Interest in cryptocurrencies in India appears to have picked up this year, according to a report released by CoinSwitch on Wednesday. Delhi, Bengaluru and Hyderabad were the cities with the highest crypto adoption, according to the crypto exchange’s findings. Among the Tier-2 cities, Jaipur registered an accelerating growth in terms of adoption. CoinSwitch, which focuses on more than 19 million registered users, analyzed trends and data recorded on its platform throughout the year.
Other Tier-2 cities such as Pune and Lucknow also contributed significant participation in the Indian crypto industry, according to the India’s Portfolio 2022 Report by CoinSwitch.
Bitcoin, the oldest and most valuable cryptocurrency, has continued to be 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 lakh) was recorded in November last year.
At the time of writing, BTC’s trading point has dropped to $16,816 (approximately Rs. 13.9 lakh), according to 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 rose to over $3 trillion (approximately Rs. 2,48,34,930 crore) last year, but after a year of industrial turmoil, the market cap has plummeted to $808 billion (approximately Rs. 66,87,654 crore ).
CoinSwitch says the report aims to highlight how the Indian crypto community handled their financial decisions during a year of rising inflation, market declines and historic events such as the green transition of the Ethereum blockchain with the Merge.
While the exchange did not disclose the number of transactions it processed this year, it notes that female users from India accounted for eight percent of the total trades recorded.
The report also said that 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 crypto investment trends in India.
In its findings, WazirX claimed 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 in the long run with better liquidity values.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information in the 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 resulting from an investment based on any observed recommendations, forecasts or other information contained in the article.