Bitcoin value in Nigeria surges as cash-free society initiative expands
The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — were down -0.42%. The best performer of the bunch was Litecoin, which went down 0.16% and currently is sitting near $67.055416 USD. In terms of the worst performer, that would be XRP, which reported a day-over-day return of -0.78% — a move that puts its price around $0.257337 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole.
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Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Traders may also wish to bear in mind the following events going on regarding current price patterns:
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 864,721 transfers added was about 13% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple’s transaction fee is less than Ethereum’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ripple. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $1,000,219,328 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 70.84% of the value of all circulating cryptocurrencies. Its dominance has been in an uptrend over the past two weeks, going from 67.82% to 70.84%.
The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
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