Delhi-NCR emerged as the top contributor to India’s crypto investments in 2024, commanding 20.9% of the total, more than double Bengaluru’s 9.6%, which ranked second, according to CoinSwitch’s annual investor report, India’s Crypto Portfolio 2024: How India Invests. Mumbai secured the third spot with a 6.5% share.
The report highlighted that over 36% of India’s crypto investments were concentrated in the three largest metros—Delhi, Bengaluru, and Mumbai—underlining their dominance in the crypto market. However, Tier-2 and Tier-3 cities like Jaipur, Lucknow, and Botad also showed robust adoption, with Kolkata and Gujarat’s Botad entering the top 10 list for the first time.
Bengaluru, while the second-highest contributor overall, emerged as a major contender in the Layer-1 category, commanding 49% of the action. The city’s crypto investors preferred blue-chip tokens (38%) and large-cap assets (30%), signaling a focus on stability and growth.
Among the top 10 cities, Pune boasted the highest percentage of profitable portfolios, with 86% of its investors seeing positive returns. The report also noted rising participation from smaller cities, reflecting crypto’s growing appeal beyond major metros.
Evolving investor preferences
Indian investors continued to favor blue-chip and large-cap tokens for their stability, while Layer-1 tokens captured 37% of investor interest, followed by DeFi tokens at 17%. Additionally, meme coins gained traction, accounting for 13% of all investments. Dogecoin led this segment with a 55% share, followed by PEPE and BONK. PEPE stood out as the best-performing asset of the year, delivering 1373% returns, surpassing Solana’s 633% return in 2023.
The report underscored the widening age demographic, with investors under 35 dominating the market at 75%, while the 36–45 age group saw steady growth. Women accounted for 11% of the total investor base.
CoinSwitch, noted that 2024 was a transformative year for the global crypto ecosystem, driven by political and regulatory changes. He highlighted the rapid expansion of crypto investments beyond metros to Tier-2 and Tier-3 cities, showcasing India’s growing engagement with digital assets.
The year 2024 also saw Bitcoin reach a historic milestone of $100,000, further fueling investor interest in crypto assets. Bitcoin and Ethereum secured the second and third spots in investor preferences, capturing 7% and 6% of the total investments, respectively.>
