A report by crypto trading platform CoinSwitch showed Delhi maintained its lead in India’s crypto adoption, followed by Bangalore and Mumbai. The parameter for this was in terms of value invested.

According to the report, more than 20 per cent of India’s total crypto investments are concentrated in the three major metropolitan areas: Delhi (9 per cent), Bangalore (8 per cent) and Mumbai (5 per cent). Ghaziabad claimed the 10th position in the list of the top invested cities, replacing Patna. 

The report also states that the markets picked up significantly towards the end of 2023. Bitcoin, which the company claims to be the most prominent crypto, ended with more than 150 per cent year-on-year (compared with last year). Meanwhile, Ethereum and several meme coins also ended the year in green. After touching a low of less than $1 trillion in June 2022, the total crypto market capitalisation grew to over $1.5 trillion by December 2023.

“While the ecosystem focused on building real world solutions using crypto, investors backed them with patience and traders reaped benefits from the volatility in the market,” said Balaji Srihari, Business Head, CoinSwitch. He added that 2024 approvals for Bitcoin and Ethereum ETFs are highly anticipated events and could lead to more institutional capital into the ecosystem.

Some trends the report captured within the 2023 crypto market are that about 75 per cent of the invested users are below the age of 35. The top invested cryptos were Dogecoin (DOGE), Bitcoin (BTC), and Ethereum (ETH), contributing to 26 per cent of the total value. Solana (SOL) was the best-performing crypto in India’s portfolio, with 633 per cent growth year-to-date. Delhi and Hyderabad saw the highest participation of women investors with 9 per cent of India’s crypto investors being women.

With inputs from BL Intern Sanjana B

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