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.
Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -0.83%. Out of the aforementioned five, XRP gave investors the best daily return; it was up 1.85%, which has its price now near $0.295548 USD. On the flip side, the worst performer was Bitcoin Cash coming in at -2.45%; its price is now near $227 USD. Two of the coins had up days, which is a mixed sign for the crypto sector.
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. Also of note for technical traders are the following developments in price action:
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,049,855 transfers added was about 49% 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 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 $88,319,672 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $143.89 billion US dollars — which means Bitcoin accounts for about 66.25% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in a downtrend, heading between 65.85% to 66.95% over the past two weeks.
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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