Bitcoin In India / The number of people investing in bitcoin in the country is increasing rapidly

Bitcoin In India: The record-breaking surge in bitcoin prices in the last few weeks has caught the attention of Indian investors. The growing interest of Indians in the crypto market has led to a tremendous jump in trading volumes on major crypto platforms such as CoinDCX, CoinSwitch, Mudrex and ZebPay. According to a recent report by ET, the total volume of crypto trading on these platforms has reached nearly Rs 1500 crore in the last seven days.

Unprecedented increase in trading volumes

CoinDCX has recorded a 40% increase in its daily trading volumes in the month of July, from Rs 78 crore last month to over Rs 110 crore. The platform's spot and futures trading volumes saw a 22% increase week-on-week, with spot volumes alone jumping 145%.

Mudrex reported that its trading volumes have doubled this week, with 40% of the growth coming from tier-2 and tier-3 cities. On the other hand, ZebPay reported a 75% increase in its weekly average trading volume. According to ZebPay, there has been a huge surge in demand for bitcoin and Ethereum, as well as investor interest in meme tokens such as Pengu and Bananas31.

Increasing investment from small towns

CoinDCX co-founder Mridul Gupta said that between July 10 and 15, the price of bitcoin reached close to Rs 1 crore, which led to increased interest from both small and large investors. As of July 15, the total trading volume of bitcoin on CoinDCX reached Rs 1.66 crore, with an average daily trading volume of Rs 11 lakh, an 80% increase over June's Rs 6.2 lakh.

Mudrex CEO and co-founder Edul Patel estimates that bitcoin may soon cross the Rs 1.20 crore mark. He says that this boom is being seen due to the growing interest of large companies, better regulatory environment and favorable economic conditions.

Future projections and precautions

Experts believe that the crypto market may regain some stability in the coming weeks. With increasing awareness of bitcoin and the participation of large companies, its future looks bright. However, Mridul Gupta warned that short-term volatility is possible due to low liquidity, economic shocks and high leverage in the derivatives market. Nevertheless, he estimates that bitcoin could touch the level of Rs 1.30 crore by the end of 2025.