Pune, 18 December 2024: CoinSwitch, India’s largest crypto trading platform, has published the third edition of its annual investor report- India’s Crypto Portfolio 2024: How India Invests. The report deep-dives into India’s diverse crypto ecosystem and highlights the country's growing engagement with digital assets.

In a year marked by Bitcoin’s historic rise to $100,000, Indian investors displayed a growing interest in meme coins. Dogecoin topped the list of the most invested coins while SHIB led the way for the most traded coins. PEPE emerged as the top-performing asset, soaring by 1300% in 2024.

According to the report, Pune ranks as the fifth-largest contributor to India's crypto investments in 2024.

The city stands out for its investor success, boasting the highest percentage of portfolios in green among the top 10 cities, with 86% of investors seeing positive returns.

“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.

The report further highlights the following trends in the Indian crypto space for 2024:

City-Wise Investment Trends

Top 3 Cities: Over 36% of India's crypto investments are concentrated in the three largest metros: Delhi (20.1%), Bengaluru (9.6%), and Mumbai (6.5%), marking a significant increase from last year.

New Entrants: Kolkata and Botad (Gujarat) entered the top 10 cities for crypto adoption for the first time, securing 9th and 10th places, respectively.

Top Performer: Among the top 10 cities, Pune boasts the highest percentage of portfolios in green, with 86% of its investors seeing positive returns.

Emerging Cities: Tier 2 and Tier 3 cities like Jaipur, Lucknow, and Botad are showing strong adoption, highlighting grassroots growth.

Demographics Driving Adoption

Age Groups: The under-35 age group dominates crypto adoption, comprising close to 75% of investors, while the 36–45 age group is steadily growing.

Female Investors: Women account for 11% of the investor base, underscoring an opportunity to enhance inclusivity in the sector.

Investor Preferences

Bitcoin (BTC) and Ethereum (ETH) secured the 2nd and 3rd spots in investor preferences with 7% and 6%, respectively.

Meme coins represent 13% of all crypto investments, with Dogecoin leading at 55%, followed by PEPE and BONK.

PEPE delivered a staggering 1373% return, emerging as the best-performing asset in 2024, far surpassing Solana's 633% return in 2023.

Market Cap and Token Trends

Investor Focus: Indian investors continue to prefer blue-chip and large-cap tokens for their stability.

Layer-1 Dominance: Layer-1 tokens led with 37% of investor interest, while DeFi tokens retained their second spot at 17% for another year.

Diverse Interests: Meme and gaming tokens also saw significant traction, reflecting evolving investor behaviours.

Trading Patterns

Busiest Months: March and November emerged as the most active months for crypto trading in 2024.

Peak Activity: Late-night trading (9:00 PM–11:00 PM) remains the most popular time, particularly on Mondays and Tuesdays.