Indian Crypto Investors Clearly Favour Bitcoin

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Crypto India (Courtesy: Twitter)
Crypto India (Courtesy: Twitter)

Indians have a clear favourite when it comes to cryptocurrencies. The world’s largest virtual currency by market capitalisation—bitcoin—is the most traded cryptocurrency in India.

Since March when the ban on cryptocurrencies was revoked, bitcoin accounted for 20% of the total traded volumes on WazirX, one of the popular cryptocurrency exchanges in India. Over the last six months, bitcoins worth $184 million were traded on WazirX’s platform.

On CoinDCX, another popular crypto exchange, around 78% of the Indian users trade bitcoin since April this year.

“Bitcoin is the flag bearer of cryptocurrencies. Also, it’s more liquid and the less volatile compared to other currencies. Hence, most people come to the exchange to buy bitcoins,” says Nischal Shetty, CEO of WazirX.

Tether, which is seen as a stable coin as it is pegged against US dollar but this claim hasn’t been verified through a public audit, was the second most popular virtual currency on WazirX.