WazirX, one of the best crypto exchanges in India, achieved a record trading volume of $43 billion. This shows that the cryptocurrency platform has grown by more than 1,500 percent when compared to operating in 2020. According to reports, BTC is one of the most traded cryptocurrencies by WazirX in India, indicating that the crypto leader is still not losing ground.
Roughly speaking, WazirX states that virtual transactions will increase in 2021. However, their research continues to show that most of their transactions are based on BTC, ETH, SHIB, and even Dogecoin.
On the other hand, the Indian company points out that crypto transactions between women have increased by a thousand percent in the last twelve months. At the same time, crypto transactions between men exceeded the standard by 800 percent compared to last year. Gender acceptance of cryptocurrencies appears to be more balanced in India in 2021 than in previous years.
Many respondents said they invest in BTC and other cryptocurrencies at the recommendation of family members or friends. Another part of the citizens say that they are using cryptocurrency because of the wave of adoption that is coming to the country.
Cryptocurrencies in India are becoming more important than fiat money
WazirX, which was commissioned to conduct one of the largest surveys on cryptocurrencies in India, found that more than 40 percent of the tokens stated value was more than just paper money. Many respondents even believe that crypto makes more than 10 percent of their virtual money.
A quarter of India’s BTC traders are 24 years or older, which indicates that most traders are young. At least 10 percent of cryptocurrency enthusiasts are over the age of 50, with the remainder going to investors between the ages of 25 and 49.
Currently the most used cryptocurrencies in India are USDT, BTC, DOGE, SHIB and Magic. However, WazirX said cryptocurrency adoption in India will continue to grow.
Although the cryptocurrency market in India has been suppressed several times, WazirX points out that its trading is unaffected. India may be one of the most used countries in cryptocurrency, but the controversy continues.