19 March 2019

Nigeria: Bitcoin Surges Past $4,000 As Nigerians Trade N1.27bn

Photo: allafrica.com
Left: Satellite image of Africa. Right: Bitcoin mock-up.

With the overall cryptocurrency market capitalisation growing by $5 billion, the price of Bitcoin broke the $4,000 benchmark at the weekend and was able to sustain it, as the volume held in naira rose to N1.269 billion.

Data by Coindance, showed that the weekly local bitcoin volume rose from N1.11 billion in the first week of January to N1.269 billion for the week March 16, 2019. The value of Bitcoin, the most popular cryptocurrency had dropped below the $4,000 mark having shed $2,272 over the last six months.

As at yesterday afternoon, the overall cryptocurrency market cap stood at $138 billion, as Bitcoin traded at a price of $4,018 with a market cap of $70.7 billion. Traders said the market is showing minor signs of correction with the top ten cryptocurrencies correcting as little between one and three per cent.

Among the top 10 cryptocurrencies, only Bitcoin Cash (BCH) showed movement with over five per cent gains. At the press time, Bitcoin Cash is trading at $160.21 with a market cap of $2.8 billion.

Over the last three months, the cryptocurrency market has shown major consolidation. Bitcoin too has been trading close to $4,000 levels as several analysts have been predicting the resurgence of the world's largest cryptocurrency. Also, the uncertainty in crypto regulations has kept many wondering as to in which direction the market will swing.

Fundstrat analyst and Bitcoin bull, Tom Lee believe that Bitcoin has almost reached its bottom and is set for the next up-move. However, Lee's predictions have fallen flat in the past with the crypto market showing notorious price movements.

Lee continues his strong belief that there are no further major headwinds and roadblocks for Bitcoin. Moreover, he remains optimistic that the crypto market shall witness "big moves" in the coming few months.

More on This

High Bank Service Charges - Case for Crypto-Currencies

Bank service charges or fees make a compelling case for the mass adoption of crypto-currencies, particularly in… Read more »

See What Everyone is Watching

More From: Leadership

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.