India’s cryptocurrency landscape is undergoing a remarkable transformation, as crypto adoption spreads beyond the well-established metros to smaller cities and towns, signalling broader appeal across the nation. The latest Coinswitch report, India's Crypto Portfolio 2024: How India Invests, shows key trends influencing the market in 2024, such as rising investment and portfolio diversification.
City-Wise Crypto Investment Trends
According to the report, crypto investments in India are shifting, with the largest share still concentrated in major metro cities, with Delhi (20.1 per cent), Bengaluru (9.6 per cent), and Mumbai (6.5 per cent) leading the charge, making up over 36 per cent together. However, the rise of Tier-2 and Tier-3 cities, such as Botad (Gujarat) and Kolkata, now firmly securing spots in the top 10, highlights a growing wave of crypto interest outside the traditional hubs.
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With 86 per cent of its investors seeing positive returns, Pune is the most successful city among the top 10. The primary usage of cryptocurrencies is rising quickly in places like Botad, Jaipur, and Lucknow.
Balaji Srihari, Vice President, CoinSwitch said, “At CoinSwitch, we’ve witnessed a spike in crypto investment across India. What was once concentrated in major metros is now quickly expanding to Tier-2 and Tier-3 cities, reflecting the growing appeal. Indian investors are diversifying their portfolios, exploring everything from meme coins to Layer-1 and DeFi tokens, signalling an evolving appetite for crypto assets.”
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Diverse Investment Preferences Across Cities
Different cities are specializing in specific segments of the crypto market. Bengaluru leads in Layer-1 investments, representing 49 per cent of its portfolios, while Barbaka in Assam dominates the DeFi category with 24 per cent. Jalandhar’s investors favour meme coins (18 per cent), and Mysore is prominent in Layer-2 investments (8 per cent). Karnal is also carving a niche with gaming-related crypto assets, representing 11 per cent of its portfolio. Jaipur stands out for its bold investment approach, with 6 per cent focused on small-cap assets, showcasing a growing appetite for riskier ventures.
While metro cities still dominate the crypto scene, there’s a notable surge in participation from smaller cities, underscoring the decentralization of India’s crypto market. The rise of cities like Botad, Patna, Ludhiana, Indore, Surat, and Dehradun signals that the crypto craze is rapidly spreading beyond urban centres, creating a more inclusive landscape for digital asset investors.
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The reports suggested as the global cryptocurrency market continues to mature, India’s diversified and rapidly growing participation sets the stage for an exciting 2025, with a clear signal that India is embracing the digital asset revolution across all levels of society.
