Crypto activities have become the spotlight of the world recently. It’s reported that the trade volume and crypto ownership in Africa have been increasing significantly across the whole region.
According to Arcane Research and Luno, countries like South Africa, Kenya, Ghana, and Uganda have frequently been looking for the keyword “Bitcoin” on Google. The same report also mentioned that the Africa continent is now one of the most promising regions for crypto adoption.
Furthermore, Africa has plenty of young people who are more curious about new technologies in the financial sector - such as with cryptocurrencies. On top of that, Africa also has repetitive problems with financial issues, which is usually a good recipe to adopt cryptocurrencies.
Previously, Nigeria was the dominant force in the continent, with larger trade volume than neighbouring countries. However, the report that was mentioned above also stated that South Africa now has the largest crypto trading volume in the region with a 13% market share, slightly above Nigeria, with 11%. Even compared to countries outside its neighbours, South Africa is in the 5th position for crypto adoption.
The data from last week alone has shown that South Africa had almost $1.65 million worth of Bitcoin trading volume with Localbitcoins alone and $1.95 million worth of trading volume if you analyze their whole trading volume from multiple exchanges.
This significant increase in crypto enthusiasm is warmly welcomed by everybody in the region.
Not only in South Africa, but others also enjoy the surges in crypto activities. Nigerians have been having $9.2 million in weekly trade. Kenya also has a higher trading volume recently.
Because of these big increases across the African region, it’s claimed that the Africa region has the potential to compete with other emerging markets in crypto trading, such as Latin America.
Source: Cointelegraph
