Cryptocurrency investors rush to 'blue chip' coins amidst volatility

economictimes.indiatimes.com:

blue chip cryptos such as Bitcoin, Ether and Cardano. All the three cryptocurrencies saw a spurt in volumes across Indian exchanges in the last few weeks and registered a high on Thursday and early Friday, say industry trackers. “The trading volumes in terms of quantity have increased for Bitcoin and Ether as there have been some price corrections. Our platform attracts infrequent traders and holders. It has stood true during correction times as well,” said Sathvik Vishwanath, Co-founder and CEO Unocoin, a cryptocurrency exchange.

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“We saw an expected shift in investor behaviour from riskier cryptos to the blue chips of the industry. The past month can be akin to a bear market. And bear markets truly separate the settlers from tourists. However, the ones who had recently joined the crypto investing journey seemed to be stirred,” said Edul Patel, CEO and Co-founder of Mudrex, a cryptocurrency exchange. Large cryptocurrencies have seen a constant decline in the last one week over volatility concerns. “Majority of investors are holding on to their earlier positions and there has been an exceptional growth in users who have opted to buy the dip,” said Shivam Thakral, CEO of BuyUcoin, a cryptocurrency exchange. Many investors fear that the government could bring tax regulations around cryptocurrencies and that could only wipe out remaining gains. The government was planning to define cryptocurrencies as a commodity in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases. “There is no