Indians are coming Ethereum (ETH), which has seen a jump this year. India has seen a boom in the last few days investors and merchants are buying cryptocurrency On local exchanges and those providing services in the country. Many investors are buying after partially or completely liquidating it. Bitcoin portfolio, experts said.

Ethereum has risen from around $1,300 (about Rs 1 lakh) to $3,900 in the past few months. It’s not like bitcoin has been a flurry – it surged from $35,000 in July to $52,000. To be sure, both were down during early US trading on Tuesday along with other cryptocurrencies.

In the last few years,
Indians mostly bought bitcoin, the largest and most famous of cryptocurrencies. They are now hedging hedging and buying others, which has led to an uptick in volumes on the exchanges. Top exchanges say that nearly 70% of money invested in cryptocurrencies in the past 15 days has been directed to Ethereum.

“After the new-age millennials and new investors, long-term buyers and highly vested traders were the first to liquidate their positions in other assets to buy ETH,” said Shivam Thakral, CEO of BuyUcoin. cryptocurrency exchange.

very interested in crypto Experts said the property is due to increased hype in the last one or two months.

“We have seen a more than 150% increase in the number of ETH orders placed on our platform over the past six months,” said Nischal Shetty, CEO of cryptocurrency exchange, WazirX.

“ETH is becoming more and more popular with its upgrades and hard forks, as well as emerging DeFi (decentralized finance) and NFT (fungible tokens) projects.” DeFi refers to financial products and services that are accessible to the owner of ETH. NFT is a unique digital token that is being used to sell art and other collectibles. The exchange said that buyers entering the market are more bullish on Ethereum than Bitcoin. “This could show that new users are more confident in ETH than BTC at the moment because of all the DeFi and GameFi (game finance) hype,” said Jay Hao, CEO of cryptocurrency exchange OKEx.com.

Industry trackers said Indians have been bullish on the cryptocurrency over the past few months and have been on a buying spree since the global bitcoin rally. Indians have been rushing to buy crypto assets after bitcoin hit $50,000 last month amid a global cryptocurrency boom. In the second half of August, crypto exchanges and foreign exchanges that cater to Indians have
Trading volumes and prices showed an uptrend-Most cases are at least 50% to 100% respectively, ET reported on August 25.