Market Overview: As of 2023, the Indian cryptocurrency market is expected to reach around $70 billion. According to data released by Statista, revenue from cryptocurrencies is expected to show an annual growth rate (CAGR 2023-2027) of 15.49% resulting in a projected total amount of US$5.92bn by 2027. The average revenue per user in the cryptocurrency industry amounts to US$21.28 in 2023.

Cryptocurrencies are becoming the top-notch lucrative option for investment in the current market. Not only Virtual Digital Assets (VDAs) like cryptocurrencies and blockchain technologies are disrupting globally, but the Indian crypto market has also been growing rapidly in recent years. As per the various financial reports and experts' predictions, the Indian crypto market size is continuously rising at its pace, with millions of Indians investing in cryptocurrencies. In this blog, we will take a closer look at the current size of the Indian crypto market and explore the factors contributing to its growth. Also, let's examine the opportunities and expectations of the crypto market in 2023.

Cryptocurrency Trend in India

The cryptocurrencies and blockchain technology industries have taken a great global drive in the past decade. If we talk about the Indian crypto trend, people are rapidly adopting it and considering it as one of the best investment options. As of early 2023, the Indian crypto market is estimated to be worth around $70 billion. This figure represents a significant increase from just a few years ago when the market was virtually non-existent in India. The growth of the Indian crypto market can be attributed to several factors, including-

- Developing countries' interest in alternative investment options

- Rapid growth in digital adoption

- Lack of confidence in traditional financial institutions

- Increasing availability of digital assets on various exchanges

- People believe in decentralized projects 

- To get access to quick and hassle-free services

Rapid Growth in Cryptocurrency Adoption

In detail, in recent years, Indians have become increasingly interested in investing in non-traditional assets such as cryptocurrencies. This is due to the fact that these assets offer a higher potential return on investment than traditional assets like stocks and bonds. Additionally, many Indians are drawn to the decentralized nature of cryptocurrencies, allowing them to be used without needing a central authority. Also, many Indians are becoming skeptical of the traditional financial systems which involve central servers, which they believe are plagued by corruption and inefficiency.

As a result, they are turning to alternative investment options like cryptocurrencies, which they perceive as being more trustworthy and transparent. Finally, the increasing availability of digital assets on various exchanges has also contributed to the growth of the Indian crypto market. As more and more cryptocurrency exchanges have entered the Indian market, it has become easier for Indians to buy, sell, and trade cryptocurrencies. This has made it easier for average investors to access digital assets, which has, in turn, fueled the growth of the Indian crypto market.

Opportunities in Crypto Industry

The crypto industry is vigorously and rigorously flourishing in the Indian economy, offering crypto enthusiasts several opportunities. Also, it can be an evolving field for people interested in technology, finance, and entrepreneurship. Here are some potential opportunities in the crypto industry:

1. Trader & Investor: Trading and investing involve cryptocurrency buying, selling, and investing via various crypto exchanges. After having expertise in chart reading, understanding of crypto assets & experience in trading and investing, one may choose this profession as a lucrative career.

2. Analyst: The analyst studies market trends and predicts the price fluctuations of cryptocurrencies. If you are interested in investing in finance or economics, you can find a good job as a crypto analyst.

3. Content Writer/ Creator: The crypto industry is booming, and there is a growing demand for content that can educate people about cryptocurrencies and blockchain technology. If you have a writing, journalism, or content creation background, you may rock the market as a crypto content creator. 

4. Blockchain Developer: Virtual Digital Assets (VDA) is powered up by Blockchain Technology, and skilled blockchain developers are in high demand. If you have a computer science, programming, or software development background, you can make your career as a blockchain developer. 

5. Crypto Consultant: As the crypto industry is rising rapidly, there is a high demand for crypto experts in the market who can guide and advise businesses and individuals looking to invest in cryptocurrencies. If you have experience in finance, business, or technology, you can work as a crypto consultant.

So far, we have mentioned crypto in high-demand career opportunities in the market. New opportunities will likely emerge as the field continues to grow and evolve.

Crypto Market Expectation in 2023

As mentioned, the crypto market has seen significant growth and adoption over the past few years. Many analysts and experts predict the market will reach new highs in 2023. Here are some factors that may influence the crypto market in 2023:

1. Wider Adaptability: Cryptocurrencies are becoming more widely accepted for trading and investing. Besides it, more businesses have started accepting payments in crypto assets. This increased adoption could drive up demand and value for cryptocurrencies. 

2. Development of Infrastructure: Blockchain technology and infrastructure make it easier for businesses and individuals to use and trade cryptocurrencies. This could increase the adoption and demand for cryptocurrencies.  

                                                                                                                                                                                                                                                                                          3. Clearness of the Administrative System: Governments worldwide are working on regulations to govern the use and trading of cryptocurrencies. Clear and favorable regulations could help to increase adoption and confidence in the crypto market.

4. Institutional Investment: Large institutional investors, such as banks and hedge funds, are starting to invest in cryptocurrencies. This investment could increase demand and value for cryptocurrencies.

In conclusion, the Indian crypto market is worth around $70 billion and has grown rapidly in recent years. As more and more Indians become interested in cryptocurrencies, the size of the Indian crypto market is expected to escalate at its pace in the upcoming years. However, it's important to remember that the crypto market is still volatile and unpredictable, and risks are always associated with investing in cryptocurrencies. Doing your research and making informed decisions before investing in the crypto market is essential.

By Riteshu Sen Jaiswar

01- April