- “India’s Portfolio 2022” is an encyclopedic record of crypto assets.
- RBI governor statement is creating speculation in the Indian crypto atmosphere.
CoinSwitch, an Indian crypto app has released a report, detailing the nuances of the crypto activities in the nation. “India’s Portfolio 2022” is an encyclopedic record of the people and region regarding crypto and other virtual Defi assets.
CoinSwitch tweeted:
Which Indian city leads crypto adoption?
— CoinSwitch: India's Largest Crypto App 🚀 (@CoinSwitch) December 21, 2022
Which cryptos does India love the most?
Know all this and more via "India's Portfolio 2022", a comprehensive report full of insights about how the country invests in crypto!
Thread 🧵1/3 pic.twitter.com/nLnZ8eS8pB
As per the report, 19 million users are active in the crypto platform, which is apparently only one percent of the total population of the nation. And 94% utilize the apps through the android platform. Interestingly, a significant amount was invested during the Akshaya Tritiya, a day considered to be auspicious for dealing with wealth.
Celebrities in the Field
Looking at the zonal popularities, Delhi(7.87%) has the highest user population, the following positions are bagged by Bangalore (4.87%), and Hyderabad (3.27%). Apart from these metropolitan cities, Jaipur, Lucknow, and Pune have interesting data on users with very little marginal difference from the larger cities.
Ashish Singhal, CEO of CoinSwitch stated:
“2022 has had its share of economic, geopolitical, and market difficulties. It is important to understand how India’s investors responded to the changed circumstances”
The crypto audience in India has a good understanding of the market as panic selling figures are comparatively low. The crowds’ focus was more on building a crypto profile and adding value to the existing profile with prominent crypto tokens.
Indian crypto sector’s trust in a project still remains a mystery as the investment in projects with higher utilities is very much similar to the ones in memecoins and popularity tokens. Bitcoin has the majority of traders (12.12%) and the Dogecoin investors stand next in numbers (11.54%).
Exploration is also crucial, as around hundreds of cryptocurrencies were explored by Indian users. The timing of the report is also very similar, as the statement of the RBI governor is creating speculation in the Indian crypto atmosphere.
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