In a yr marked by Bitcoin’s rise to $100,000, Bengaluru was the second-highest contributor to India’s crypto investments in 2024, a CoinSwitch report famous. The town additionally emerged as a significant contender within the Layer-1 class, commanding 49 per cent of the motion.
In response to the third version of CoinSwitch’s annual investor report- India’s Crypto Portfolio 2024: How India Invests, Delhi-NCR solidified its place because the chief in India’s crypto adoption, contributing 20.9 %, greater than twice the funding of Bengaluru, the second-highest metropolis, which stood at 9.6 %. Mumbai got here third at 6.5 %.
The report additional highlights that over 36 per cent of India’s crypto investments have been concentrated within the three largest metros — Delhi, Bengaluru, and Mumbai.
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Nevertheless, among the many high 10 cities, Pune boasted the best share of portfolios in inexperienced, with 86 per cent of its traders seeing optimistic returns. Tier 2 and Tier 3 cities like Jaipur, Lucknow, and Botad additionally confirmed robust adoption. Kolkata and Botad, a small metropolis in Gujarat, entered the highest 10 record for the primary time, securing the ninth and tenth spots, respectively.
The report additionally confirmed that Indian traders proceed to favor blue-chip and large-cap tokens for his or her stability. Layer-1 tokens led with 37 per cent of investor curiosity, whereas DeFi tokens retained the second spot at 17 per cent for an additional yr. In Bengaluru, blue chip investments led the best way with a 38 % share, adopted by large-cap at 30 %.
“2024 has been an enormous yr for the worldwide crypto ecosystem, pushed by massive political and regulatory adjustments which have sped up mainstream development. At CoinSwitch, we’ve witnessed a spike in crypto funding throughout India. What was as soon as concentrated in main metros is now rapidly increasing to Tier-2 and Tier-3 cities, reflecting the rising attraction. Indian traders are diversifying their portfolios, exploring the whole lot from meme cash to Layer-1 and DeFi tokens, signaling an evolving urge for food for crypto property.” stated Balaji Srihari, Vice President, CoinSwitch.
Age-wise, the under-35 age group dominated crypto adoption, comprising near 75 per cent of traders, with the 36–45 age group steadily rising. Alongside, girls accounted for 11 per cent of the investor base.
In the course of the yr, Indian traders additionally displayed a rising curiosity in meme cash. Bitcoin (BTC) and Ethereum (ETH) secured the second and third spots in investor preferences with 7 per cent and 6 per cent, respectively.
Meme cash represented 13 per cent of all crypto investments, with Dogecoin main at 55 per cent, adopted by PEPE and BONK. PEPE delivered a 1373 per cent return, rising because the best-performing asset in 2024, surpassing Solana’s 633 per cent return in 2023.
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