Odaily Planet Daily News Chainalysis report shows that sub-Saharan Africa’s transaction volume accounts for 2.3% of global cryptocurrency transaction volume, and “cryptocurrencies have penetrated key markets and become an important part of the daily lives of many residents.”
Nigeria’s trading volume between July 2022 and June 2023 was close to $60 billion, making it the largest cryptocurrency market in sub-Saharan Africa. Overall, the region's total transaction volume for the same period was $117.1 billion. Data shows that Nigeria accounted for nearly half of the region’s total transaction value during the same period.
South Africa's trading volume exceeded $20 billion during the same period and is home to the second-largest cryptocurrency market in sub-Saharan Africa. Kenya, Mauritius and Ghana rounded out the top five in the region, ranking third, fourth and fifth respectively.
Meanwhile, Chainalysis data shows that residents of sub-Saharan Africa are increasingly viewing BTC as a store of value. Sub-Saharan Africa’s share of Bitcoin transaction value in the region is 9.3%, surpassing all regions, including North America (9.0%) and Eastern Europe (8.2%). While Bitcoin remains the number one cryptocurrency in the region, the latest data seems to indicate that people are moving towards stablecoins. (Bitcoin.com)