CoinSwitch, India’s largest crypto trading platform, has released its third annual investor report, India’s Crypto Portfolio 2024: How India Invests. The report provides a deep dive into India’s growing crypto ecosystem, focusing on city-wise investment trends and demographic insights that are driving the adoption of digital assets.
City-Wise Investment Trends
Delhi-NCR continues to lead the charge in crypto adoption for the third consecutive year, solidifying its position as the top contributor in 2024. The region recorded nearly twice the investment of Bengaluru, which ranked second, followed closely by Mumbai. Together, Delhi (20.1%), Bengaluru (9.6%), and Mumbai (6.5%) account for over 36% of India’s crypto investments, marking a significant increase from last year.
Kolkata and Botad (Gujarat) made their debut in the top 10 cities for crypto adoption, securing 9th and 10th places, respectively. This highlights the widening appeal of cryptocurrencies across India.
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Among the top 10 cities, Pune emerged as the standout performer, with 86% of its investors reporting positive returns. This makes Pune the city with the highest percentage of profitable portfolios in the country.
Tier-2 and Tier-3 cities such as Jaipur, Lucknow, and Botad are showing strong adoption rates, underscoring the grassroots growth of crypto investments beyond major metros.
Demographics driving adoption
The under-35 age group dominates crypto investments, comprising nearly 75% of the investor base. Meanwhile, the 36–45 age group is steadily growing, reflecting increasing interest among mid-career professionals.
Female Investors
Women account for 11% of the investor base, indicating room for greater inclusivity within the crypto ecosystem. This presents an opportunity to encourage more women to participate in digital asset investments.
Investor Preferences
Bitcoin (BTC) and Ethereum (ETH) remain top investor favorites, securing the 2nd and 3rd spots with 7% and 6% of investments, respectively. Meme coins represent 13% of all crypto investments, with Dogecoin leading the segment at 55%, followed by PEPE and BONK.
PEPE delivered a staggering 1373% return, making it the best-performing asset of 2024 and far surpassing Solana’s 633% return in 2023.
Market Cap and Token Trends
Indian investors continue to show a preference for blue-chip and large-cap tokens due to their stability.
Layer-1 tokens led with 37% of investor interest, while DeFi tokens held the second spot with 17% for the second consecutive year.
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Diverse Interests
Meme and gaming tokens also saw significant traction, reflecting evolving investor behavior and growing diversification.
Trading Patterns
March and November were the most active months for crypto trading in 2024, showcasing seasonal spikes in investor activity.
Late-night trading (9:00 PM–11:00 PM) continues to be the most popular time for transactions, particularly on Mondays and Tuesdays.
Industry Insights
“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.
With Bitcoin crossing the $100,000 mark to close out the year, it sets the stage for an exciting journey of growth in 2025. We’re confident that the coming year will build on 2024’s successes and take the industry to new heights,” said Balaji Srihari, Vice President, CoinSwitch.
CoinSwitch’s report paints a dynamic picture of India’s crypto landscape, showcasing the country’s increasing engagement with digital assets across cities and demographic groups.
