The demand for cryptocurrency has rapidly grown around the world, that we know of. However, India specifically has surged significantly, making it the fastest-growing market globally at this present time. According to multiple analyses made recently by the Financial Times, the expansion across India has surpassed other markets that were thought to reign the strongest, e.g., the MENA region, in addition to Europe. India’s market has surged by 641% in just 12 months alone, and the projected statistics moving forward estimate this to increase up to 711% with another quarter closed. This marks a clear cryptocurrency market growth surge in the region.

Crypto has managed to surge dominantly within India specifically, due to the rise of gambling and iGaming. Digital wallets are predominantly used to access new betting sites and betting markets globally, and with cryptocurrency, that can be done anonymously of course.

Aside from India being the predominant region to adopt cryptocurrency, other regions are fast approaching India’s lead, such as Pakistan and Vietnam. The Financial times quoted that the decentralised systems have become 59% higher within India, than last year’s projections. In addition to the reliance, many institutions within India, have transferred at least $10 million worth of cryptocurrency, to represent most of their transactions made as a business. While Pakistan and Vietnam did not reach such highs, they still presented 42% and 29% of their transactions via the decentralised systems, respectively. The figures have made it clear that investors within India, are integrated within a larger and more sophisticated organisation, due to the big digital switchover that is currently evolving within the region of India.

What cryptocurrencies are currently trending in India?

The cryptocurrencies that are currently trending within India include the coins which currently have the strongest market cap within cryptocurrency. Examples of popular digital currencies include Bitcoin, Dogecoin, and Ethereum. In the past month, the purchase of these coins has increased by 5% in India alone. This includes the top 10 cryptocurrencies globally, with exceptions to Solana, Cardano, and Polkadot.

In other cryptocurrency news, Bitcoin reached its highest market value after hitting the $50,000 mark in early October. The past few weeks have been eventful, with many celebrating the growth in the crypto market. The largest cryptocurrencies have passed resistance levels in the last 24 hours, making investors happy with the added value surge.

This indicates a clear cryptocurrency market growth surge. Investor confidence and momentum have increased significantly. The global market cap has surged by 3%, while the total crypto market increased by 4%, reaching $110.8 billion in volume. Sales of Non-fungible tokens (NFTs) also surged, closing the third quarter at $10.7 billion, an eightfold increase.

Bitcoin and Ethereum are in the green zone, indicating a market recovery and growing momentum. Financial experts believe this momentum will continue in the coming days. India has become the leading region in cryptocurrency adoption, shifting attention toward South Asia. However, some experts remain skeptical about the sustainability of this momentum.

The issues brought to light by cryptocurrencies

With the emerging digital ‘Cryptoization’ of local economies, financial experts are concerned. This could undermine the exchange of capital and affect financial stability. Bitcoin has built a solid foundation in popularity, as we already know. However, with the developing economies in regions like India, Pakistan, and Vietnam, could this clash with established markets like the USA and Europe?

Cryptocurrencies have already disrupted currency exchange. The crypto market offers a cheaper and faster method of transferring funds globally. These digital systems have protected many from inflation in local currencies. Digital wallet users have avoided fees, much to the dismay of global centralized banking.

While the impact of a decline in bank-based currency trading may not be obvious, it can lead to the dominance of a single currency. Dollarization is emerging as a significant challenge for central banks worldwide. With the rise of decentralized systems prioritizing the dollar, cryptocurrency could threaten fiscal policies and contribute to global tax evasion.