Interest in cryptocurrencies in India appears to have heated up this year, according a report released by CoinSwitch on Wednesday. Delhi, Bengaluru, and Hyderabad were the cities with the highest crypto adoption, according to the findings of the crypto exchange. Among Tier-2 cities, Jaipur recorded accelerating growth in terms of adoption. CoinSwitch, that caters to over 19 million registered users, analysed trends and data recorded on its platform throughout the year.
Other Tier-2 cities like Pune and Lucknow also contributed to significant participation in India’s crypto industry, as per the India’s Portfolio 2022 report by CoinSwitch.
Bitcoin, the oldest and most valuable cryptocurrency, remained highly popular in India.
It is noteworthy that Indians are continuing to invest in BTC despite the asset seeing a sharp decline on the price charts. BTC’s last all-time-high of $68,000 (roughly Rs. 56 lakh) was recorded in November last year.
At the time of writing, BTC’s trade point stands reduced to $16,816 (roughly Rs. 13.9 lakh), as per Gadgets 360’s crypto price tracker.
Ether and Dogecoin also emerged as popular investment choices for Indian crypto investors, according to the report.
The valuation of the crypto sector swelled to over $3 trillion (roughly Rs. 2,48,34,930 crore) last year, but after a year full of industrial turmoil, the market cap has drastically tumbled to presently stand at $808 billion (roughly Rs. 66,87,654 crore).
CoinSwitch says its report aims to highlight how the Indian crypto community dealt with their financial decisions during a year of rising inflation, market downturns, and landmark events such as the green transition of the Ethereum blockchain with the Merge.
While the exchange has not revealed the number of transactions it processed this year, it notes that women users from India accounted for eight percent of the total transactions it recorded.
The report also said the investment pattern did not vary too much for men and women in the country.
Earlier this month, CoinSwitch’s competitor WazirX also released a report on India’s crypto investment trends.
In its findings, WazirX had claimed that it saw an increase in the trading of Dogecoin and Shiba Inu on its platform.
The exchange also said that Indian women have been choosing ‘blue chip tokens’, that are perceived to reach higher values in the long run with better liquidity values.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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