According to CoinSwitch’s Wednesday report, interest in cryptocurrency in India seems to have increased this year. According to CoinSwitch’s findings, Hyderabad, Bengaluru and Delhi had the highest adoption of crypto. Jaipur saw the fastest growth in adoption among Tier-2 cities. CoinSwitch has over 19 million users and analyses trends and data throughout the year.
According to the India Portfolio 2022 report from CoinSwitch, other Tier-2 cities such as Pune and Lucknow contributed significantly to India’s crypto industry.
Bitcoin is the oldest and most valued cryptocurrency in India. It has remained extremely popular.
It is notable that Indians continue to invest in BTC, despite the asset’s sharp decline on price charts. BTC’s most recent all-time high of $68,000 (roughly Rs. 56 lakh) was recorded in November last year. 56 lakh) was reached in November 2013.
BTC’s trade points have been reduced to $16,816 (roughly Rs. According to Gadgets 360’s cryptocurrency price tracker.
According to the report, Ether as well as Dogecoin emerged as popular investments for Indian crypto investors.
The crypto sector’s valuation grew to more than $3 trillion (roughly Rs. 2,48,349,000 crore) in crypto sector last year. However, after a year of industrial turmoil, market cap fell to $808 billion (roughly Rs. 66,87,654 crore).
CoinSwitch claims its report will highlight how the Indian cryptocurrency community handled their financial decisions in a year marked by rising inflation, market downturns and historic events like the green transition of Ethereum blockchain using the Merge.
Although the exchange does not disclose the number of transactions processed in 2018, it noted that eight percent of all transactions were made by women from India.
According to the report, the investment patterns of men and women in the country did not differ too much.
CoinSwitch’s rival WazirX released earlier this month a report about India’s crypto investment trends.
WazirX’s findings revealed that the platform saw an increase in trading of Shiba Inu and Dogecoin.
According to the exchange, Indian women are choosing blue chip tokens because they have higher long-term values and better liquidity.
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