Delhi-NCR tops India’s crypto investment boom

Delhi-NCR has maintained its position as the leader in crypto adoption for the third consecutive year, contributing nearly twice the investment of Bengaluru, which ranked second, followed closely by Mumbai at the third position, revealed CoinSwitch, India’s largest cryptocurrency trading platform, in its third annual investor report.

The report, India’s Crypto Portfolio 2024: How India Invests, offering a comprehensive analysis of the country’s growing crypto ecosystem, highlights key trends in city-wise investments, demographic shifts, and investment preferences, underscoring the evolving nature of India’s digital asset market.

Together, Delhi (20.1%), Bengaluru (9.6%), and Mumbai (6.5%) accounted for over 36% of India’s total crypto investments, marking a notable increase from the previous year.

New entrants such as Kolkata and Botad (Gujarat) made their debut in the top 10 cities for crypto adoption, securing 9th and 10th places, signalling a broadening of cryptocurrency interest across the nation. Among the top 10 cities, Pune stood out with 86% of its crypto investors reporting positive returns, making it the city with the highest percentage of profitable portfolios.

The report also indicates strong crypto adoption in Tier-2 and Tier-3 cities like Jaipur, Lucknow, and Botad, highlighting a growing grassroots movement beyond the major metropolitan areas. The under-35 age group continues to dominate the investor base, representing nearly 75% of all crypto investors, with the 36–45 age group showing steady growth.

Although women make up 11% of the investor base, there is significant potential for further inclusion in the crypto space. Bitcoin (BTC) and Ethereum (ETH) remain the most popular cryptocurrencies, followed by meme coins, with Dogecoin taking the lead in this segment. Notably, PEPE achieved a remarkable 1373% return, becoming the top-performing asset of 2024, far outpacing Solana's 633% return from the previous year.

Layer-1 tokens remained the most favoured, with 37% of investments, while DeFi tokens held steady at 17%. The report also revealed strong interest in meme and gaming tokens, illustrating the diversification of investor portfolios.

March and November were identified as the most active months for trading, with late-night trading (9:00 PM–11:00 PM) being the most popular time, particularly on Mondays and Tuesdays.

“2024 has been a landmark year for the global crypto ecosystem, with major political and regulatory shifts driving mainstream growth. We’ve seen a significant increase in crypto investment across India, expanding beyond major metros into Tier-2 and Tier-3 cities. Indian investors are diversifying their portfolios, exploring meme coins, Layer-1, and DeFi tokens. With Bitcoin crossing the $100,000 mark, we are excited for the continued growth of the industry in 2025,” said Balaji Srihari, Vice President at CoinSwitch.

The CoinSwitch report highlights India’s increasing engagement with digital assets, reflecting a rapidly evolving crypto landscape that is expanding across cities and demographics.