WazirX, a cryptocurrency exchange platform, had a fantastic 2021, facilitating a record $43 billion in trade volumes in the last 12 months as cryptocurrencies grew in popularity in India. In comparison to the previous year, the platform grew by over 1,735 percent. Customer signups increased dramatically, and the site today boasts over 10 million users. WazirX discovered a surprising trend: ladies favoured Bitcoin while men preferred Shiba Inu. Although Bitcoin is the most popular cryptocurrency, Shiba Inu, a meme coin, has grown in popularity as a result of social media trends.
Bitcoin popular among women investors
WazirX saw a more than 1,000 percent increase in the number of female users and an 829 percent increase in the number of male users on its platform. The platform also conducted a survey, which revealed that 51% of investors entered the cryptocurrency market because their friends and family advised them to do so. In fact, 47 percent of those polled have only recently begun investing in the cryptocurrency market.
Also Read: Honor next-gen MagicBook 16 series launch dateThe younger generation is clearly more trusting of cryptocurrencies. Approximately 29% of people between the ages of 18 and 24 have allocated 50% of their investment portfolio to cryptocurrencies. Only 11% of investors over the age of 51 have invested more than 50% of their money in cryptocurrencies. Cryptos account for up to 10% of respondents' total investment portfolio, according to 44% of those polled.
Tether, Shiba Inu, Dogecoin, WazirX Token, and Matic are among the most popular cryptocurrencies on the platform. Approximately 61% of respondents said that investing in cryptocurrencies has aided them. 78 percent of those polled believe that cryptocurrency has aided them financially. Another intriguing statistic is that nearly 82 percent of WaziX investors have seen an increase in their crypto-centric portfolio.
According to WazirX, Indians are beginning to recognise cryptocurrencies as a viable alternative asset class. The platform saw a 700% increase in signups from smaller cities in India. It will be interesting to see how the Indian crypto market evolves over the next year, especially with a new bill proposing to outlaw all private cryptocurrencies.
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