[Solved] What is the rank of India in the Global Crypto Adoption Inde (2024)

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[Solved] What is the rank of India in the Global Crypto Adoption Inde? ›

1. India - Central & Southern Asia and Oceania. India stands out as a crypto-asset adoption powerhouse, securing the top spot in the overall rankings based on crypto ownership rate.

Crypto assets are the talk of the town as India ranks first in the Global Crypto Adoption Index 2023 followed by Nigeria in second place, Vietnam in third place, and United States stands at fourth place out of 154 countries.

More than 20 per cent of India's total crypto investments are concentrated in these three major metropolitan areas. A report by crypto trading platform CoinSwitch showed Delhi maintained its lead in India's crypto adoption, followed by Bangalore and Mumbai. The parameter for this was in terms of value invested.

IC15 is a cryptocurrency Index launched by cryptocurrency application CryptoWire. CryptoWire is owned by the TickerPlant a globally leading financial content and statistics provider. India is estimated to have more than 10 crore crypto owners, yet this is the first of its kind cryptocurrency Index of India.

Revenue in the Cryptocurrencies market is projected to reach US$343.5m in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.99% resulting in a projected total amount of US$467.2m by 2028.

Bitcoin (BTC)

The oldest and most popular crypto token on the market, Bitcoin was the coin that started the entire crypto craze.

Global cryptocurrency adoption

As of 2023, we estimated global cryptocurrency ownership rates at an average of 4.2%, with over 420 million cryptocurrencies users worldwide.

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%).

According to crypto experts, despite the turbulence that the Indian cryptocurrency market experienced over the past two years, the demand of cryptocurrencies has increased exponentially since February and trading volumes on some major exchanges have shot up in the range of 150-250%.

Does India have more cryptocurrency? ›

India has more than 40 million crypto investors and a significant percentage of these are first-time investors who are open to experimenting with diverse options.

Right now, 1 Bitcoin is worth about ₹5,506,269.47.

Cryptocurrencies have gained popularity globally, including in India, with around 20,000 digital coins available. The top 10 cryptocurrencies in India include Bitcoin, Tether, Cardano, Shiba Inu, Ethereum, Uniswap, WazirX, Tron, and Polygon. These cryptos are ranked by market cap and price.

El Salvador Adopted Bitcoin as an Official Currency; Salvadorans Mostly Shrugged. In an effort to boost financial inclusion, El Salvador made Bitcoin an official currency and offered incentives for adopting it.

First off, owning and trading Bitcoin (and other cryptocurrencies) is legal in India. The Reserve Bank of India (RBI) classifies cryptocurrencies as "virtual digital assets" (VDAs). This indicates recognition for tax purposes, but they are not considered legal tender.

Annual cryptocurrency adoption in 56 different countries worldwide 2019-2023.

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.

2,042 people aged between 18 to 60 taken in 2021 - 22 (peak bull run). This survey concluded that – 15% of India's population or 11.5 crore people have invested in crypto. One key point here: • 2,000 people surveyed. And the conclusion made for 11.5 crore people Where do these users “invest” in crypto?

A report from Statista shows that the Indian cryptocurrency market is likely to touch $222.70 million by 2023 making it crystal clear that cryptocurrency is here to stay.

Bitcoin is currently trading at $65,000 — around six per cent lower than its all-time high reached in November 2021. The Indian crypto market is experiencing a high, riding the wave of Bitcoin rally. This surge is largely driven by growing institutional interest.