Crypto Adoption Highest in Delhi, Bengaluru, Jaipur; Bitcoin Holds Strong on Popularity: CoinSwitch

According to CoinSwitch, Bitcoin, Dogecoin, and Ethereum were the coins most held by Indians in 2022.

Crypto Adoption Highest in Delhi, Bengaluru, Jaipur; Bitcoin Holds Strong on Popularity: CoinSwitch

Photo Credit: CoinSwitch Kuber

CoinSwitch aims to highlight how the Indian crypto community dealt with setbacks in the sector

Highlights
  • Residents of Hyderabad, Pune, Lucknow have also invested in crypto
  • CoinSwitch did not reveal the total number of transactions processed
  • Eight percent of transactions on CoinSwitch were initiated by women
Advertisement

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.


Where did Realme go wrong with the 10 Pro+ 5G? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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. 

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, CoinSwitch, Bitcoin
Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
Foxconn India, Padget Electronics Sops Under Production-Linked Incentive Scheme Approved by Government
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »