The cryptocurrency market in India has experienced significant growth in 2024, with Bitcoin and altcoins such as Dogecoin, Shiba Inu, and Ethereum continuing to dominate. According to year-end reports by major crypto exchanges CoinDCX and CoinSwitch, Bitcoin remains a top choice for investors, while altcoins and NFTs also maintain strong appeal.
Bitcoin’s Continued Popularity
CoinDCX reported that 14.6% of its total investments were allocated to Bitcoin, while CoinSwitch saw 7% of investments in the leading cryptocurrency. A recent surge in Bitcoin’s price, breaking the $100,000 mark, has fueled greater interest from Indian investors, particularly on homegrown platforms.
Women Investors on the Rise
2024 also marked a rise in the number of women participating in the crypto market. CoinDCX’s user base grew by 14.3% year-on-year, reaching 16 million investors. Notably, 15% of these users were women. Similarly, CoinSwitch saw over 20 million investors, with women accounting for 11% of the total. High-net-worth female investors on CoinDCX rose to 20%.
Top Cities in Crypto Adoption
Indian cities leading the crypto adoption charge include New Delhi, Mumbai, Bengaluru, Pune, and Kolkata. Smaller cities like Lucknow, Botad, Jaipur, and Guwahati also saw significant participation in cryptocurrency investments.
Proof of Reserves (PoR) and Transparency
Crypto exchanges have focused on transparency, with CoinDCX and CoinSwitch reporting a combined Proof of Reserves (PoR) exceeding ₹8,600 crore. PoR audits confirm that exchanges hold the assets they claim, offering users confidence in the security of their investments.
Challenges in the Industry
However, not all has been smooth. WazirX, another Indian exchange, faced a cyber breach in 2024, resulting in the loss of 45% of its crypto assets. Despite the setback, WazirX’s parent company, Zettai, is working on recovering lost funds through legal proceedings in Singapore.
Stay ahead of the curve in crypto. Follow YourTechCFO for more updates.
Let us know your thoughts on this year’s crypto trends or share your views on the site.