Mumbai: The third edition of CoinSwitch’s annual report, India’s Crypto Portfolio 2024: How India Invests, has been released, providing a detailed look at the rising interest in cryptocurrency across the country. CoinSwitch, India’s largest cryptocurrency trading platform, observed a significant increase in cryptocurrency adoption, not only in metropolitan areas but also in Tier-2 and Tier-3 cities. The research highlights the increasing diversification of India’s crypto investments and the growing participation in the digital asset space.
Key Findings:
- City-wise Investment Trends:
- Delhi-NCR leads the charge with the highest percentage of crypto investments at 20.1%, followed by Bengaluru (9.6%) and Mumbai (6.5%). Together, these three cities account for more than 36% of the nation’s cryptocurrency investments.
- Kolkata and Botad (Gujarat) have emerged in the top 10 for the first time, with Kolkata ranking ninth and Botad tenth.
- Pune stands out as the city with the largest proportion of “green portfolios”—86% of its investors reported good returns on their investments.
- Emerging Cities:
- Cities like Jaipur, Lucknow, and Botad are showing strong adoption of cryptocurrencies, signifying that interest is spreading to smaller cities and towns.
- Investor Demographics:
- Nearly 75% of cryptocurrency investors are under the age of 35, indicating that younger generations are at the forefront of crypto adoption. The 36–45 age group is also showing gradual growth in participation.
- Female investors account for 11% of the total, reflecting a need for greater diversity within the sector.
- Investor Preferences:
- Bitcoin (BTC) and Ethereum (ETH) remain popular choices, ranking second and third among investors, with meme coins taking a significant share—13% of all cryptocurrency investments. Dogecoin leads in this category, accounting for 55%, followed by PEPE and BONK.
- Solana’s impressive 633% return in 2023 was surpassed by PEPE’s outstanding 1373% return in 2024, making PEPE the top performer of the year.
- Market Trends:
- Layer-1 Dominance: Layer-1 tokens continue to dominate investor interest, with 37% of the market share. Decentralized Finance (DeFi) tokens remain in second place at 17%.
- Memes and Gaming Tokens: Meme coins and gaming tokens are gaining traction as investor behavior shifts towards more speculative assets.
- Trading Patterns:
- March and November were the busiest months for cryptocurrency trading in 2024, while the most active trading times remained late at night, particularly between 9:00 and 11:00 PM, with Mondays and Tuesdays seeing the highest volumes.
Future Outlook:
CoinSwitch Vice President, Balaji Srihari, emphasized that the global crypto ecosystem saw significant growth in 2024, driven by political and legislative shifts that have accelerated mainstream adoption. He believes that India’s cryptocurrency market will continue to grow and diversify, with strong investment trends expected to carry into 2025.
