Though there are now more than a thousand cryptocurrencies available in the market where apart from Bitcoin, which was the first-ever decentralized digital currency of the world, there are a large number of popular cryptocurrencies such as Ethereum, Litecoin, Ripple, Altcoin, Tether, etc. yet Bitcoin still retains its crown by managing itself to be number one choice cryptocurrency amongst the investors of India. According to Indian Press, Bitcoin remains the topmost traded digital asset within the region of India.
However, the cryptocurrency trading was banned in India due to various reasons however the ban was lifted in the month of March this year. Soon after the suspension of the ban, WazirX, which is the largest and most popular crypto-based exchange operating in India, had recorded that over 20% of the total trade volumes conducted on the exchange were relating to none other than Bitcoin. WazirX also apprised the local press that since the revocation of the ban, an amount of US$ 184 million approximately has been traded in the form of Bitcoin from its platform in less than 6 months.
CoinDCX, which is yet the number two Indian crypto exchange, recorded that over 78% of crypto investors within the territory of India are fond of trading in Bitcoin. This is due to the fact that the investors in India like any other investors from all over the world feel secure to trade in Bitcoin-based crypto assets and that according to them Bitcoin is a more lucrative crypto assets in contrast with other cryptocurrencies.
The number two position has been acquired by none other than Tether which is though quite young in the industry of cryptocurrency but since a single Stablecoin can be bought for only US$ 1 therefore a huge number of Indian investors are found attracted towards Tether as well.
Another important reason for the popularity of Bitcoin in India is due to the fact that Bitcoin can also be bused to buy altcoins. This fact too has been a major cause of the success of Bitcoin within India.
It is expected that due to the popularity of Bitcoin soon the doors of opportunities will be opened for other virtual assets in India.