According to a new report, Nigeria is trending to become the most avid cryptocurrency markets in the world. In the African continent, it has the biggest source of Bitcoin trading volume which makes it more crypto-friendly.
Blockchain.com has taken data from different sources and platforms, including Nigeria’s trading activity platform in order to study which countries are performing well for crypto. According to the results of the cryptocurrency wallet providers, Nigeria has performed the best worldwide. It has achieved a huge amount of cryptocurrency trading activity on its wallet app.
Nigeria Crypto Trading Increases By 60%
Blockchain.com has noted that in Nigeria, cryptocurrency activity has increased rapidly and Bitcoin trading has also surged dramatically by over 60% in the last three months.
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.
Nigerian region has not only shown great interest for trading volumes but the general interest of the population towards Bitcoin has increased too, according to Blockchain.com’s report. As reported from Google Trends, the search volume for the cryptocurrency is the highest in Nigeria and the most search volume for “Bitcoin” also comes from the same region.
Other than Nigeria, other African countries such as South Africa and European regions including Switzerland and Austria also have high search volumes for Bitcoin.
Correlation between the dollar decline and the cryptocurrency industry
The report also observed the correlation between the cryptocurrency industry and dollar over the past month. According to the report, the interest from traders and investors has increased globally since the United States dollar has seen a 4% downfall in July. 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.