With 60% bitcoin trading, Nigeria seen as biggest cryptocurrency market in Africa

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A token representing Bitcoin virtual currency sits among cables and LED lighting inside a 'mining rig' computer in this arranged photograph in Budapest, Hungary, on Wednesday, Jan. 31, 2018. Cryptocurrencies are not living up to their comparisons with gold as a store of value, tumbling Monday as an equities sell-off in Asia extended the biggest rout in global stocks in two years. Photographer: Akos Stiller/Bloomberg via Getty Images

A new report shows that Nigeria is one of the most rapidly increasing cryptocurrency markets in the world, as it stands as the biggest source of Bitcoin trading volume on the African continent.

A study conducted by Blockchain.com has taken data from the trading activity on its platform to note which countries are performing. According to the cryptocurrency wallet provider, Nigeria has seen an enormous amount of cryptocurrency trading activity on its wallet app – making it the best-performing country across the globe.

Nigeria Crypto Trading Up By 60%
Blockchain.com’s report notes that Bitcoin trading in Nigeria has sparked dramatically and that cryptocurrency activity in the past three months has skyrocketed by over 60%:

“Nigeria has been the most trending country in recent months. It has increased by 60% its usage of Blockchain.com web wallet since April 2020.”

Not only have trading volumes increased in the Nigerian region but, according to Blockchain.com’s report, the general interest from the country in Bitcoin has risen too.

Noting insights from Google Trends, the search volume for the cryptocurrency is at a high in Nigeria, and the country has the most search volume for “Bitcoin”.

Other countries with high search volumes for Bitcoin include other African countries like South Africa as well as European regions including Switzerland and Austria.

Bitcoin Interest Increase As US Dollar Decreases
The report also noted the correlation between the cryptocurrency industry and dollar over the past month. As reported, as the United States dollar has seen a 4% dip in July, the interest from traders and investors has increased globally. Noting gold and other commodities, the study stated:

“For the month Bitcoin (BTC) and Ethereum (ETH) were up 24% and 57%, respectively. Other hard assets such as gold registered double digit percentage gains to set a new all-time high in USD terms (+11%). Equities (+6%) and long-dated US Treasuries (+4%) also performed well.”

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