Cryptocurrency, Featured

Forget Bitcoin (BTC), Indian Traders Are Opting For Altcoins Like Ethereum (ETH), Ripple (XRP) And Tron (TRX)

Indian traders are getting more interested in Altcoins like Ethereum (ETH), Ripple (XRP) and Tron (TRX) in their effort to find an alternative to Bitcoin (BTC).

The most popular cryptocurrency in India happens to be Ethereum. However, other options like Ripple, Tron, Bitcoin Gold (BTG), Dash, Bitcoin Cash (BCH) Monero (XMR), Stellar (XLM) and Cardano (ADA). As in every other kind of trading, the most popular name in the market may not always be the most profitable one. Similarly, Indian traders are desperately trying to find out Bitcoin alternates for greater profits.

As the Indian government has a restricted view about cryptocurrencies, it apparently needs more time to get more acquainted with digital currencies. The RBI has asked the banking sector to discontinue its services for cryptocurrency-related transactions. That is why Indian traders are now depending more on exchanges that offer multi-cryptocurrency trading.

Around the world, traders are looking for Bitcoin alternates because the first cryptocurrency is apparently getting more mainstream. A number of Wall Street biggies are now interested in Bitcoin trading. Several major exchanges in the United States are now offering futures. Also, in terms of pricing, Bitcoin has been mostly flat in recent times.

According to Joe Van Hecke who is a managing partner at Chicago-based Grace Hall Trading, a number of Altcoins are getting positive press that’s helping them gain more popularity among traders.

“Bitcoin’s been on a massive rally and the other coins are just now catching up as it takes a breather,” the Chicago Tribune quoted him as saying.

People are not much aware of most of the Altcoins, even though some of those are quite promising for traders. For example, Cardano offers to protect user privacy with its decentralized public blockchain. The crypto coin has a multi-layer protocol. At this moment, it has a market cap of $14 billion and has shown huge growth in recent times. Last week, it rose up to 348 percent.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Sounak has years of experience in online news publication. He has previously worked for IBTimes, The Inquisitr and Free Press Journal.

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