Siddharth Sogani, managing director of CREBACO, expects the price to cross $1,00,000 by the end of the year. This will see a sharp reversal in the Indian market, which has largely been dormant since the new tax regime was implemented in 2023. The recent rally in Bitcoin, the world's largest cryptocurrency, has been swift. Bitcoin price has surged from $45,000 per coin a month ago to over $66,000 at present, following a few leading US-based exchange-traded funds mopping up large quantities.
As a result, Indian crypto exchanges have seen a surge in volumes and an increase in active user accounts.
Balaji Srihari, Business Head of CoinSwitch, said: "In the past month, our trading volumes have surged by 40 per cent. In the past two weeks, the number of users in profit has increased by over 80 per cent."
CoinDCX, another major exchange, has seen a five-time increase in the trading value from the beginning of February at $5 million in spot to $25 million on February 28.
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