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.
Recap of the Top Five Cryptos
Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -0.38%. Out of the aforementioned five, Bitcoin Cash gave investors the best daily return; it was up 0.57%, which has its price now near $243.32 USD. On the flip side, the worst performer was Litecoin coming in at -1.74%; its price is now near $55.01 USD. Out of the five coins observed here, two cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.
Price Patterns to Monitor
None of the coins had moves that could be regarded as unusually large; all the moves were within the volatility ranges we’ve come to expect for each currency. Traders may also wish to bear in mind the following events going on regarding current price patterns:
- The crypto market as a whole seems to be in bear mode; the five majors have been heading down over the past 14 days.
Insights from the Blockchains
Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 63% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. Ripple’s transaction fee was also less than Ethereum’s, suggesting transaction fees might be a key reason why users are preferring Ripple. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $71,997,048 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $145.93 billion US dollars — which means Bitcoin accounts for about 66.14% of the entire cryptocurrency market. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an unclear trend, ranging between 65.62% to 66.65%.