Top 5 Cryptocurrency in India in 2020: Then and Now
The top 5 cryptocurrencies at the start of 2020, their prices in rupees then, how they did in 2020, and live figures showing where they stand today.
2020 was a turning point for crypto in India. In March the Supreme Court struck down the RBI's banking restriction, the pandemic crashed markets and then fuelled a rally, and by December Bitcoin had broken its all-time high. This guide looks back at the top 5 cryptocurrencies at the start of 2020, what they cost in rupees, how they performed that year, and where they stand today, with live figures that update on this page.
Key takeaways
- At the start of 2020 the top 5 by market cap were Bitcoin, Ethereum, XRP, Tether and Bitcoin Cash.
- Bitcoin began 2020 at about ₹5.1 lakh and ended it above ₹21 lakh; Ethereum rose more than fivefold.
- XRP and Bitcoin Cash lagged badly, a reminder that a top 5 place does not last.
- The Supreme Court's March 2020 ruling reopened banking access for Indian crypto exchanges.
The top 5 at the start of 2020
| Rank (Jan 2020) | Coin | Price, 1 Jan 2020 | Price, 31 Dec 2020 | 2020 change |
|---|---|---|---|---|
| 1 | Bitcoin (BTC) | $7,195 (about ₹5,13,661) | $28,924 (about ₹21,13,363) | +302% |
| 2 | Ethereum (ETH) | $129.16 (about ₹9,221) | $736.42 (about ₹53,808) | +470% |
| 3 | XRP (XRP) | $0.193 (about ₹13.77) | $0.220 (about ₹16.04) | +14% |
| 4 | Tether (USDT) | $1.00 (about ₹71.39) | $1.00 (about ₹73.07) | Pegged to $1 |
| 5 | Bitcoin Cash (BCH) | $204.57 (about ₹14,604) | $342.15 (about ₹25,000) | +67% |
US dollar prices are the opening and closing prices of each coin's USDT market on Binance for January and December 2020. Rupee figures use the ECB's USD/INR reference rate on 2 January 2020 (₹71.39) and 31 December 2020 (₹73.07). Prices on Indian exchanges at the time could differ slightly.
The same five coins today (live)
| # | Name | Price | Price (INR) | 24h % | |
|---|---|---|---|---|---|
| 1 |
BTC BitcoinBTC
|
$83,030.68 | ₹7,969,285 | 1.87% | |
| 2 |
ETH EthereumETH
|
$2,667.05 | ₹255,983 | 0.89% | |
| 3 |
USD TetherUSDT
|
$0.9998 | ₹95.96 | 0.01% | |
| 5 |
XRP XRPXRP
|
$1.49 | ₹143.01 | 1.80% | |
| 22 |
BCH Bitcoin CashBCH
|
$308.70 | ₹29,629 | 6.60% |
The "#" column shows each coin's market cap rank today. Change since 1 January 2020, in US dollars, updating live: Bitcoin +1,054%, Ethereum +1,965%, XRP +673% and Bitcoin Cash +51%.
What happened in 2020
March: the Supreme Court ruling and the COVID crash
On 4 March 2020 the Supreme Court set aside the RBI's April 2018 circular that had stopped banks from serving crypto businesses. Indian exchanges could once again take rupee deposits through normal banking, which laid the foundation for the growth of Indian crypto apps over the following years. Days later, the pandemic sell-off hit every market, and Bitcoin briefly fell below $4,000 in mid-March.
May: the Bitcoin halving
Bitcoin's third halving on 11 May 2020 cut the new supply of coins in half. Halvings have historically been followed by strong rallies, although past patterns are no guarantee.
Mid-year: "DeFi summer"
Decentralised finance apps on Ethereum boomed in mid-2020, driving demand for ETH. This is a big reason Ethereum outperformed Bitcoin in 2020. The Ethereum 2.0 Beacon Chain, the first step towards proof of stake, launched on 1 December 2020.
Late 2020: companies arrive
In August 2020 MicroStrategy began buying Bitcoin for its corporate treasury, and in October PayPal announced crypto buying for its US users. In December Bitcoin broke above its 2017 record of about $20,000.
December: trouble for XRP
On 22 December 2020 the US SEC sued Ripple, the company closely linked to XRP. Several US exchanges delisted or suspended XRP, and its price fell sharply, which is why it ended the year far behind Bitcoin and Ethereum.
How Indians bought crypto in 2020
Buying crypto in India in 2020 looked quite different from today. Until the March ruling, many exchanges relied on peer-to-peer trades because banks would not serve them. Once banking access returned, exchanges added direct bank transfers and later UPI, and sign-ups grew quickly through 2020 and 2021. There was no FIU-IND registration requirement for exchanges yet, no 1% TDS and no dedicated crypto tax schedule in the income tax return. All of those came later, in 2022 and 2023, and they make today's market more regulated and easier to track for tax.
Lessons for Indian investors
- Top 5 status does not last. Bitcoin Cash was fifth at the start of 2020; check its rank in the live table today. Rankings reward adoption, not history.
- Regulatory news matters. The Supreme Court ruling opened doors in India, while the SEC case hurt XRP. Watch India's own rules; see what is legal with cryptocurrency in India.
- Volatility cuts both ways. The same coins that rose several times over in 2020 later fell sharply in the 2022 bear market.
- Tax is different now. In 2020 India had no specific crypto tax. Since 2022, profits are taxed at 30% and 1% TDS applies on sales. Read crypto tax in India explained.
What the top 5 looks like now
Bitcoin and Ethereum still hold the top two places. Tether has grown far larger, and coins such as BNB and Solana have become major players. For today's list with live rupee prices, see the top 5 cryptocurrency in India with price and the top 10 cryptocurrency in India with price. To see what a past investment would be worth now, try the crypto investment calculator.
Frequently asked questions
What were the top 5 cryptocurrencies in 2020?
At the start of 2020 the top 5 by market capitalisation were Bitcoin, Ethereum, XRP, Tether and Bitcoin Cash.
What was the price of Bitcoin in India in 2020?
Bitcoin started 2020 at about $7,195, roughly ₹5.14 lakh, and ended the year at about $28,924, roughly ₹21.1 lakh.
Which cryptocurrency performed best in 2020?
Among the top 5, Ethereum gained the most in 2020, about 470% in US dollar terms, helped by the DeFi boom.
Was crypto legal in India in 2020?
Yes. Crypto was never banned. In March 2020 the Supreme Court struck down the RBI circular that had cut crypto businesses off from banks.
This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.
