: This blog is written by an external blogger. The views and opinions expressed within this post belong solely to the author.
India is the fourth nation when it comes to Crypto adoption at a global level. By the end of 2022, there were approx 425 million Crypto users. The ease of trading Crypto attracts more people by the day, while some people are still getting accustomed to the volatility associated with Crypto trading. Most of them invest in a handful of Cryptos like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), etc. People often forget that the more diversified their investment, the better it is. Especially if you’re new to Crypto trading, diversification is your safest option, and penny Cryptos can surely help you diversify your Crypto portfolio beyond the heavily priced Cryptos.
Penny Cryptos are like penny stocks, which can be bought and sold for less than $1. They have a large potential to earn profit at low risk. This makes them very appealing to Crypto users simply testing the waters. You can invest in as many penny Cryptos as you want and build a well-diversified Crypto portfolio.
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Investing in penny Cryptos is also a sound retirement strategy as the accumulated value of penny Cryptos grows by the day. These Cryptos offer a lot more than just being a cheap investment. Before exploring some of the best penny Cryptos to invest in 2024, let’s learn why they are considered a good investment.
Why are Penny Cryptocurrencies Considered a Good Investment Option?
Penny Cryptos have a high risk-to-reward ratio. They also have a low market cap, so as more people begin to buy penny Cryptos, they will surely rise in value faster than larger altcoins.
They are a great investment option also because they allow you to diversify your investments. As the saying goes, “Don’t keep all your eggs in one basket.” Instead of investing a big amount in only one or two Cryptos, invest small amounts in various penny Cryptos. So if the value of one coin goes down, the others might save your day.
Now that the advantages are known – it’s finally time to decide the best penny Crypto to invest in 2024.
But before that, it’s always wise to do your research before making any investment. You can ask around, track the live-market status of these Cryptos, and even seek professional help. Since Crypto is a new asset class, taking your own time in making a decision is extremely important. That being said, here we go.
Six Best Penny Cryptocurrency to Invest in India
#1 Ripple (XRP)
Earlier known as OpenCoin, Ripple has become one of the most popular penny Cryptos in the market. It debuted in the market in 2012 and reached its ATH price of $3.20 in 2018. Ripple even left behind Bitcoin in transaction throughput, processing more than 1500 transactions per second. Therefore, ripple is one of the best Cryptos to buy in 2024 for the long term since its value may soar in the coming years as Crypto payments gain further traction. As of 21st Jan 2024, one Ripple token stands at INR 48.18 on the WazirX platform.
#2 Dogecoin (DOGE)
Created in 2013, Dogecoin is the first meme coin and has become a viable penny Crypto option. With great community initiatives backing it, Dogecoin is now being accepted as a payment by many companies such as Tesla, AMC Entertainment, etc. With many upcoming use cases and community initiatives, Dogecoin could be suitable for new Crypto traders. It was valued at INR 7.48 on the WazirX platform as of 21st Jan 2024.
#3 Stellar (XLM)
XLM is another leading penny Crypto launched in 2015. Since its inception, it has processed more than 3.6 billion operations by over 6 million individual accounts. XLM allows people from all income levels to invest and perform financial services at a low cost. In addition, it helps create and trade digital representations for all forms of money – whether dollar or Bitcoin. All this makes XLM an exciting penny Crypto. It was valued at INR 10.29 as of 21st Jan 2024 on the WazirX platform.
#4 Basic Attention Token (BAT)
BAT has been developed on Ethereum’s blockchain and operates as a digital advertising platform for calculating how much time and attention a consumer gives to a media website. It rewards the users for their attention and gives better returns to advertisers on their ad spend. BAT has an excellent browser and has a great ear for all customer feedback. They make changes almost instantly on their platform. As of 21st Jan 2024, one BAT token traded at INR 20.04 on the WazirX platform.
#5 VeChain (VET)
VeChain is a blockchain platform for private and public enterprises to help them improve their business processes. VET is its native token, along with VTHO, used as smart currency on their network. VET is one of the best penny Cryptos to buy in 2024 for the short term, given its future in industrial sectors ranging from energy to medical, food & beverage to sustainability and SDG goals. As of 21st Jan 2024, the coin costs INR 2.50 on the WazirX platform.
#6 Chilliz (CHZ)
Chilliz is a blockchain-based platform for entertainment and sports. It also has a platform called socios.com, where users can support their teams and use fan tokens to vote or trade value on the platform. CHZ is an excellent option for many young investors who can partake in the governance of their favorite sports brands. As of 21st Jan 2024, CHZ traded at $0.085 in the USDT market on the WazirX platform.
A penny Crypto is an excellent investment for experienced and new investors. In this article, we made a list of the best penny Crypto to invest in India that you can consider buying. But knowing what to invest in is only half the job done. You must also know which trading platform to go on to. WazirX is India’s leading Crypto trading platform and is perfect for users of all kinds. It offers many features, such as low trading fees, quick KYC, great security, and more than 450 trading pairs. All this makes WazirX the best Indian Crypto trading platform.
Frequently Asked Questions
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
What Is Cryptocurrency?
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.
Is Ethereum Safe To Invest?
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
