Q1 Report Suggests Favorable Conditions for Indian Crypto Market
- The collective market of cryptocurrencies has exhibited a considerable surge of almost 49%.
- Both BTC and ETH prices increased substantially by 68% and 49% respectively.
The recent revelations demonstrated that 2023 is a favorable year for crypto investors in India considering the substantial growth in the value of the leading cryptocurrencies including Bitcoin (BTC) and Ether (ETH).
As per the data, though the previous year hadn’t been a very successful year for the Indian crypto market, with investors witnessing grave losses, the first quarter of 2023 presumably shows that this year would be appreciatory. It is indicated that the collective market of all the cryptocurrencies has exhibited a considerable surge of almost 49% reaching $1.18 trillion.
Notably, Bitcoin has presented a remarkable gain of almost 68.56% in the first quarter of 2023. Currently, the coin is trading at a price of $28,527 showing a massive growth from $16,000, its price at the onset of the year.
Similarly, the second largest cryptocurrency Ether’s current price of $1,910 represents an increase of almost 49%. At the beginning of the year, the coin price stood at $1,200 while at the end of the first quarter, it jumped to a high with a drastic increase.
Significantly, Rajagopal Menon, Vice President of the Indian crypto exchange WazirX stated that the total transaction volume of Q1 is around $0.5 billion, with trading volume for the top 10 tokens reaching approximately $300 million.
Though the first quarter bestows hope on the Indian crypto market, the investors and enthusiasts seem vigilant. The crypto investor Chahul Varma posited that 2023 is both a “hopeful” and “confusing” year for investors.
Interestingly, a software engineer in Mumbai commented that she has utilized crypto’s better performance of Q1 as “an opportunity to cash out 85% of my [her] crypto portfolio”, adding: “Bitcoin showed some signs of being an anti-fragile asset during this banking crisis, however, its high correlation with the NASDAQ is still bothersome, making it a risky asset.”