NAIRAMETRICS
Nigerian investors who purchased Bitcoin during the November slump are posting enormous gains in the online cryptocurrency market.
Data indicates that since its November lows, bitcoin has increased by at least $7,000 (p2p rate N5 million naira).
On Saturday afternoon, Bitcoin along with major market leaders Ethereum and Solana, surged to levels not seen since August 2022, giving this week’s cryptocurrency market recovery another shock.
The bulls’ struggle, which lasted for a few days, appears to be over, at least temporarily, as BTC had one of its most remarkable overnight price increases in recent memory. It increased it from under $21,000 to more than $23.2K.
Nigerians’ adoption of Bitcoin and other digital assets as shown by KuCoin, a well-known crypto exchange, titled “Into the Cryptoverse shows Nigeria stands up among the world; 35% of its citizens, or 33.4 million people, aged 18 to 60, either owned or traded bitcoin or another cryptocurrency in the previous six months.
According to Google Trends, Nigeria had the most searches for bitcoin in the first few months of 2021, the report adds.
- Nigerians are only behind the United States in Bitcoin trade volume from January to August of last year, and at that time, they were more likely to google “Bitcoin” than people from any other nation.
