India is One of the Fastest Growing Crypto Regions Across the Globe
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 markets globally at this present time. According to multiple analysis 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 estimates this to increase up to 711% with another quarter closed.
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 the popular digital currencies include Bitcoin, Dogecoin and Ethereum. It is reported that within the past month alone, the purchase of these coins went up by 5% within the region of India alone. This does include the top 10 cryptocurrencies globally, with exceptions to Solana, Cardano and Polkadot however.
In other news concerning cryptocurrency in general, Bitcoin rose to its biggest market value in total, after hitting the $50,000 mark in the first few days of October. It is very obvious that these past few weeks within the crypto market have certainly been eventful and for much celebration. The largest cryptocurrencies within the past 24 hours, have managed to pass the resistance levels locally, making many investors around the world very happy with the added value surge on their portfolios.
Not only has the global market cap surged by 3% recently, the total crypto market has managed to increase by 4% too, giving significant numbers of $110.80 billion in volume. Sales recorded for the Non-fungible tokens (also known as NFTs), have also surged in volume value. Within the third quarter they closed eightfold value, surging to $10.7 billion.
With Bitcoin and Ethereum being in the green zone, the market has very much been recovering, and gaining momentum. Financial experts believe that there is very much a momentum that will be building major suspense over the next few days. India being the most demanding region globally at the moment, has turned the attention and tables towards the southern region of Asia. However, many experts remain sceptical of this gain in momentum.
The issues brought to light by cryptocurrencies
With the emerging digital ‘Cryptoization’ of local economies, financial experts believe that this could be a cause for concern and could possibly be undermining the exchange of capital, in addition to the overall financial stability. Bitcoin has gained some serious foundation in terms of popularity, that we already are aware of. However, with the developing market economies within regions like India, Pakistan and Vietnam, could this clash with domineering existing markets within other regions of the world, such as the USA, Europe, etc.?
Cryptocurrencies have already kicked down the transfer of currency exchange, being that the crypto market is a cheaper and quicker method of transferring funds across the world’s borders. Such digitalisations have protected many from inflations of local currencies. Users of their digital wallets have managed to evade the costs-much to the global centralised banking’s dismay.
While many may not see the damage a drop in the trade of currency via banking systems may have, it in fact can adopt a surge in just one singular currency. Dollarization is the new impeding force against central banks around the world. With the prioritisation of the dollar via the cryptocurrency decentralized systems, cryptocurrency could be the threat to fiscal policies, as well as aiding tax evasion globally.