Cryptocurrency Statistics 2024 – Forbes Advisor INDIA

Cryptocurrency is a high-risk, complex investment. Investors should exercise caution despite financial influencers’ encouragement to engage in the market or increase cryptocurrency purchases. Before investing in crypto assets, it is crucial to obtain appropriate financial advice and invest only in what you can afford to lose.

Every day, Indians buy and sell cryptocurrency, and its projected growth rate (CAGR) is no surprise: 54.11% from 2024 to 2032. Various factors fuel this growth, including the increasing acceptance of cryptocurrency as an investment option, the expansion of the digital economy, governmental emphasis on digital projects, and the emergence of cryptocurrency startups and exchanges.[1]

But how exactly is the digital currency market doing in India? Here are the cryptocurrency statistics in 2024.

  • Bitcoin surged past the $45,000 threshold on Jan. 2, 2024, for the first time since Apr. 2022.[2]
  • The cryptocurrency market is forecasted to reach $343.5 million in 2024, with an estimated annual growth rate of 7.99%, leading to a projected total of $467.2 million by 2028.[3]
  • The number of users in the cryptocurrency market is projected to reach 328.80 million by 2028, with a user penetration rate of 18.78% in 2024, which is anticipated to rise to 22.20% by 2028.[3]
  • This market’s average revenue per user is expected to be $1.3 in 2024. The United States is expected to have the highest revenue globally, reaching $23,220.00 million in 2024.[3]
  • Between Dec. 2020 and Mar. 2021, there was a significant 300% increase in the number of women in India engaging in Bitcoin or other cryptocurrency investments.[3]
  • This means that approximately one in five customers is female, most of whom are in the 18 to 34-year-old age bracket.
  • However, pinpointing the exact number of Indian users affected is challenging due to regulatory shifts.

Cryptocurrency Regulation and Taxation in India

  • In 2018, the Reserve Bank of India (RBI) banned banks from collaborating with cryptocurrency exchanges.[3]
  • Although this ban was lifted in 2020, reports suggest the Indian government may reintroduce regulations to prohibit cryptocurrency mining, trading, or holding them as personal assets.[3]
  • The Indian cryptocurrency industry has advocated reducing the 1% Tax Deducted at Source (TDS) rate to 0.01%. In response to the existing 1% TDS, Indian cryptocurrency exchanges have been operating in survival mode, striving to prolong their sustainability.[4]
  • The tax policies implemented by the Indian government have led to approximately five million cryptocurrency traders relocating their transactions offshore.
  • This migration has resulted in a potential loss of $420 million in revenue for the government since taxation on digital assets was introduced in July 2022.[5]

Top Crypto Players in India

  • According to a crypto trading firm CREBACO Global, the combined trading volumes of the leading three exchanges—WazirX, CoinDCX, and Zebpay—have exceeded $584 million in Mar. 2024, compared to just $189.91 million recorded at the end of Feb. this year.[6]
  • In the case of the crypto investment platform CoinSwitch, trade volumes experienced a 36% month-on-month increase from Jan. to Feb. 2024 and surged by more than 200% in Mar. 2024.[6]

Popular Crypto Assets in India

  • In 2023, Dogecoin emerged as the most popular cryptocurrency, accounting for 11% of the total invested value in crypto, followed by Bitcoin at 8.5% and Ethereum at 6.4%.[7]
  • Compared to 2023, deposits saw an 80% increase from Jan to Feb 2024. Over the last three months, there was a 100% rise in total transactions across platforms. Additionally, sign-ups experienced a 200% surge during the same period.[8]
  • Cryptocurrencies have expanded from 50 in 2013 to 21,844 by 2022, with 9,314 considered active.[9]
  • Ethereum, Solana, and Cardano boast the largest staking market capitalization, offering an annual yield of 4-5%. Notably, 10% of Ethereum is staked.[9]
  • Regarding cryptocurrency statistics, as of 2023, approximately 9,000 cryptocurrencies were in circulation, yet the top 20 dominated 90% of the total market share.[9]


  1. imarc
  2. The Hindu
  3. Statista
  4. CoinDesk
  6. moneycontrol
  7. Business Standard
  8. Livemint
  9. Gitnus

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