Interest in cryptocurrencies in India appears to have goes up in 2022, as per a report release by CoinSwitch. Delhi, Bengaluru, and Hyderabad were the cities with the highest crypto adoption, as per the report of the CoinSwitch. Among Tier-2 cities, Jaipur record accelerating growth in terms of adoption.
CoinSwitch, that caters to over 19 million register users, analyse trends and data record on its platform throughout 2022.
Other Tier-2 cities like Pune and Lucknow also contribute 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, remain highly popular in India.
It is to be noted 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 (approx. Rs. 56 lakh) was record in November 2021.
Ether and Dogecoin also emerge as popular investment choices for Indian crypto investors, as per CoinSwitch.
The valuation of the crypto sector increase to over $3 trillion (approx. Rs. 2,48,34,930 crore) in 2021, but after a year full of industrial turmoil, the market cap has drastically tumble to presently stand at $808 billion (approx. Rs. 66,87,654 crore).
CoinSwitch says its report aims to highlight how the Indian crypto community dealt with their financial decisions during 2022 of rising inflation, market downturns, and landmark events such as the green transition of the Ethereum blockchain with the Merge.
And the exchange has not reveale the number of transactions it process in 2022, it notes that women users from India account for 8% of the total transactions it record.
This report also said the investment pattern did not vary too much for men and women in the country.
As CoinSwitch’s competitor WazirX also release a report on India’s crypto investment trends.
In WazirX report, WazirX had claim that it saw an increase in the trading of Dogecoin and Shiba Inu on its platform.
WazirX also said that Indian women have choosing ‘blue chip tokens‘, that are perceive to reach higher values in the long run with better liquidity values.
DISCLAIMER : 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 2YoDoINDIA. 2YoDoINDIA 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.
