According to a new report from the cryptocurrency exchange CoinDCX, India experienced its highest-ever cryptocurrency trading volume in November 2023, signaling a surge in activity within the country's digital asset ecosystem. 28 entities from India became “registered reporting entities” for financial intelligence.
60% of users are concentrated in 10 cities, and contrary to expectations, secondary cities like Lucknow and Patna are leading in cryptocurrency adoption, with Jaipur, Indore, Bhubaneswar, and Ludhiana among the top 15.
Furthermore, the average age of cryptocurrency investors in India increased from 25 years old in 2022 to 30 years old in 2023, indicating that this industry is attracting experienced investors beyond the traditional younger demographic. The report suggests that this shift indicates an increasing understanding and acceptance of cryptocurrency as a legitimate investment.