Cryptocurrency Statistics 2024 – Forbes Advisor INDIA

Cryptocurrency is a complex and high-risk investment. Investors should exercise caution despite financial influencers’ encouragement to engage in the market or increase cryptocurrency purchases. Before investing in cryptocurrencies, it is essential to obtain adequate financial advice and only invest in what you can afford to lose.

Top cryptocurrency trends and statistics in 2024

Every day, Indians buy and sell 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 cryptocurrency as an investment option , the expansion of the digital economy, government emphasis on digital projects and the emergence of startups and cryptocurrency exchanges.[1]

• Globally, the cryptocurrency market capitalization has surpassed $2.5 trillion, with Bitcoin hitting a record high of $73,750, with the market capitalization reaching $1.44 trillion, on March 14, 2024 .[2]
• The cryptocurrency market is expected to reach $343.5 million in 2024, with an estimated annual growth rate of 7.99%, leading to an expected total of $467.2 million by 2028.[3]
• The number of users in the cryptocurrency market is expected to reach 328.80 million by 2028, with a user penetration rate of 18.78% in 2024, which is expected to rise to 22.20% by 2028.[3]
  
• The average revenue per user of this market is expected to be $1.3 in 2024. The United States is expected to have the highest revenue globally, reaching $23,220.00 million in 2024.[3]

But how exactly is the digital currency market in India doing? Here are the statistics on cryptocurrencies in 2024.

Cryptocurrency Users in India

• Between June 2023 and January 2024, there has been a significant 300% increase in women engaging in Bitcoin or other cryptocurrency investments in India.[3]
  
• This means that approximately one in five customers is female, the majority in the 18 to 34 age group. However, due to regulatory changes, pinpointing the exact number of affected Indian users is difficult.[3]
• A Mudrex survey conducted among 8,976 Indian participants between June 2023 and January 2024 found that 69% of respondents were male investors and 29% were female, while 2% did not disclose their gender. With 80% of survey participants between the ages of 20 and 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. About 58.5% invested in stocks (stocks and mutual funds) and cryptocurrencies.[7]
• Delhi-NCR tops the chart for leading cryptocurrency adoption in tier-1 cities, 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 working 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 supported reducing the Tax Deducted at Source (TDS) rate by 1% to 0.01%. In response to the current 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 offshore.
• This migration has resulted in a potential revenue loss for the government of $420 million since digital asset taxation was introduced in July 2022.[5]

Top Cryptocurrency Players in India

• According to cryptocurrency trading firm CREBACO Global, the combined trading volumes of the three major exchanges, WazirX, CoinDCX and Zebpay, surpassed $584 million in March 2024, compared to just $189.91 million recorded at the end of February this year.[6]
• In the case of cryptocurrency investment platform CoinSwitch, trading volumes saw a 36% increase month-on-month from January to February 2024 and increased by more than 200% in March 2024.[6]

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Popular crypto assets in India

• In 2023, Dogecoin emerged as the most popular cryptocurrency, accounting for 11% of the total value invested in cryptocurrencies, followed by Bitcoin at 8.5% and Ethereum at 6.4%.[10]
• Compared to 2023, deposits saw an 80% increase from January to February 2024. Over the past three months, there has been a 100% increase in total transactions across all platforms. Additionally, enrollments saw a 200% increase during the same period.[8]
• Cryptocurrencies have grown from 50 in 2013 to 21,844 by 2022, of which 9,314 are considered active.[9]
• Ethereum, Solana and Cardano boast the largest market capitalization, offering an annual return of 4-5%. Specifically, 10% of Ethereum is staked.[9]
• As for cryptocurrency statistics, there were around 9,000 cryptocurrencies in circulation as of 2023, but the top 20 dominated 90% of the total market share.[9]

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