A recent CoinSwitch analysis revealed the ranks of cities with the biggest cryptocurrency investors, with one city outperforming Mumbai and Bengaluru.
The national capital, Delhi, boasts the highest percentage of cryptocurrency investors, even as Mumbai holds the title of India’s financial hub and Bengaluru is recognized as the country’s Silicon Valley.
According to a survey from cryptocurrency investing platform CoinSwitch, India has over 19 million crypto investors, with Delhi serving as the country’s crypto currency center, with a higher investor proportion than Mumbai or Bengaluru.
Delhi has a total of 8.8 percent crypto investors, while Mumbai and Hyderabad remain second on the list. Moreover, Bengaluru secured the fourth rank, with 8.3 percent of investors engaging in bitcoin.
Overall, Delhi, Mumbai, Hyderabad, and Bengaluru account for 20% of the country’s bitcoin investors. The survey also highlighted the number of bitcoin investors in Tier 2 cities.
Pune, Jaipur, and Lucknow have the biggest concentration of investors among India’s tier II cities. The bulk of people made their greatest investments in large-market capitalization cryptocurrencies like Ether and Bitcoin.
According to the survey, almost 75% of all bitcoin investors are young, aged 18 to 35. The age group demonstrates significant interest in cryptocurrency.
The most popular cryptocurrency in India.
According to the CoinSwitch research, Dogecoin was the most popular cryptocurrency among investors, accounting for 11% of total invested value. Bitcoin (8.5%) and Ethereum (6.4%) are in second and third place on the list, respectively.
According to Balaji Srihari, Business Head at CoinSwitch, “While the ecosystem focused on building real-world solutions using crypto, investors backed them with patience, and traders reaped the benefits of market volatility.”
Meanwhile, Solana (SOL) was the best-performing cryptocurrency in the country, outperforming both Bitcoin and Ether. SOL had a 633 percent total growth in its Indian portfolio.