Santosh Kumar, a 24-year-old Bengaluru software consultant, who mines virtual currencies on the side seeking to make a quick and smart buck. He started some trading Bitcoins in 2014 and then went on to mine the lesser-known altcoin Dogecoin, which was also an easier option to mine back then.
Altcoin prices have tracked to Bitcoin. Since the beginning of 2017, the price of Ether has risen by 40x to touch $320, Litecoin has been grown about 10x and is currently hovering around the $45 mark, and Dash is valued at around $290 after a 26 times price rise. This kind of appreciation has set off demand for altcoins in India and the cryptocurrency exchanges are launching more altcoin options to cater to this demand.
What's new ?
The new altcoins exchanges are anything but standard in how they are operate. Some come with a minimum order value, some operate as marketplaces with a transaction fee, and some have a fixed buy and sell the rate which is dictated by them. But in spite of all these differences, one thing is clear: the altcoin market in India is attracting in more investors, which in turn has more trading platforms setting up shop. This, will help improve the price and ease for Indian users to transact in cryptocurrencies.