Delhi and Bengaluru lead in India’s crypto investments as Bitcoin crosses $100,000 in 2024
In a year marked by Bitcoin’s rise to $100,000, Bengaluru was the second-highest contributor to India’s crypto investments in 2024, a CoinSwitch report noted. The city also emerged as a major contender in the Layer-1 category, commanding 49 per cent of the action.
According to the third edition of CoinSwitch’s annual investor report- India’s Crypto Portfolio 2024: How India Invests, Delhi-NCR solidified its position as the leader in India’s crypto adoption, contributing 20.9 percent, more than twice the investment of Bengaluru, the second-highest city, which stood at 9.6 percent. Mumbai came third at 6.5 percent.
The report further highlights that over 36 per cent of India’s crypto investments were concentrated in the three largest metros — Delhi, Bengaluru, and Mumbai.
However, among the top 10 cities, Pune boasted the highest percentage of portfolios in green, with 86 per cent of its investors seeing positive returns. Tier 2 and Tier 3 cities like Jaipur, Lucknow, and Botad also showed strong adoption. Kolkata and Botad, a small city in Gujarat, entered the top 10 list for the first time, securing the 9th and 10th spots, respectively.
The report also showed that Indian investors continue to prefer blue-chip and large-cap tokens for their stability. Layer-1 tokens led with 37 per cent of investor interest, while DeFi tokens retained the second spot at 17 per cent for another year. In Bengaluru, blue chip investments led the way with a 38 percent share, followed by large-cap at 30 percent.
“2024 has been a huge year for the global crypto ecosystem, driven by big political and regulatory changes that have sped up mainstream growth. At CoinSwitch, we’ve witnessed a spike in crypto investment across India. What was once concentrated in major metros is now quickly expanding to Tier-2 and Tier-3 cities, reflecting the growing appeal. Indian investors are diversifying their portfolios, exploring everything from meme coins to Layer-1 and DeFi tokens, signaling an evolving appetite for crypto assets.” said Balaji Srihari, Vice President, CoinSwitch.
Age-wise, the under-35 age group dominated crypto adoption, comprising close to 75 per cent of investors, with the 36–45 age group steadily growing. Alongside, women accounted for 11 per cent of the investor base.
During the year, Indian investors also displayed a growing interest in meme coins. Bitcoin (BTC) and Ethereum (ETH) secured the second and third spots in investor preferences with 7 per cent and 6 per cent, respectively.
Meme coins represented 13 per cent of all crypto investments, with Dogecoin leading at 55 per cent, followed by PEPE and BONK. PEPE delivered a 1373 per cent return, emerging as the best-performing asset in 2024, surpassing Solana’s 633 per cent return in 2023.