While Mumbai is known as the financial capital of India and Bengaluru is the country's Silicon Valley, the national capital of Delhi surpassed both of them with the highest percentage of cryptocurrency investors in the country.
A report by cryptocurrency investment platform CoinSwitch stated that there are over 19 million cryptocurrency investors across India, and Delhi is the country's cryptocurrency capital, with a higher percentage of investors than Mumbai and Bengaluru.
Delhi has a total of 8.8 percent cryptocurrency investors, with Mumbai and Hyderabad retaining second place on the list. Additionally, Bengaluru ranked fourth, with 8.3 percent of investors in cryptocurrencies.
Together, Delhi, Mumbai, Hyderabad and Bengaluru account for 20 percent of the total cryptocurrency investors in the country. The report also highlighted the number of cryptocurrency investors in Tier II cities.
In India's Tier II cities, the largest investors are in Pune, Jaipur and Lucknow. Most people's biggest investments were in large market cap cryptocurrencies such as Ether and Bitcoin.
The report further says that around 75 percent of the total cryptocurrency investors belong to the young demographic, between 18 and 35 years old. This age group is known to show great interest in cryptocurrencies.
Most popular cryptocurrencies in India
The CoinSwitch report said that the most popular cryptocurrency that people wanted to invest in was Dogecoin, which accounted for 11 percent of the total value invested. Second and third on the list are Bitcoin (8.5 percent) and Ethereum (6.4 percent).
Balaji Srihari, chief commercial officer at CoinSwitch, said in the report: "While the ecosystem focused on creating real-world solutions using cryptocurrencies, investors patiently supported them and traders profited from market volatility."
Meanwhile, Solana (SOL) was the best-performing cryptocurrency across the country, outperforming Bitcoin and Ether. SOL showed an overall growth of 633 per cent in the Indian portfolio.
