The world of cryptocurrency offers a vast array of options, from established giants like Bitcoin to up-and-coming projects with unique potential. For budget-conscious investors looking to explore beyond the top coins, there’s a treasure trove of affordable crypto pairs waiting to be discovered. This blog by pi42 highlights 3 intriguing crypto pairs under ₹100 that might deserve a spot on your watchlist:
1. Matic (MATIC-INR) – INR ₹65
- Project Overview: Polygon (MATIC) is a layer-2 scaling solution for the Ethereum blockchain. It aims to address Ethereum’s scalability issues by providing faster and cheaper transactions. Polygon leverages a network of sidechains to process transactions off-chain before committing them to the Ethereum mainnet.
- Recent Price Changes: MATIC has experienced some volatility in recent months. After reaching an all-time high of over ₹200($2.92) in December 2021, it has since corrected and currently sits around ₹65. Over the last four weeks, MATIC-INR price has dipped by 21%
- What to Watch: Polygon’s future hinges on its ability to attract developers and users to its ecosystem. Keep an eye on the number of active users, decentralised applications (dApps) built on Polygon, and overall network activity. Additionally, monitor any developments in Ethereum’s scaling solutions, which could potentially impact Polygon’s market share.
2. Sui (SUI-INR) – INR ₹99.9
- Project Overview: Sui is a new layer-1 blockchain project designed specifically for scalability and user experience. It aims to offer high transaction throughput, low fees, and a user-friendly experience. Sui is still under development, but it has garnered significant interest due to its innovative approach and backing from prominent venture capital firms.
- Recent Price Changes: Debuted a year ago, SUI is a relatively new project. Currently, it’s trading around ₹100 on Pi42. Over the last four weeks, SUI-INR price has dipped by 37%
- What to Watch: Keep an eye on Sui’s development progress, including the latest news on Sui and Google Cloud team up to drive Web3 innovation. Follow the News about partnerships, tokenomics (distribution and use of the SUI token), and the team’s progress can also offer valuable insights.
3. Hedera Hashgraph (HBAR) – INR (₹9.5)
- Project Overview: Hedera Hashgraph (HBAR) is a public distributed ledger platform utilizing a unique consensus mechanism called Byzantine Fault Tolerance (BFT). Hedera focuses on high security, fast transaction speeds, and low energy consumption, making it attractive for enterprise applications.
- Recent Price Changes: Similar to MATIC, HBAR has seen a correction from its all-time high of over ₹47($0.57) in September 2021. Currently, it’s trading around ₹9.5. HBAR experienced a significant surge on April 23rd, 2024, jumping from ₹8.3 to ₹14.1 in a single day. After this spike, the price has corrected and currently sits around ₹9.5.
- What to Watch: The key driver for HBAR will be adoption by businesses and developers. Monitor news about partnerships with established companies, the development of applications on the Hedera network, and any regulatory developments that might impact the adoption of blockchain technology for enterprise use cases.
Important Considerations:
While these 3 pairs offer intriguing potential at an affordable price point, it’s crucial to remember that cryptocurrency is a volatile and speculative market. Do your own research before investing in any cryptocurrency. Here are some additional factors to consider:
- Market Capitalisation: Market cap refers to the total value of all outstanding coins in circulation. Generally, projects with a higher market cap are considered less risky than those with a lower market cap.
- Trading Volume: Trading volume indicates the liquidity of a particular crypto pair. Higher trading volume indicates easier entry and exit from a position.
- Project Development: Analyse the project’s roadmap, team expertise, and progress towards achieving its goals.
- Community Sentiment: Gauge the overall community sentiment surrounding the project by following social media channels and online forums.
Trading Crypto Pairs Under ₹100 on Pi42:
Pi42 provides a user-friendly platform for trading a wide range of crypto pairs, including the ones mentioned above. Here are some benefits of using pi42:
- Crypto-INR Futures: Pi42 is India’s first Crypto-INR perpetual futures trading platform. We offer native Indian Rupee pairs for your crypto trades, just like BTC-INR and ETH-INR.
- No VDA Taxes: By trading Crypto-INR futures pairs, you can significantly reduce your tax burden. You avoid the 30% Virtual Digital Asset (VDA) tax and the 1% TDS (Tax Deducted at Source). Additionally, you can offset your losses against your gains for further tax benefits.
- Advanced Features: The platform provides advanced features like margin trading and stop-loss orders to manage risk and capitalize on various market conditions.
- Secure Environment: pi42 prioritises security to ensure the safety of your funds and transactions.