Delhi has emerged as the leader in crypto adoption in India, according to a report by CoinSwitch, one of the largest crypto trading platforms in the country. The report, titled “India’s Portfolio 2023”, analysed the crypto investment patterns of over 10 million users across India in 2023. It revealed that Delhi accounted for 9 per cent of the total value invested in crypto, followed by Bangalore with 8 per cent and Mumbai with 5 per cent.
Crypto market grew despite challenges in 2023
The report stated that the crypto market in India witnessed significant growth in 2023, despite the economic, geopolitical and regulatory challenges. The total crypto market capitalisation increased from less than $1 trillion in June 2022 to over $1.5 trillion by December 2023, with Bitcoin, Ethereum and several meme coins ending the year in green.
The report also highlighted the key events that shaped the crypto industry in 2023, such as the Ethereum Merge, the launch of several Bitcoin and Ethereum ETFs, the rise of the metaverse and the NFT boom. It also noted that the Indian government and regulators took a more positive and progressive stance towards crypto, with the introduction of the Crypto Bill and the formation of the Crypto Advisory Council.
Young and tech-savvy investors dominate the crypto space
The report revealed that the majority of the crypto investors in India are young and tech-savvy, with 75 per cent of them being below the age of 35. The top three professions of the crypto investors were IT professionals, students and entrepreneurs. The report also showed that the gender gap in crypto investing is narrowing, with 9 per cent of the crypto investors being women. Delhi and Hyderabad had the highest participation of women investors, with 12 per cent and 11 per cent respectively.
The report also identified the most popular and best-performing cryptos in India’s portfolio in 2023. Dogecoin, Bitcoin and Ethereum were the top three invested cryptos, contributing to 26 per cent of the total value. Solana was the best-performing crypto, with 633 per cent growth year-to-date. The report also found that Indians allocated 40 per cent of their crypto investments to top-dollar CRE8 coins and DeFi utility tokens, and only 6 per cent to metaverse tokens.
Jaipur leads the tier-2 cities in crypto adoption
The report also ranked the top 10 cities in India in terms of crypto adoption, based on the value invested. Among the tier-2 cities, Jaipur topped the list, with 3 per cent of the total value, followed by Lucknow with 2 per cent and Pune with 1.75 per cent. The report also revealed that Jaipur allocated the highest share of its investment to meme coins, compared to the rest of India.
The report concluded that India is one of the fastest-growing and most diverse crypto markets in the world, with a huge potential for further growth and innovation. It also stated that CoinSwitch is committed to making crypto accessible and inclusive for all Indians, by providing them with the best platform, tools and education to invest and create wealth.
