Not Mumbai or Bengaluru, but this city is the cryptocurrency capital of India

While Mumbai is referred to as the financial capital of India, and Bengaluru is the Silicon Valley of the country, the national capital of Delhi surpassed them both with the highest percentage of cryptocurrency investors in the country.

Dogecoin and Bitcoin were the most sought-after cryptocurrencies in India (Reuters)(REUTERS)
Dogecoin and Bitcoin were the most sought-after cryptocurrencies in India (Reuters)(REUTERS)

A report by cryptocurrency investment platform CoinSwitch stated that there are over 19 million crypto investors across India, and Delhi is the crypto currency capital of the country, with more investor percentage than Mumbai and Bengaluru.

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Delhi has a total of 8.8 percent crypto investors, with Mumbai and Hyderabad retaining the second spot in the list. Further, Bengaluru was on the fourth spot, with 8.3 percent of cryptocurrency investors.

All together, Delhi, Mumbai, Hyderabad and Bengaluru account for 20 percent of the country’s total cryptocurrency investors. The report also highlighted the amount of cryptocurrency investors in tier II cities.

In the tier II cities across India, the highest investors are in Pune, Jaipur and Lucknow. The largest investments by the majority of the people were made towards the large-market capitalisation cryptocurrencies such as Ether and Bitcoin.

The report further said that around 75 percent of the total cryptocurrency investors belong to the young demographic, between the ages of 18 and 35. This age group is known to show a keen interest in cryptocurrencies.

Most popular cryptocurrencies in India

The CoinSwitch report said that the most popular cryptocurrency that people wanted to invest in was Dogecoin, accounting for 11 percent of the total invested value. The second and third in the list is Bitcoin (8.5 per cent) and Ethereum (6.4 per cent).

Balaji Srihari, Business Head, CoinSwitch said in the report, “While the ecosystem focused on building real-world solutions using crypto, investors backed them with patience and traders reaped benefits from the volatility in the market.”

Meanwhile, Solana (SOL) was the best-performing cryptocurrency in the entire country, surpassing Bitcoin and Ether. SOL showed an overall growth of 633 percent in the Indian portfolio.

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