Interest in cryptocurrencies appears to have increased in India this year, according to a report published by CoinSwitch on Wednesday. Delhi, Bengaluru and Hyderabad were the cities with the highest crypto adoption according to the crypto exchange results. Among Tier 2 cities, Jaipur has seen accelerated growth in terms of adoption. CoinSwitch, which serves over 19 million registered users, has been analyzing trends and data recorded on its platform throughout the year.
Other Tier 2 cities such as Pune and Lucknow also contributed to significant participation India’s crypto industryaccording to the India’s Portfolio 2022 Report by CoinSwitch.
Bitcointhe oldest and most valuable cryptocurrency, remained very popular in India.
It is noteworthy that Indians continue 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. 56,000) was recorded in November of last year.
At the time of writing, BTC trading point has reduced to $16,816 (roughly Rs.13.9 lakh), according to Gadgets 360. Crypto price tracker.
ether and Dogecoins has also become a popular investment option for Indian crypto investors, according to the report.
The valuation of the crypto sector has surged to over $3 trillion (roughly Rs.2.48.34.93 billion) in the past year, but after a year of industrial turmoil, the market cap has fallen drastically and currently stands at $808 billion -dollars (approximately 2.48 billion rupees). 66,87,654 crores).
CoinSwitch says his report aims to highlight how the Indian crypto community has been handling their financial decisions in a year of rising inflation, market slumps and landmark events like the green transition of the crypto community Ethereum Blockchain with Merge.
Although the exchange has not disclosed the number of transactions it has processed this year, it notes that female users from India accounted for eight percent of the total transactions recorded.
The report also said that the investment pattern for men and women in the country is not too different.
CoinSwitch’s competitor earlier this month WazirX also published a report on India’s crypto investment trends.
In his findings, WazirX claims that it saw an increase in Dogecoin and Shiba Inu trading on its platform.
The exchange also said that Indian women have chosen “blue-chip tokens,” which are believed to achieve higher values with better liquidity values over the long term.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made on an accepted recommendation, forecast or other information contained in this article.
