Delhi continues to lead India’s crypto adoption
India’s Crypto Portfolio 2023, also highlights that Dogecoin (Doge), is the most popular coin for retail investors and Solana (SOL) was the best-performing crypto asset with a 633% (As of 20 Dec 2022) rise in 12 months
CoinSwitch, India’s largest crypto trading platform has published the 2nd edition of its annual investor report — India’s Crypto Portfolio 2023. According to the report, Delhi maintained its lead in India’s crypto adoption (measured in terms of value invested), closely followed by Bangalore and Mumbai.
2023 was a year of resilience; and the markets picked up significantly towards the end of the year. Bitcoin, the most prominent crypto, ended more than 150% year on year (As compared to 20 Dec 2022, 11.30 am IST). Meanwhile, Ethereum and several meme coins also ended the year in green. After touching a low of less than $1 trillion (T) in June 2022, the total crypto market capitalization grew to over $1.5 T by December 2023.
The report has captured numerous trends within the 2023 crypto market. Here are some key highlights:
- More than 20% of India’s total crypto investments are concentrated in the three major metropolitan areas: Delhi (9%), Bangalore (8%) and Mumbai (5%)
- Ghaziabad claimed the 10th position in the list of the top invested cities, replacing Patna from the spot
- About 75% of the invested users are below the age of 35
- Top invested cryptos were Dogecoin (DOGE), Bitcoin (BTC), and Ethereum (ETH) contributing to 26% of the total value
- Solana (SOL) was the best-performing crypto in India’s portfolio, with 633% growth year-to-date
- Delhi and Hyderabad saw the highest participation of women investors; 9% of India’s crypto investors are women
“Indian investors booked healthy profits from crypto towards the end of the year with several top coins growing at a healthy clip. 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. In 2024 approvals for Bitcoin and Ethereum ETFs are highly anticipated events and could lead to more institutional capital coming into the ecosystem,“ said Balaji Srihari, Business Head, CoinSwitch.
The full India’s Crypto Portfolio 2023 report is attached as a PDF.India’s Portfolio 2023_Coinswitch
About CoinSwitch
CoinSwitch is India’s largest crypto trading platform. It simplifies and enhances the trading experience of over 19 millions Indians, across its suite of products—the app, CoinSwitch PRO, and CoinSwitchX. CoinSwitch is a PeepalCo product.
About PeepalCo
PeepalCo is a canopy housing a collection of brands serving India with tailored wealth-tech products to Make Money Equal for All. Founded by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, PeepalCo Group serves 19 million Indians through its various offerings including CoinSwitch, India’s largest crypto investing app. The Group is backed by blue-chip investors including Andreessen Horowitz (a16z), Tiger Global, Peak XV Partners (was Sequoia Capital India), Ribbit Capital, Paradigm, and Coinbase Ventures.
