The demand for cryptocurrencies has increased dramatically over 2021 around the world. The same trend could be seen in India as well. More than ever before, people of all backgrounds are showing increasing interest in the cryptocurrency trading market.
One of the largest crypto exchanges of the country, WazirX has recently issued a report about its performance during 2021. Despite continuing regulatory uncertainty and market volatility, WazirX reported that it had record-breaking activity in 2021. It was reported by the crypto exchange that investors from smaller cities in the country joined the crypto exchange very actively.
As the statement of WazirX reads, the company managed to have a huge annual trading volume of over $43 billion. The company also noted that the growth in 2021 compared to the numbers of 2020 was as much as 1735 percent. WazirX is one of the largest affiliates of a huge crypto exchange, Binance, which is one of the leading companies in the crypto market today.
The statement noted that the company had a massive increase from smaller cities of the country, which was 700 percent growth in total. The report, which was titled Highlights and Observations from 2021 – The Year of Crypto, claims that the crypto adoption in rural as well as semi-urban areas of the country has increased massively.
WazirX’s Performance in 2021
According to the statement of WazirX, the cryptocurrency exchange has had an amazing year. The statement reads that the majority of the people who were using the services of the platform were still male, however, it has also been noted that the number of women has increased far greater than the number of men.
WazirX announced that the number of women trading cryptocurrencies on their platform has increased by 1,009 percent, while the number of men who are using the services of the crypto exchange has increased by 829 percent.
This shows how much the cryptocurrency market has developed and is becoming popular around the world. This is also a great indication that the demographics are changing very fast and new people are getting started in the market very frequently and very fast.
As for the people in terms of age, the crypto exchange noted that the majority of the people who are trading cryptocurrencies are still younger, tech-savvy individuals. It was noted that only 11 percent of the people who participated in the study of the crypto exchange were over 51 years. In addition, they have noted that over 66 percent of all clients of the crypto exchange are under 35 years old.
To ensure that individuals had different types of opportunities for crypto trading, WazirX has added numerous different types of cryptocurrencies on its trading platform. While there are over 200 pairs available for trading on the crypto exchange, the most popular one still remains to be bitcoin. The crypto exchange noted that other cryptocurrencies, such as tether, DOGE, SHIB, and WazirX Token also managed to be very popular among crypto traders in 2021.
Why is Crypto Trading so Popular?
The cryptocurrency trading market managed to be very popular in all different parts of the world, reaching new people globally. One of the countries where the market was especially popular was India in 2021.
There are many reasons behind the huge popularity of the crypto trading market in India. One of the biggest reasons might be the ongoing pandemic. Due to the pandemic, the lives of people around the world have changed a lot.
Another very important reason for this huge popularity is the recent development of crypto exchanges around the world. There are many of them available globally, and WazirX is a great example of exactly how popular these exchanges are becoming.
They offer crypto traders different types of opportunities that make it easier for them to start trading. To make the market even easier, many of the crypto exchanges offer traders manual as well as automated trading opportunities.
Using an auto crypto trader can be quite helpful for individuals as it makes it a lot easier for them to analyze the market. While it could take traders hours to analyze the market data, for automated traders, things are a lot easier. Crypto trading robots can analyze the price movements in the market in a matter of minutes or even seconds.
This happened as the government of India failed to come up with the final version of its crypto trading bill to present to the parliament. The government of India has been working on a crypto trading bill for some time now. The parliament was planning to hold the heading for this bill during the Winter Session, however, it was recently announced that it would be done in February.
The main reason for this decision is the changes still needed in the crypto bill. The recent announcement of WazirX about the adoption of cryptocurrencies in rural areas of India shows the market is growing in the country.
As of now, the future development of the crypto market in India depends on the decisions made by the country’s officials. As the representatives of WazirX have noted, they believe that the regulations adopted by the leadership of the country will not be negative to ensure the future development of crypto trading.
