Bengaluru Ranks Second in Crypto Boom: India's Growing Interest in Digital Investments!
Rise of Cryptocurrency: Bengaluru Emerges as a Key Player in India's Digital Investment Landscape.
The year 2023 concluded on a positive note for India's cryptocurrency landscape, boasting nearly 19 million investors nationwide. A recent CoinSwitch report highlighted Bengaluru as the second most popular hub for crypto enthusiasts, contributing 8.3% to the significant investor count. Delhi led the way with 8.8%, and Mumbai, along with Hyderabad, followed suit, collectively shaping 20% of the crypto landscape in India.
The report also highlighted the growing fascination in smaller cities like Pune, Jaipur, and Lucknow, signaling a widespread embrace of this emerging digital asset realm.
While various cryptocurrencies vied for attention, the majority of investments flowed into heavyweights like Bitcoin and Ether, with market capitalizations surpassing the billion-dollar mark.
Despite a dip in initial excitement, 2023 witnessed resilient growth in cryptocurrency values. Bitcoin, the frontrunner, surged by an impressive 150%, capping the year at Rs 36.39 lakh. Notably, Solana stole the spotlight as the top-performing coin in Indian portfolios, boasting a remarkable 633% surge over the past year.
The overall cryptocurrency market experienced fluctuations, hitting a low of less than $1 trillion in June 2022, only to rebound to $1.5 trillion by December.
However, the report uncovered a gender gap in crypto participation, with females representing a modest 9%. On the age front, a whopping 75% of investors were under 35, emphasizing the magnetic pull of the cryptocurrency world for the younger generation. Specifically, 34.27% fell below 26, 40.19% aged between 26-35, and a mere 10.02% were above 46, highlighting the heightened appeal of this adventurous asset class among the youth.
Balaji Srihari, business head at CoinSwitch, provided insights, noting that Indian investors reaped healthy profits towards the end of the year, seizing opportunities presented by the growth of various top coins. Looking ahead to 2024, anticipation surrounds the approval of Bitcoin and Ethereum ETFs, potential events that could attract more institutional capital into the cryptocurrency landscape.
Also Read: Crypto Had a Really Good Year, but There Are Still Challenges in 2024
