Cryptocurrency king Bitcoin’s closest rival Ethereum has scaled up from $414 price with a market cap of $46.8 billion to $1,323 and $151.4 billion in market cap – a 219 per cent increase in price and 223 per cent jump in valuation in the past three months, according to the data from CoinMarketCap. Despite being the biggest alternative to Bitcoin, Ethereum doesn’t even come close to Bitcoin’s craze and market cap. However, it has managed to create significant buzz around investors. It has drawn the attention of blockchain stakeholders for its use beyond just processing crypto transactions. Ethereum has so far been used for enabling the deployment of smart contracts and decentralized apps to be created and operated without any fraud or interference from third parties, unlike Bitcoin. The growing popularity, rising valuation, a growing number of exchanges offering Ethereum, and more have been among the reasons for investors flocking to it.
In order to buy Ethereum, one can register on one of the crypto exchanges such as BuyUCoin, CoinDCX, Unocoin, and more. Completing KYC and/or anti-money laundering norms are mandatory for Indian jurisdiction. Along with this, the Aadhaar-linked mobile number is also necessary. One can further secure his/her Ethereum wallet with Google’s 2-step verification following which bank account details have to be added to begin trading Ethereum in India with INR currency. As a user, one can set his/her monthly or weekly, or even daily targets and decide the markets you would want to trade. Be certain of how much risk you are willing to take on every trade and based on it, figure out your risk-reward ratio. Apart from INR, one can also buy Ethereum with credit and debit cards, UPI, or bank transfers, etc.
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Following Bitcoin and Ethereum, the other eight leading cryptocurrencies in the top-10 list based on the market cap are Tether ($24.8 billion), Polkadot ($16.1 billion), XRP ($12.4 billion), Cardano ($11.2 billion), Chainlink ($9.7 billion), Litecoin ($9.3 billion), Bitcoin Cash ($8.2 billion), and Binance Coin ($6.4 billion), as per CoinMarketCap. Bitcoin, at the time of filing this report, was trading at $32,305 with a jaw-dropping market cap of $606 billion.