Crypto Analyzer

The Rise of Bitcoin in India: Crossing the Rs. 11 Lakh Mark

Bitcoin, the pioneering cryptocurrency, has recently surged past the Rs. 11 lakh mark in India, signaling a resurgence of interest and investment. This rise in value has been attributed to various factors, including the instability in the global economy. Notably, the current value of Bitcoin in India is approaching its peak in 2017 when it reached approximately Rs. 12.5 lakh per Bitcoin.

In 2018, the Reserve Bank of India imposed a ban on the trading of cryptocurrencies, which momentarily hindered the growth of Bitcoin. However, with the recent overturning of the ban by the Supreme Court, the cryptocurrency market in India is witnessing a renewed influx of interest from both local and global players keen on capitalizing on this burgeoning market.

While Bitcoin remains the dominant player in the cryptocurrency market, other digital currencies like Ethereum, Litecoin, Ripple, and Monero have also gained traction. Ethereum, the second most successful cryptocurrency, is currently priced at Rs. 33,090 per unit in India. As for other popular cryptocurrencies, Litecoin is available for Rs. 4,829, Monero for Rs. 9,459, and Ripple for just Rs. 20.

Moreover, the announcement by PayPal to support cryptocurrencies for the first time is another significant development in the crypto space. PayPal users will soon be able to store, buy, and sell popular virtual currencies such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin through their accounts, further mainstreaming the adoption of cryptocurrencies.

Additionally, London-based cryptocurrency platform Cashaa’s recent collaboration with a multi-state cooperative credit society in India to launch its operations in the country further underscores the growing interest in cryptocurrencies in the Indian market. The regulatory framework surrounding these operations, particularly regarding such credit societies not under the purview of the RBI, remains a point of uncertainty and discussion.

As the cryptocurrency market in India continues to evolve and expand, the increasing acceptance and integration of cryptocurrencies by major financial institutions and platforms signal a promising future for digital assets in the country.