Cryptocurrency Investment: A new trend is beginning to emerge in the Indian crypto market. Find out about the crypto preferences of people across different states and age groups in India. Read the full CoinSwitch report.

This state dominates crypto investment, leaving Delhi and Mumbai behind.

Cryptocurrency News: Do you know which state tops the crypto investment market in the country? If not, you might be surprised to learn the name. According to a CoinSwitch report, Uttar Pradesh ranks first in the crypto market. CoinSwitch reported that Uttar Pradesh accounted for 12.9% of the total crypto investments on its platform. Significantly, even the country's financial capital, Mumbai, and the national capital, Delhi, lag behind in this regard.  

Maharashtra ranks second in terms of crypto investment with 12.4%, followed by Karnataka at 8.1% and Delhi at 7.4%. This clearly demonstrates that crypto investment is no longer limited to the country's major financial cities. Uttar Pradesh's ranking at the top is significant because smaller cities and states are also investing significantly in crypto.

Bitcoin was the most popular currency in nine of the country's 10 largest crypto-investing states. Only in Andhra Pradesh did Dogecoin take the top spot.

Highest participation of youth

In Q2, 54.4% of new investors joining CoinSwitch were from the age group of 18-25. Investors aged 26-35 accounted for 25.4%. This means that nearly 3 out of 4 new investors were 35 years old or younger.

However, there was a difference between younger and older investors in terms of buying and selling. Investors aged 18-25 had a buy-to-sell ratio of 0.65, while investors aged 46 and older had the highest ratio of 1.14.

The number of cryptos increased with age

59.2% of investors aged 18-25 held only one cryptocurrency. Among those aged 36-45, this figure was 36.3%. Investors in the same age group held 10 or more cryptos, making up 9.1%.

Bitcoin and Dogecoin were the most preferred pairings among investors of all ages, followed by Bitcoin-Shiba Inu, Dogecoin-Shiba Inu, and Bitcoin-Ethereum. Dogecoin-XRP was preferred among those aged 36-45, while Dogecoin-Ethereum was preferred among those aged 26-35 and over 46.

Most trading at night

Thursday was the busiest trading day, and Sunday saw the least activity. Trading peaked between 10 and 11 p.m. Buying was strong from 7 p.m. to midnight. Activity was lowest between 3 and 5 a.m.

Dogecoin was the preferred currency over Bitcoin in Andhra Pradesh, where women accounted for 59.3% of total crypto investments, the highest among the top 10 markets.

Ashish Singhal, co-founder of CoinSwitch, said that over time, investors are participating in crypto with more knowledge and thought. According to him, crypto in India is no longer seen simply as a new investment option.