- Bitcoin has been the market leader with a market cap of $35,000 and is still standing strong.
- It has been recorded that exchanges worth $400m belong to Nigeria alone
Bitcoin has been the market leader with a market cap of $35,000
We have seen that Bitcoin has been the market leader with a market cap of $35,000 and is still standing strong on the top by increasing its global exchanges and usage. Bitcoin has been that cryptocurrency which has been accepted worldwide and has seen a huge global acceptance.
While most of the countries have made a significant contribution towards the increasing market cap and volume of Bitcoin, Nigeria has been spot on in its contribution. It has been recorded that exchanges worth $400m belong to Nigeria alone.
Nigeria is next after USA in Bitcoin trading
The main reasons behind this Bitcoin boom in Nigeria has been due to its young population, budding technology and its unstable currency. Nigeria is next after USA in Bitcoin trading. It has been observed that, only in the month of October 2020 a total of $33m was traded. Also 25% of the Bitcoin’s base comprises of Nigerian accounts.
Many trading companies which have their basis on crypto currencies also had seen a huge growth in their profits and exchanges. A company named Bitsika claims to have processed a volume of $40m and almost close to 1 lakh users. BuyCoin and Busha companies have reported a total of $21m and $15m volumes respectively. Busha has a reported users of 80k and BuyCoin is reported to have 17k.
Nigeria has taken almost 5 years to provide a market value of $600m but taking the above discussed situations into consideration it can be concluded that there would be an increase of another $600m by the end of 2021.
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