Monday, May 20, 2024

From January 1 to July 4, Nigeria dominated Africa’s overall engagement with cryptocurrency, accounting for 66.8% of interest. This figure is nearly eight times greater than that of South Africa, which ranks second, as shown in the latest Coingecko study. Besides Nigeria and South Africa, Morocco, Ghana, Egypt, and the Ivory Coast jointly contributed to 23.8% of the continent’s cryptocurrency interest this year up to now.

Nigerian Crypto Engagement Boosted by High Inflation and Currency Problems

As per the recent Coingecko report on Africa’s cryptocurrency activity, Nigeria led the continent with a crypto interest share of 66.8%. This West African country’s share is about 8 times higher than that of South Africa, the country with the second-largest interest.

The report’s findings further consolidate Nigeria’s position as the leading crypto country in Africa, considering both user interest and trading volumes. According to the same study, deficiencies in traditional finance infrastructure, soaring inflation, and currency devaluation largely account for Nigerians’ unmatched enthusiasm for cryptocurrency.

Top Six Countries Contribute to Over 90% of Africa’s Total Crypto Interest

Furthermore, the report indicated that from January 1 to June 4, no other African country showed over 10% interest in crypto. During the same time frame, South Africa displayed an 8.36% interest level in crypto. Morocco, despite imprisoning a crypto trader in 2021, ranked third with 5.43%, closely followed by Ghana with 5.24%. Egypt, burdened by inflation, rounded out the top five with a crypto interest level of 2.74%.

The data showcased in the report reveals that South Africa, Morocco, Ghana, Egypt, and the Ivory Coast combined account for 23.8% of Africa’s crypto interest so far this year. The report further suggests that these top six nations collectively represented over 90% of Africa’s total crypto interest during the period under examination.

The report also indicated that merely eight countries showed more than 1% interest in crypto. The study data reveal that South Sudan, Sierra Leone, and Mozambique had the least crypto interest among the African countries surveyed.

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Frequently Asked Questions (FAQs) about cryptocurrency interest

What is the significance of the Coingecko report regarding cryptocurrency interest in Africa?

The Coingecko report highlights the cryptocurrency interest in Africa during the first half of 2023. It reveals that six countries, including Nigeria, dominate over 90% of the continent’s cryptocurrency engagement.

Which country in Africa had the highest crypto interest according to the Coingecko report?

According to the Coingecko report, Nigeria had the highest level of cryptocurrency interest in Africa during the specified period. It accounted for 66.8% of the overall interest, which was approximately eight times greater than the second-ranked country, South Africa.

What factors contribute to Nigeria’s significant crypto interest?

The Coingecko report suggests that Nigeria’s unmatched crypto interest can be attributed to various factors. These include poor traditional finance infrastructure, high inflation, and currency depreciation. These circumstances have led Nigerian residents to show a strong affinity towards cryptocurrencies.

How many countries accounted for the majority of Africa’s crypto interest according to the report?

The Coingecko report indicates that six countries played a dominant role in Africa’s cryptocurrency interest. These countries include Nigeria, South Africa, Morocco, Ghana, Egypt, and the Ivory Coast. Together, they accounted for 23.8% of the continent’s crypto interest during the first half of 2023.

Which African countries displayed the least interest in cryptocurrency?

Among the surveyed African countries, South Sudan, Sierra Leone, and Mozambique exhibited the least interest in cryptocurrency. The Coingecko report suggests that their level of interest remained below 1% during the specified period.

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