Delhi tops crypto investment with young investors driving surge (2024)

Delhi continued to assert its dominance in India's cryptocurrency adoption landscape, maintaining its lead in terms of the value invested. This was followed by the IT hubs Bangalore and Hyderabad.

Recent data from CoinSwitch report reveals that Delhi boasts the highest percentage of cryptocurrency investors in the country. However, the phenomenon extends beyond Delhi's borders, with other cities like Hyderabad, Pune, and Jaipur also witnessing a surge in crypto adoption.

According to the report, more than 20% of India’s total crypto investments are concentrated in the three major metropolitan areas: Delhi (8.8%), Bangalore (8.3%) and Mumbai (5.2%). Ghaziabad claimed the 10th position in the list of the top invested cities, replacing Patna.

One striking aspect of India's crypto landscape is the overwhelming participation of young investors. In cities like Gurgaon, over 60% of crypto enthusiasts are under the age of 25. Moreover, approximately 75% of crypto investors nationwide are below the age of 35, underscoring the growing interest among the youth in exploring alternative investment avenues.

Among overall cryptocurrency investors, 10.19% fall within the 26-35 age bracket, 34.27% are aged 18-25, 15.52% belong to the 36-45 age range, and 10.02% are categorized as being 46 years old or older.

Dogecoin, Bitcoin, and Ethereum emerged as the top invested cryptocurrencies in 2023, collectively representing 26% of the total value. Notably, Dogecoin's share surged to 11.1%, highlighting its meteoric rise in popularity. Bitcoin (8.5%), Ethereum (6.4%), Shiba Inu (5.7%), and Cardano (5.1%) were the top 5 crypto tokens.

Internet Computer, Solana, Polygon, Ripple, Loopring, and Digibyte are also among the top 10 crypto tokens. Furthermore, Delhi and Hyderabad witnessed a significant presence of women investors, with 9% of India's crypto enthusiasts being female.

Other top crypto cities include Hyderabad (4th), Pune (5th), Jaipur (6th), Gurgaon (7th), Thane (8th), Lucknow (9th), and Ghaziabad (10th).

As far as India's portfolio is concerned, more than 50% of Indian crypto investments are parked in top-tier CRE8 coins, with DeFi utility tokens and Ethereum alternatives (Layer1 networks that rival the blue-chip smart-contract chain) following behind, CoinSwitch report stated.

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