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September 23, 2020
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Bitcoin

Bitcoin shows explosive growth in Africa in 2020

Volume of point-to-point Bitcoin transfers reach new peaks of all time in Africa.

While major cryptocurrency exchanges have seen a significant decline in the volume of transactions last month, Africa continues to break records, according to data provided by the analytics website Useful Tulips, Bitcoin trading volume took off.

As noted by the cryptocurrency analyst, Kevin Rooke, Africa’s point-to-point trading volumes have increased 2.5-fold since March.

Three African currencies reach new highs

P2P Bitcoin commerce is dominated by the duopoly of Paxful and LocationBitcoins. The first took the lead in global volume at the end of June.

Last week, the accumulated volume of the Nigerian naira exceeded the $ 10 million mark on these two exchanges for the first time.

It is now the second largest fiat currency for P2P trading after the US dollar.

Kenyan shilling and Ghanaian cedi also reached their all-time highs ($ 2.5 million and $ 1.7 million).

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Africa outperforms Latin America

Venezuela, hit by hyperinflation, has been the starting point for the adoption of cryptocurrencies, with its people finding solace in Bitcoin, Dash and other currencies considered more stable than the bolivar. Bitcoin has also increased in other unstable economies, such as Colombia and Argentina.

In May, however, African P2P markets surpassed those in Latin America, where interest in trade is decreasing. The naira of Nigeria now registers twice the volume of the bolívar.

Africa is now in second place, just behind North America, which has $ 30 million in weekly P2P exchanges.

Source: U.Today

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