Crypto Rush! Spiking altcoin demand has exchanges, old and new, making a beeline for India

the Bitcoin rally of the last six months has stoked tremendous interest in virtual currencies in India but there’s a small problem. The soaring price — 1 BTC = $4,135 at last count — makes it hugely expensive for an Indian investor to enter the world’s flagship virtual currency, not to mention worries of whether Bitcoin prices have peaked and are ready to fall.

Ask 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 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 is short for alternate coins.) Kumar had the intuition that the cryptocurrency market would gain popularity and it would be better to enter a market when the prices are lower.

That learning has stayed with him. Today, Kumar trades and mines several altcoins including Ether, OmiseGo, TenX, Civic, Ox and Neo. He is one among a growing group of crypto enthusiasts in India who are beginning to actively engage in altcoins.