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?
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — have gone down -2.37% in aggregate. Leading the way was XRP, whose price is now around $0.275547 USD, which yielded holders a return of -1.26% from the day prior. On the flip side, the worst performer was Bitcoin coming in at -3.53%; its price is now near $8726.31 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole.
Price Action to Watch
It should be noted that the price behaviour of Bitcoin and Ethereum was especially curious, as their moves yesterday were much larger than their respective normal daily trading ranges. Technical traders may also wish to note the following developments in price action:
- Currencies without a clear trend over the past two weeks are Bitcoin Cash and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
- Currencies in clear downtrend over the past two weeks are XRP and Bitcoin. If you prefer bear markets, they might be up your alley.
- Ethereum is getting close to its 20-day moving average; its current price is 184.91, and its 20-day moving average is 182.7275.
- Also of note is that Bitcoin just crossed its 20-day moving average yesterday.
What Does Transaction Data Tell Us?
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 945,195 transfers added was about 33% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple has a transaction fee less than the transaction fee of Ethereum, which may indicate that 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 Bitcoin, coming in at a value of $50,242,164 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 65.72% of the value of all circulating cryptocurrencies. Its dominance has been in a downtrend over the past two weeks, heading between 65.72% to 67.33%.