The India cryptocurrency market is estimated to cross US$ 250 million by 2023 and is expected to grow at a significant CAGR of over 9.2% over the forecast period of 2023-2028.

The increasing awareness of cryptocurrencies among the Indian population and the growing popularity of blockchain technology, which is the underlying technology of cryptocurrencies, are some of the primary growth factors for the market. The government's positive stance on cryptocurrencies is evidenced by the recent Supreme Court ruling that struck down a ban on cryptocurrency trading.

Moreover, the growth of DeFi is also fueling the market growth. DeFi is a rapidly growing sector of the cryptocurrency market that is using blockchain technology to create new financial products and services. DeFi applications are typically decentralized, meaning that any central authority does not control them. This makes them more secure and transparent than traditional financial products. The growth of DeFi is expected to drive the adoption of cryptocurrencies in India, as more and more people look for alternative financial products.

The increasing interest from institutional investors, such as hedge funds and pension funds, is starting to take an interest in cryptocurrencies. This is due to the increasing volatility of the cryptocurrency market, which has the potential to generate high returns for investors. The increasing interest from institutional investors is expected to legitimize the cryptocurrency market further and attract more investors to the space.

Further, developing new regulations in India has also recently shaped the regional cryptocurrency scenario. The Indian government is currently developing new regulations for the cryptocurrency market. These regulations are expected to provide clarity for businesses and individuals who are involved in the cryptocurrency space. The development of new regulations is expected to boost the growth of the cryptocurrency market in India.

Market Scope and Report Overview

According to a deep-dive market assessment by RationalStat, the Indian cryptocurrency market has been analyzed based on market segments, including type, product type, end-use, and geography/regions (incl. North India, West & Central India, East India, South India). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2028.

Market intelligence for the Indian cryptocurrency market covers market sizes based on market value (US$/EUR Million) and volume (‘000 units/tons/liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.

In addition, the long-term sector and products/services 10-year outlook and its implications on the sector. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

Period Covered include data for 2019-2028 along with year-wise demand estimations.

The cryptocurrency market report analyzes the market based on global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.

RationalStat offers market analysis and consulting studies based on dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.

The India cryptocurrency market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.

In the competition analysis section, the Indian cryptocurrency market provides a detailed competition benchmarking analysis based on the market share of the leading companies/brands/producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables clients and report buyers to make strong, precise, and timely decisions.

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Competition Analysis and Market Structure

The players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players.

Some of the prominent players that contribute significantly to the cryptocurrency market growth include Bitmain Technologies Ltd, Intel Corporation, Ripple Labs, Inc., BitGo Inc., Coinbase,, Ethereum Foundation, Bitfury Group Limited, Nvidia Corporation, among others.

RationalStat has segmented the Indian, cryptocurrency market based on type, product type, end use and region

· India Cryptocurrency Market Value (US$ Million) and Market Share (2023-2028) Analysis by Type

o Hardware

§ ASIC (Application-Specific Integrated Circuit)

§ GPU (Graphical Programming Units)

§ FGPAs (Field-Programmable Gate Arrays)

o Software

§ Payments

§ Wallets

§ Exchanges

§ Mining

· India Cryptocurrency Market Value (US$ Million) and Market Share (2023-2028) Analysis by Product Type

o Altcoins

§ Ethereum (ETH)

§ Litecoin (LTC)

§ Bitcoin (BCH)

§ Dogecoin (DOGE)

§ Monero (XMR)

§ Dash (DASH)

§ Others (Ripple, Ether Classic)

o Tokens



§ Exchange Union (XUC)

§ Veritaseum (VERI)

§ Ontology (ONT)

· India Cryptocurrency Market Value (US$ Million) and Market Share (2023-2028) Analysis by End Use

o Trading

o E-commerce & Retail

o Peer-to-Peer Payment

o Banking

o Remittance

· India Cryptocurrency Market Value (US$ Million) and Market Share (2023-2028) Analysis by Region

o North India Cryptocurrency Market

§ Uttar Pradesh

§ Punjab

§ Haryana

§ Delhi

§ Others

o West and Central India Cryptocurrency Market

§ Maharashtra

§ Madhya Pradesh

§ Rajasthan

§ Gujarat

§ Others

o East India Cryptocurrency Market

§ Bihar

§ West Bengal

§ Odisha

§ Jharkhand

§ Others

o South India Cryptocurrency Market

§ Tamil Nadu

§ Karnataka

§ Andhra Pradesh

§ Telangana

§ Others

· Leading Companies and Market Players

o Bitmain Technologies Ltd

o Intel Corporation

o Ripple Labs, Inc.

o BitGo Inc.

o Coinbase


o Ethereum Foundation

o Bitfury Group Limited

o Nvidia Corporation

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