Cryptocurrencies: Crypto transaction revenue has more than halved since May as fast dollar hunters disappear

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New Delhi: Trading volumes on cryptocurrency exchanges have more than halved since the May liquidation to reach levels last seen at the start of the calendar year. The euphoria over the Dogecoin token also appears to be fading, the data suggests.

As of June, WazirX’s average volume stood at $ 2.4 billion, which was similar to levels at the start of the year, Siddharth said.

, COO, WazirX.

Data showed that WazirX’s average volume reached an all-time high of $ 6.2 billion in May, compared to around $ 3.5 billion in monthly volumes in the January-April period.

The recent correction in the digital token market has wiped out speculators and quick dollar hunters, Wariz X’s Menon said.

“Price volatility is part of the financial market. We always recommend investing in education first and then allocating your portfolio to crypto starting with small amounts,” said Avinash Shekhar, co-CEO from ZebPay. “Blockchain technology has great potential and we are promoting a long-term investment strategy,” he said.

Menon said: “It is a high risk, high return form of investing. High volatility and a dawning age quickly ows speculators out.”

According to Zebpay, the withdrawal rate to overall volume stood at 52% in June and 51% in May from 46.37% in January.

It stood at 46.37 percent in February and crossed the 50 percent mark in March.

The number of downloads and active users also declined after the May chaos, but is gradually leveling off. The numbers had risen sharply in the first five months of the current calendar.

Dogecoin euphoria is fading Bitcoin and Ethereum continue to be the favorite tokens of Indian crypto enthusiasts, even as the euphoria over the Dogecoin meme token and other Altcoins has partially faded.

“Matic, Ripple and Tron are the other key tokens that attract Indian users the most,” ZebPay’s Shekhar said.

Meanwhile, the cryptocurrency craze has spread to Level II and Level III cities in India and is not limited to the major cities of Delhi, Mumbai or Bengaluru.

According to WazirX, 30 percent of its trade comes from cities like Jaipur, Ahmedabad, Patna, Bhubaneswar, Indore and others. West Bengal, Uttar Pradesh and Haryana account for around a third of the trading volumes on the Zebpay platform.

Investing in crypto is becoming common and more and more people are learning it online and through other platforms. The growing interest and adoption have made various age groups and geographies curious about the new era of investing.

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