Cryptocurrency: A Comparative Study of Top Five Digital Currencies in India

Abstract

This paper aims to draw a comparison among the top 5 cryptocurrencies available in India based on the market capitalisation rate. It also aims to highlight the pros and cons of each category of cryptocurrencies and preference for one particular cryptocurrency over the other. The paper also focuses on whether cryptocurrency is accepted over and above the traditional modes of transaction. The study of various characteristic features of the five cryptocurrencies has highlighted that each cryptocurrency is technically different as well as significantly different in terms of speed of transaction. The study of price fluctuation of each of the cryptocurrencies over the 6 month period starting from October 2017 till March 2018 has revealed that prices of all cryptocurrencies have gone down in the month of March whereas November and December have been the peak time for almost all cryptocurrencies.It is also concluded that although the strikingly high price of cryptocurrencies promises high returns, the reasons for not investing in cryptocurrency outweigh the reasons justifying investment in it.