Coinswitch published an in-depth analysis of the crypto trends in India this year, showing that Shiba Inu, Dogecoin and Pepecoin have gained huge popularity. The report also highlights Delhi and Bengaluru as key crypto trading centers. In an ongoing discussion by Indian regulators, this version has not yet been a timetable for the implementation of the comprehensive crypto law. Coinswitch’s crypto community exceeded 20 million users in 2024, with women accounting for 11% of the total crypto investors and holders.
March and November saw the most crypto-related activities in India. In March, BTC stabilized at $73,000 (approximately Rs 6.2 million), approaching its halving. In November, Bitcoin began rallies, arising from Donald Trump’s potential victory in the U.S. election, which attracted the interests of institutional investors. Bitcoin has soared to a new all-time high of $108,000 (approximately Rs 91.7 lakh) after Trump’s victory.
“India had the most trades on March 5, probably driven by expectations on the day of the fourth Bitcoin halving event,” Coinswitch noted.
The report highlights that 75% of crypto investors in India are under 35 years old, with 30% of those age groups falling by 35%. Jaipur, Kolkata and Botad in Gujarat have also become active hubs for adopting cryptocurrencies with metropolitan cities this year.
“The love of cryptocurrency surpasses the top metropolitan cities. This year, we have observed participation in second and third-tier cities including Patna, Ludhiana, Indore, Surat, Jammu, Kanpur, Kanpur, Dehradun, Nagpur and Kanchipuram Increase,” Coinswitch noted.
Layer 1 blockchain tokens such as Ether, Ada, Solana and Bitcoin attracted 37% of total Indian investors. On the other hand, 17% of investors explored Defi tokens like sushi and Aave. Memecoins, game tokens and 2-tier tokens caught the attention of 14%, 8% and 5% of Indian investors, respectively. Overall, the report stresses that despite the turmoil, Indian investors are still flocking to crypto assets.
The release of the report is consistent with the latest update from Secretary of State (MOS) Finance Minister Pankaj Chaudhary. Chaudhary said that the development of cryptographic regulations requires a comprehensive assessment of classification standards and the risks and benefits associated with VDA. He also stressed that global cooperation needs to address the boundless nature of crypto trading.
In the United States, President-elect Trump announced plans to include Bitcoin in the country’s reserve assets. His commitment to drafting comprehensive crypto regulations is exacerbating optimism among institutional investors.
