Mumbai, 21st December 2023: WazirX, India’s leading crypto exchange, announced the launch of its annual trading activities report for the year 2023, revealing intriguing insights on user growth, digital asset ownership, and reflections on the various major global events shaping the cryptocurrency market. The report highlights include analysis of WazirX’s growing user base and evolving demographics, reaching a volume of 1 billion users by 30th November; and detailed documentation of the monthly activities impacting the trade of the top tokens across cryptocurrency exchanges.
Crypto Market Overview
WazirX witnessed an impressive addition of an estimated six lakh new users on its crypto exchange platform. Analysis derived on metrics such as age, location, traded tokens, volumes, and more were included. User behaviour insights revealed that the top tokens traded on WazirX’s exchange were Bitcoin (BTC), Shiba Inu (SHIB), Ripple (XRP), Ethereum (ETH), and Polygon (MATIC). Trends and patterns observed from previous years indicate users’ affinity towards Shiba Inu, which, along with Bitcoin, emerged as a top performing token on WazirX’s exchange. The report also remarks that despite relatively less active market conditions, users continue to consistently engage with tokens. Reflecting on the trades on global crypto exchanges along with its platform, the report suggests that market fear, uncertainty, doubt, and social media play key roles in shaping the crypto market sentiment.
Speaking on the crypto landscape, Rajagopal Menon,Vice President, WazirX said, “With the advent of decentralized systems and maturing blockchain technologies, cryptocurrencies are set to evolve beyond speculative assets, becoming integrated within supply chain management, healthcare, and digital identity verification. Across the world, there is a growing recognition for digital fiat currencies, and CBCDs are set to garner significant attention and adoption. Asset tokenisation is positioned to become a prominent trend, as we witness real-world assets and art transition onto blockchain platforms, moving towards fractional ownership and the democratisation of investment opportunities for a broader audience. User experiences across Web3 technologies will witness a revolution in 2024, and the Bitcoin halving signals a bull market in coming times.”
Insights from the report revealed that Uttar Pradesh, Maharashtra, Tamil Nadu, Gujarat and Haryana were among the Indian states with the highest number of traders, whereas the states with the highest trading volumes are Tamil Nadu, Uttar Pradesh, Maharashtra, West Bengal and Haryana. For the top tokens on the exchange, the highest number of traders belonged to the age group of 26-40 years. Women constituted 22% of the total trading volume on the platform, and women aged between 21-40 years made up 83% of the total volume traded by all women users. In the case of men, the age bracket of 21-40 years constituted 76% of all men users on the platform. Interestingly, women surpassed men in the total number of transactions across Haryana and West Bengal.
Market Highlights From 2023
WazirX’s annual report uncovers the ongoings of the global crypto market, including insights on popular tokens such as GALA, Polygon, Gifto, Ripple, among others. With partnership announcements with Dwayne Johnson and Mark Wahlberg, along with revision of tokenomics to reduce high costs, GALA emerged as the 4th largest token by volume for the month of January. Polygon ascended as the second token with the largest user base in February, and Gifto witnessed a 2600% increase overnight causing a frenzy among traders. The report further details the ongoing events of the rest of the months, dwelling on specific events related to popular tokens such as the application Ethereum futures ETFs, Bitcoin ETF application, Ripple’s victory over the SEC, Elon Musk’s impact on the crypto industry, and more.
“The new year is poised for the evolution of crypto, which is set to become an integral component of our global financial and technological landscape. The interplay of CBDCs, asset tokenisation, enhanced Web3 experiences, and Bitcoin’s halving sets the stage for a dynamic and transformative year in the crypto sphere,” added Rajagopal Menon from WazirX.
WazirX and TaxNodes collaborated in 2023 to leverage service innovation and assist the platform’s users to file their taxes error-free and seamlessly, while noting the continued concern over high tax rates prevalent in the country.