Among users who visited at least one crypto exchange, Unocoin accounted for the highest % of daily active users accounting for 52.68%, with Zebpay at 30.49% and BuyuCoin at 6.78%. Unocoin also accounted for the highest percentage of total page loads at 39.52%, followed by Zebpay 19.89%, BuyUCoin 19.16% and BitcxIndia at 16.54%.
However, user visits at these exchanges mirrored the waxing-waning cycle of searches for cryptocurrency overall. Interest reached a feverish pitch in mid-December before beginning a steady decline, with the peak corresponding with Bitcoin’s price reaching an all-time high.
“Our data shows that despite growing interest in cryptocurrencies as of late last year, recent confusion and questionable nature of crypto as legal tender in India has had a noticeable chilling effect,” said Nathan Eagle, CEO and founder of Jana. “As the hype cycle has started to unwind, we’re also seeing a huge departure both on the total number of searches, as well as visitors to these sites, which will continue to impact consumer appetite for investing.”