- Date : 07/03/2023
- Read: 3 mins
A look at the new crypto investor report for India by the CoinSwitch crypto platform
Cryptocurrency has been the flavour of the last few seasons among Indian investors. Debatable at times in terms of risks involved, investments in cryptocurrencies nevertheless rose from $923 million in April 2020 to $6.6 billion in only 13 months. More than 1.9 crore Indians are estimated to have invested in cryptocurrencies so far. And yet, only 8% of them are women, as observed in the new CoinSwitch annual cryptocurrency report. This is a decline from a 15% female presence among crypto investors in India a year ago. The number of total investors however increased by 40 lakhs during the year.
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CoinSwitch is India’s largest crypto app with more than 500 employees and 18 million users. Its India Crypto Portfolio report provides an insight into the state of affairs in the Indian crypto market. This includes a look at the market prices of popular cryptocurrencies, city-wise prevalence of crypto investments, investor demographics, customer preferences etc.
Major Investment Options in Crypto
CRE8 or Crypto Rupee Index is India’s benchmark index that tracks the top eight crypto assets. These assets cover 85% of the total market capitalisation. Bitcoin is the most popular crypto asset in India with 12.12%. Dogecoin has an average allocation of 11.54% and Ethereum has 9.43%.
Broadly, more than 40% of the crypto investments in India are in CRE8 assets and Decentralised Finance tokens. Ethereum alternatives account for 8.22% of the market share, while Metaverse coins receive 6.8% of investments.
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Demographic Patterns of Crypto in India
There is a similar pattern in the investments made by male and female crypto investors in India. Male investors have allocated 20.54% of their portfolio to the top eight crypto assets, while the allocation is 20.39% in the case of female investors. A 13.19% investment in meme coins Shiba Inu and Dogecoin has been made by men, and 12.9% by women. Investments in Decentralised Finance tokens amount to 12.33% among men, and 13.59% among women. The overall pattern indicated that male investors have a greater preference for meme tokens and gaming tokens, while women invested more in blue-chip tokens like Bitcoin and Ethereum.
The age group of 18 to 45 years amounts to 45% of the total crypto investors in India. This is generation Z, as referred to in popular parlance. The 26 to 35-year age group forms 34% of the investors, and 13% of the investors are in the 36 to 45 years range. Only 8% of the total investors are above the age of 45.
Geographical Patterns of Crypto in India
The India crypto investor report also analysed the investment propensity among major cities in India. Delhi is leading investments in crypto assets with 7.87%. Delhi is followed by Bangalore with 4.87%, Hyderabad with 3.27% and Mumbai with 3.14%. Pune, Gurgaon, Lucknow, Jaipur, Thane and Patna account for 11.42%. The rest of India collectively accounts for 69.43% of the crypto investments.
To conclude, it can be said that crypto investment in India is evenly spread out across assets and locations, although skewed towards the younger male investors. As more female investors invest, the Indian crypto market can grow further.