In charts: Investors not affected by uncertainty over crypto bill, platforms continue to attract users

New Delhi Despite uncertainty over crypto taxes and an impending crypto law, leading players in the industry continue to lure investors, according to data analyzed by transfer media platform Bobble AI.
Cryptocurrency exchange CoinDCX saw a 45.78 percent increase in installed users between October and November 2021, while industry operator Bitbns leads the way in terms of active users with 41.33 percent.
Bobble A analyzed user behavior among India’s top six cryptocurrency apps, including WazirX, CoinDCX, CoinSwitch, ZebPay, Unocoin & Bitbns, between October and November 2021.

The results show that the imminent decision on cryptocurrency bill does not affect crypto enthusiasts in India. Until recently, only a few individuals were investing in cryptocurrencies, but with increased market awareness coupled with increased spending on marketing, there has been an increase in Indians’ adoption of cryptocurrencies.
The growing number of cryptocurrency adopters reflects a shift in the investment paradigm, primarily driven by the country’s younger generation, who are welcoming the shift in investment from real estate and gold to cryptocurrencies. Another good reason for the enthusiasm for Cryptocurrency adoption is technological advancements that are welcoming us into a new era of payments and other financial services that are cheaper, faster and easier to access.
Bitbns managed to register a 62.70% increase in terms of new users, followed by CoinDCX, ZebPay and then WazirX. But Unocoin and CoinSwitch have seen a decline.

“This strike could be temporary and in part attributed to news that the Indian government is hinting at introducing the Cryptocurrency Bill 2021 to regulate digital currencies,” Bobble AI reports.
The number of active users of all six crypto apps increased in November 2021 compared to the previous month, with Bitbns leading with an increase of 41.33% followed by WazirX with an increase of 23.53%.

However, user interaction within these apps is still a cause for concern. With the exception of CoinDCX and ZebPay, which showed a good interaction with regard to “average time spent by users” and “number of user sessions” in their apps, all other apps recorded a decrease in November 2021 compared to October 2021.

The rapid adoption and expansion of cryptocurrencies in India looks promising. Bobble AI’s findings reveal that India is ready for this technological revolution.
Earlier this week, cryptocurrency app Cryptowire launched a cryptocurrency index in India to monitor the 15 most traded cryptocurrencies in the world. The cryptocurrency index known as IC15 will analyze and monitor the performance of the best currencies listed on the world’s leading exchanges.
The launch of the index aims to increase awareness and knowledge about the crypto and blockchain system among new investors.
Bitcoin, Ethereum, XRP, Bitcoin Cash, Cardano, Litecoin, Binance Coin, Chainlink, Polkadot, Uniswap, Dogecoin, Solana, Terra, Avalanche and Shia Inu will be components of IC15.

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