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.
How Did the Fab Five Finish?
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — were down -2.07%. The best performer of the bunch was XRP, which went down 0.53%. As for the worst performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 3.77%. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole as a whole.
Price Action to Watch
None of the coins had surprising moves, in the sense that the prices fluctuated within the typical range they have been fluctuating between over the past few weeks. Traders may also wish to bear in mind the following events going on regarding current price patterns:
- If you are looking for coins in a clear uptrend, consider Litecoin and Bitcoin. Those two have been in a clear uptrend over the past 14 days.
- XRP doesn’t really have a clear trend one way or the other. If you abide by the adage “the trend is your friend” well, then XRP is no friend of yours. 🙂
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Insights from the Blockchains
Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 9% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. Typically Ethereum has the most transactions in a given day, though Ripple has increasingly found itself in the top spot, which may be a development worth keeping a closer eye on. 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Ripple, coming in at a value of $109,899,195 US dollars.