Analysis of the Cryptocurrency Market in India: Bitbns Surpasses WazirX to Become the Top Exchange, Total Trading Volume Shrinks by over 80%

Bitbns now the No.1 Crypto exchange in India, as trading volume falls 80%.

CoinGecko has released a report on the cryptocurrency market in India in 2023, analyzing the changes in the market structure of the four major centralized cryptocurrency exchanges in India. From the perspective of trading volume, the total cryptocurrency trading volume in India has decreased by over 80% in the first five months of 2023 compared to the same period in 2022.

The largest cryptocurrency exchange in India is Bitbns, which holds a 79.1% market share among the top four centralized cryptocurrency exchanges (CEX) in India as of 2023. WazirX follows with a market share of 11.1%, followed by CoinDCX (6.6% market share) and ZebBlockingy (3.1% market share). Other Indian CEXs include Koinbx, BuyUCoin, Coinswitch, and Giottus.

In 2022, the average monthly cryptocurrency trading volume in India was $1.66 billion. In 2023, the average monthly cryptocurrency trading volume in India has decreased to $520 million, which is less than one-third of the previous year. The total cryptocurrency trading volume of the top four CEXs in India from January to May this year was $2.61 billion. This is an 82.3% decrease from the total cryptocurrency trading volume of $14.78 billion recorded during the same period in 2022, possibly due to the uncertain regulatory environment for cryptocurrencies in India.

Reference: https://www.coingecko.com/research/publications/india-crypto-exchanges

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