Bitcoin trading enjoys record growth in Africa

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Last Updated on 20 July 2022 by CryptoTips.eu

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Bitcoin has acted majorly as a stablecoin in the recent weeks with major crypto exchanges seeing a decline in trading volume.

The altseason has truly taken pace with several alts making remarkable profits in the past month.

Despite this, Bitcoin adoption has continued to grow in Africa in recent months. This has largely been due to the emergence of youths viewing the coin as an hedge against inflation.

The continent keeps shattering records and crypto analyst Kevin Tools recently tweeted that p2p trading volumes have surged by more than 250% since March.

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Nigeria top African countries in trading volume

Peer-2-peer trading in Africa is dominated by LocalBitcoins and Paxful with both platforms experiencing a surge in volume.

According to data provided by the Tweet of Kevin, three African currencies have dominated the local market.

African Currencies

Nigerian naira (NGN) dominates and crossed the $10 million mark on the two exchanges for the first time. This surge makes NGN the second biggest fiat currency for p-2-p trading after USD.

The Kenyan shilling is next with a quarter of the value of NGN at $2.5 million while the Ghanaian cedi rounds up this list on $1.7 million

Africa surpasses Latin America

Latin America is long known for its P2P trading ecosystem with several countries within its region adopting cryptocurrencies.

Venezuela which has the highest rate of inflation in the world has been open to crypto adoption with several citizens buying Bitcoin and holding it.

While Bitcoin has also been on the rise in other countries like Argentina and Colombia.

Africa overtook Latin America in May and has shown no signs of stopping. Nigeria continues to be the major driver towards this with a high rate of trading volume in the country.

Africa is now in second place just behind North America, which boasts $30 mln worth of weekly trades on P2P exchanges.