Africa Sets New All-Time High of N5.076 Billion Naira in Peer-to-Peer Bitcoin Trades With Nigeria Covering Over N3.631 Billion Naira.
Just in, Africa sets a new All-Time high of N5.076 Billion Naira in peer-to-peer Bitcoin trades across 18 African countries with Nigeria covering over N3.631 Billion Naira.
The volume of Bitcoin trading in Africa has seen a new all-time high of N5.076 billion naira~$13 million surpassing the previous record of N3.905 billion naira~$10 million at press time.
Africa has seen a continued increase in peer-to-peer Bitcoin traders within this month. Early this month, Bitcoin traders in Africa was around N3.905 billion naira, then towards the month end, it jumped to over N5.076 billion naira.
The new all-time high for this week has surpassed the regional P2P scene in Latin America.
According to a Matt Ahlborg, a data scientist and the creator of UseFul Tulips, “ Africa had ANOTHER record week on global P2P markets. In all, over 13M in USD equivalent was traded across 18 African currencies and this was the first week on record where African volume exceeded Latin American volume on these P2P exchanges.”
From the data provided by crypto data analytics site, Useful Tulips, Bitcoin traders in Africa covering across 18 Africa countries exchanged the equivalent of more than N5.076 billion naira across P2P platforms, such as LocalBitcoins and Paxful.
Read Also: Nigeria Inflation Rate Continues to Increase on a Month-On-Month Basis in 2020.
Also the volume of Bitcoin trading in Africa has now surpassed the local trading volume in Latin America, a region often referenced to when checking the peer-to-peer bitcoin trading volumes and OTC platforms around the world.
Latin America Bitcoin trades was at over N4.295 billion naira~$11 million at press time while Africa recorded over N5.076 billion naira.
Nigeria saw a significant growth among other African countries recording over N3.631 billion naira~$9.3 million in weekly trading volume, that’s 400 percent more than South Africa, Nigeria’s closest competitor in Bitcoin trading across Africa.
The significant growth in Bitcoin trading in Nigeria can be attributed to the increase in inflation rate on month-on-month basis. The inflation rate in Nigeria has increase 12.3% in 2020.
Volumes on peer-to-peer exchanges is still the highest in Africa though some centralized exchanges like binance has a volume of over N900,000,000 naira in Bitcoin to Naira market at press time.
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