A lot of this growth came about in the past one year, when investors were scrambling to diversify their investments amid the uncertainty of the COVID-19 pandemic. That holds true for India as well. WazirX, one of India’s leading crypto exchanges, saw a spurt of users come in, not just from the largest cities, but also Tier-II and Tier-III cities.
“Coupled with the pandemic-induced lockdown, it has further accelerated the digital adoption in these regions,” the company said in a statement. Overall, WazirX has more than 9 million users on its platform , with a trading volume of $30 billion so far this year. It has over a hundred cryptocurrencies up for trading.
Cryptocurrencies have attained wider usage too, beyond simply buying to hold — or HODL. For example, Bitcoin wants to be a means of transaction, Ethereum is building smart contracts and Ripple’s XRP wants to be the king of interoperability. Many of these cryptocurrencies, including Shiboshi NFTs bought using Shiba Inu, are accepted as payment on online ‘bridge’ services like shopping.io, that enable purchases from sites like Ebay and Amazon.
Why are people investing in cryptocurrencies?
Cryptocurrencies are based on blockchain technology – a cryptographically secured ledger of all transactions conducted. That allows for decentralised, trusted transactions even when not controlled by a country or bank.
Just like one can trade on the value of fiat currencies, like the dollar or the rupee, as well as for company shares on the stock market — they can also trade on the value of cryptocurrencies on a crypto exchange. Exchanges based out of India, like WazirX, not only helps match buyers and sellers, but lets users trade or sell to book profits in the Indian rupee.
Cryptocurrencies, and their market value, is a global phenomenon. However, trading volumes — how much of a particular cryptocurrency is being bought and sold — varies from country to country, and from exchange to exchange.
Coinmarketcap, for instance, shows that trading volume in the past 24 hours has been the highest for Tether. WazirX, on the other hand, shows that Indians are trading more Bitcoin than they are Tether.
Looking at the top ten by market volume traded in the country, here are India’s most popular crypto coins and tokens for the month of October 2021, as sourced from the WazirX crypto exchange in Indian Rupee trading pairs: