Indian cryptocurrency market has witnessed explosive growth over the past few months. It is estimated that the Indian crypto market has witnessed a growth of more than 700% in dollar value and this is not considered to be a small market. In the past, the RBI along with the government have heavily discouraged the use of cryptocurrencies, however, the demand for the digital currency has been increasing tremendously.
Are you looking to invest in the Indian Crypto market? If you didn’t know, then the market is now worth over 70 Billion USD.The Indian crypto ecosystem is currently worth over $70 billion, with over 10 million investors actively participating in the market. In 2017, that number was $13 billion, which means we have seen a 500% increase in the last four years, which is also reflected in various metrics such as daily trading volume and number of transactions. While awareness of cryptocurrencies and their real benefits is at an all-time high today, Indian exchanges were still operating at a very high level in 2017 and new blockchain initiatives were steadily increasing. Several states have unveiled various initiatives related to blockchain and land acquisition that will be accomplished using blockchain technology. Also in Telangana state, food distribution to the poor has been made possible through the use of blockchain applications. Such initiatives have rapidly grown the cryptocurrency community, and many have seen it as the next big thing, just like the internet. What really happened during that period? How did we get to this point, even after a total ban on the RBI? In this article, we will take a closer look at everything that has contributed to the current bitcoin craze and understand how Indian stock markets have performed during this period. It was expected that the volume of cryptocurrency trading in India would surpass that of China, as people would use this form of tokenized currency to avoid high banking fees. This happened shortly after Prime Minister Modi banned 86% of the country’s currency, leaving people in a state of fear and confusion. At the time, the digital asset seemed like a hedge against the uncertainty caused by the environment. In early 2012, the price of bitcoin was around $5, and by the end of 2017, the price had risen to nearly $1,000. Such a huge growth in the Indian crypto ecosystem has never been seen before and the main reason is the rise of crypto currency platforms like Zebpay, Unocoin and Koinex. Some of these exchanges traded hundreds of millions of dollars in a single day when bitcoin reached $20,000 in December. With thousands of users joining daily and bitcoin reaching new heights, the RBI has issued a statement warning customers to be wary of virtual currencies. Less than five months later, they issued a circular banning all cryptocurrency transactions, leaving Indian exchanges stranded overnight. Trading volumes have fallen by almost 99% and by August 2018 about 95% of jobs were gone. Almost every major exchange announced the shutdown, and no one was willing to go to the Supreme Court at the time. But that all changed when several new exchanges like WazirX and CoinDCX formed a committee and filed a written petition with the Supreme Court. After a two-year battle with official banking channels, Indian stock exchanges have convinced the Supreme Court to lift the RBI’s ban on cryptocurrencies. This has had a huge impact on the market as the price of bitcoin has risen by over 700% in the last 12 months. Companies like Coinswitch are beginning to garner significant support from major investors, and the company is currently valued at $500 million. According to Arcane Research, India has overtaken China in terms of weekly P2P volume, which has reportedly increased by 87% since the total ban was lifted. The Covid 19 pandemic is also a major factor in the growing popularity of cryptocurrencies like bitcoin. At the time, people noticed the inconsistencies of traditional investment options and wanted to move their money to more efficient investments like bitcoin. On the other hand, Ganesh Vasudevan, one of the renowned research leaders at IDC Financial Insights, mentions that people have come to trust the technology behind Blockchain in times of uncertainty. For this reason, large institutional investors have begun allocating funds to invest in bitcoin and other cryptocurrencies. Until last year, we thought the Indian crypto ecosystem was full of millennials trying to embrace this new wave of technology, but things have largely changed in the past few months. According to WazirX, the number of registered users over the age of 45 has increased by 337%, so investments in cryptocurrencies are now outpacing millennials. The same can be said of crypto exchange Zebpay, as it has also seen a 705% increase in the number of investors over the age of 45. Seniors are also becoming more tech-savvy and find nothing strange about spreading their savings across different assets while scrolling through their phones to diversify their investment bouquet, says Ashish Singhal, CEO and founder of CoinSwitch Kuber. He also notes that the activity of older investors is consistent with that of younger investors. The rise of technology and digital money exchanges shows how far we have come in this wild cryptographic space. In 2017 there were 750 bitcoins in circulation every day, today there are over 1000. The average trading volume on the five exchanges combined is $47 million, so there is no doubt that we are on the right track. The only obstacle we face is government regulation. We will have to wait and see how the exchanges are regulated to ensure that no one uses virtual currencies for illegal activities. The leap forward we have made in the last two years is fantastic. However, the Indian ecosystem still needs significant improvement to enable mass adoption. Kartikeya Gutta, born and raised in India, is a cryptocurrency journalist and freelance writer for the website itsBlockchain. It covers various aspects of the industry through in-depth analysis and research. His passion for blockchain and the crypto-ecosystem is largely because he believes it can truly change the world and help millions of people.
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