The KuCoin report reveals that Bitcoin is India’s most popular crypto, but is a surprising hit …

India’s crypto market is currently on the verge of a regulatory abyss. There is no doubt that investor sentiment is changing.

On December 1, the KuCoin crypto exchange released a report that takes a look at the crypto scene in India to understand investor sentiment. In fact, the exchange also revealed which coins were a hit with Indian traders in November.

Bitcoin Diwali

According to KuCoin, the five most popular cryptos are: Bitcoin [BTC], Ether [ETH], Dogecoin [DOGE], Shiba Inu [SHIB], and Decentraland [MANA].

Well, KuCoin made it clear that Bitcoin was being treated like royalty in India and it was the most popular crypto in the country. The exchange indicated that Bitcoin was “thrilled” earlier in the month due to the Diwali festival. In fact, the talks about the Paytm digital payment platform, which may support crypto in the future, were the icing on the cake. However, there were sell-offs in the second half of the month due to rumors of a crypto ban.

Ethereum, the second largest cryptocurrency by market capitalization, was reportedly less volatile than Bitcoin. It hit an all-time high in November. However, gas fees and heavy network traffic continue to hold the coin back, according to KuCoin.

Fight like dogs

Dogs could run away from the Diwali fireworks, but DOGE’s performance has increased this festival season. KuCoin wrote,

“Trading volume for DOGE / USDT stayed high in the first week of November and Indian traders made a major contribution and enjoyed trading the cryptocurrency during the Diwali celebrations. “

But regulatory FUD led to panic selling and DOGE backed off with a tail between its legs.

The story of Shiba Inu had a similar fate. KuCoin reported that

“Shiba Inu became one of the most wanted cryptocurrencies in India in November as more and more investors bought the coin. For Indian investors SHIB / USDT was one of the most attractive tokens when entering the crypto market due to its extremely low price with low risk.

Nevertheless, KuCoin found

“However, sentiment turned pessimistic amid concerns about upcoming regulations, leading many to panic selling and bringing the price of SHIB below $ 0.000040.”

Pay attention to your ‘MANA-s’

A surprising name on the list was the Metaverse platform Decentraland and its native token MANA. KuCoin noted that MANA wasn’t experiencing as many panic sales and suggested more experienced Indian crypto buyers as the reason for this. KuCoin cited the success of metaverse assets like Axie Infinity [AXS], and observed

“The more serious Indian investors in Decentraland will most likely instead take a ‘wait and see’ approach, choosing to hold on to their investments in MANA and other tokens across the market until there is more clarity on the Indian government’s stance on cryptocurrencies.”