Several of India’s prominent crypto exchanges experienced a sharp surge in day traders compared to 2017’s rally. The number, which has surged by up to 500%, comes amid the sustained rise in crypto prices this year. Furthermore, according to the India Times, several investors have recently picked up assets such as BTC and ETH. The number of traders is currently above 1 million.
According to the CEO of BuyUcoin, Shivam Thakral:
“We have a daily trader base of over 80,000 Indian high-frequency traders, which used to be around 20,000-25,000 during the bull run of 2017-2018.”
Thakral further explained that day traders generally favored high-volatility assets, alongside new and upcoming projects. This is because such projects tend to have wild movements that these traders try to take advantage of.
According to crypto exchange WazirX, it recorded an all-time high of $36 billion this year alone. In addition, the platform, which boasts 10 million users, says the number of new users increased astronomically.
A younger generation of Indians also seem to favor digital assets over more traditional investments such as stock trading and bond buying. Furthermore, a good chunk of these new breed crypto investors are leveraging meme tokens such as Dogecoin and Shiba Inu.
Image Credits: Pixabay
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