Bitcoin trading enjoys record growth in Africa
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.
Nigeria top African countries in trading volume
According to data provided by the Tweet of Kevin, three African currencies have dominated the local market.
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.
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.