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Karnataka, Maharashtra, Uttar Pradesh, Delhi, and Haryana are the top five Indian states that contributed more than ₹830 crore to crypto investments in 2021, according to BuyUcoin statistics. The crypto exchange, however, didn’t disclose the overall amount invested on its platform.
The year 2021 can be considered as a watershed year for the crypto market during which the original cryptocurrency, bitcoin, surged more than 70% to hit its all-time of $69,044.77. Additionally, the crypto market’s capitalization hit the $3 trillion mark for the first time ever.
During the year, BuyUcoin, saw 1,436% increase in its user base with 24% participation of female investors. The number of female participants jumped 843% against 2020.
BuyUcoin was founded in 2016 by Shivam Thakral, Atulya Bhat and Devesh Agarwal.
As per the exchange, it processed more than 28 lakh buy/sell orders for crypto assets.
In terms of state-wise breakdown, total investments from Karnataka stood at ₹196.47 crore, followed by Maharashtra ( ₹175.42 crore), Uttar Pradesh ( ₹155.78 crore), Delhi ( ₹153.82 crore) and Haryana ( ₹150.23 crore).
Further, southern Indian states dominated in user base, with Karnataka, Telangana, and Tamil Nadu accounting for 27% of the user share. Northern states such as Uttar Pradesh, Delhi, and Haryana account for around 24% of all users.
Every fifth user on the platform same from western states such as Maharashtra, Gujarat, and Rajasthan. Meanwhile, West Bengal accounts for less than 5% of the user base.
Approximately two-thirds of BuyUcoin users are between the ages of 18 and 34, with more than a quarter between 35 and 55 years of age. More than 20% of users are beyond the age of 45 years.
BuyUcoin has the most bitcoin, ethereum, ripple, shiba inu, dogecoin, cardano, and solana traders. Non-fungible tokens (NFTs) and decentralized finance (DeFi) spaces were the most popular portions, followed by meme coins.
“We are looking at the year 2022 with a great amount of optimism and hope. We will see the crypto market enter a more mature phase with sustained growth momentum. Healthy regulation of crypto assets will ensure that a large crypto startup ecosystem is given proper nurturing for making a substantial contribution to the country’s economy.," stated Thakral, chief executive officer, BuyUcoin, which has 350,000 users.
