Cryptocurrencies are complex and high-risk investments. Investors should exercise caution despite encouragement from financial influencers to engage in the market or increase their purchases of cryptocurrencies. Before investing in crypto assets, it is essential to obtain appropriate financial advice and only invest in what you can afford to lose.
Top Cryptocurrency Trends and Statistics in 2024
Every day, Indians are buying and selling cryptocurrencies, and its projected growth rate (CAGR) is no surprise: 54.11% from 2024 to 2032. Various factors are fueling this growth, including the growing acceptance of cryptocurrencies as an investment option, the expansion of the digital economy, the government’s focus on digital projects, and the emergence of crypto startups and exchanges.(1)
- Globally, the cryptocurrency market capitalization has surpassed $2.5 trillion, with Bitcoin setting a record high of $73,750, with the market cap reaching $1.44 trillion on March 14, 2024.(2)
- The cryptocurrency market is expected to reach $6.6 billion by 2024, with an estimated annual growth rate of -2.44%, leading to a projected total of $6.4 billion by 2025.(3)
- The number of users in the cryptocurrency market is expected to reach 107.30 million by 2025, with a user penetration rate of 7.41% in 2024, which is expected to increase to 7.35% by 2025.(3)
- The average revenue per user of this market is expected to be $61.5 million in 2024. The United States is expected to have the highest revenue in the world, reaching $9,788.0 million in 2024.(3)
But how exactly is the digital currency market doing in India? Here are the statistics on cryptocurrencies in 2024.
Cryptocurrency users in India
- Between June 2023 and January 2024, there was a significant 300% increase in the number of women in India engaging in Bitcoin and other cryptocurrencies investments.(3)
- This means that about one in five customers are women, with most of them aged between 18 and 34. However, due to regulatory changes, it is difficult to determine the exact number of Indian users affected.(3)
- A Mudrex survey conducted among 8,976 Indian participants between June 2023 and January 2024 revealed that 69% of respondents were male investors and 29% were female, while 2% did not disclose their gender. With 80% of the survey participants aged 20-35, the male-to-female ratio was 3:1(7)
- Interestingly, 49.5% of the respondents earned an income of less than INR 5 lakh. Around 58.5% invested in equities (stocks and mutual funds) and cryptocurrencies.(7)
- Delhi-NCR tops the chart of top cities where cryptocurrency has been adopted, followed by Bengaluru, Mumbai, Hyderabad, Chennai, Pune, Lucknow and Ahmedabad.(7)
Regulation and taxation of cryptocurrencies in India
- In 2018, the Reserve Bank of India (RBI) banned banks from collaborating with cryptocurrency exchanges.(3)
- Although this ban was lifted in 2020, reports suggest that the Indian government may reintroduce regulations to prohibit mining, trading or holding cryptocurrencies as personal assets.(3)
- The Indian cryptocurrency industry has been advocating for the reduction of the 1% tax deducted at source (TDS) rate to 0.01%. In response to the existing 1% TDS, Indian cryptocurrency exchanges have been operating in survival mode, trying to prolong their sustainability.(4)
- Tax policies implemented by the Indian government have led to around five million cryptocurrency traders moving their transactions abroad.
- This migration has resulted in a potential loss of $420 million in revenue for the government since the introduction of digital asset taxation in July 2022.(5)
Top Crypto Players in India
- According to cryptocurrency trading firm CREBACO Global, the combined trading volumes of the three major exchanges – WazirX, CoinDCX and Zebpay – exceeded $584 million in March 2024, compared to just $189.91 million recorded at the end of February this year.(6)
- In the case of crypto investment platform CoinSwitch, trading volumes saw a monthly increase of 36% from January to February 2024 and jumped by more than 200% in March 2024.(6)
Featured Partners
Legacy
Over 2 Million Investors Trust Mudrex for Their Cryptocurrency Investments
Security
Mudrex is a Government of India recognized platform with 100% insured deposits stored in crypto wallets
Costs
Enjoy zero cryptocurrency deposit fees and the best fee rates in the industry.
Invest carefully, your capital is at risk
Popular Crypto Assets in India
- In 2023, Dogecoin became the most popular cryptocurrency, accounting for 11% of the total value invested in crypto, followed by Bitcoin at 8.5% and Ethereum at 6.4%.(10)
- Compared to 2023, deposits increased by 80% between January and February 2024. In the last three months, the total number of transactions on the various platforms increased by 100%. In addition, registrations saw a 200% increase during the same period.(8)
- Cryptocurrencies have grown from 50 in 2013 to 21,844 in 2022, of which 9,314 are considered active.(9)
- Ethereum, Solana, and Cardano boast the largest staking market cap, offering 4-5% annual yield. It is worth noting that 10% of Ethereum is staked.(9)
- As for cryptocurrency statistics, in 2023, there were about 9,000 cryptocurrencies in circulation, but the top 20 dominated 90% of the total market share.(9)
Sources:
1. imarc
2. Forbes Advisor India
3. Statista
4. CoinDesk
5. Investing.com
6. money control
7. Commercial standard
8. Live mint
9. Gitnux
10. Mudrex
