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Cryptocurrency

Nigeria’s Bitcoin Trade Falls to $32.16 Million

Nigeria’s Bitcoin Trade Drops to $32.16 Million

  • Nigeria’s total Bitcoin trade in September dropped to $32.16m from October’s all-time high of $44m
  • The figures for the latest peer-to-peer trade is a step back from February levels when trading volume was $31.9m
  • This figure was attained by combining data for 2 peer-to-peer exchanges in the country, LocalBitcoins and Paxful

Nigerians traded $32.16m in Bitcoin volume in September. A drastic drop from August’s $44m ATH.

These figures were generated from research that was carried out by Usefultulips.

Usefultulips combined data that was generated from two peer-to-peer exchanges in the country- Paxful and LocalBitcoins so it is expected that the actual trading volume is higher.

The last time that the BTC trading volume was around this level was in February when the trading volume was $31.9m.

Nigeria’s total p2p trading volume for the first nine months of 2021 was $315.76m.

The drastic fall may be a result of BTC losing 10.22% of its market cap in September.

Read also: Cryptocurrency Cannot Be Destroyed- Elon Musk

On the 30th of September, BTC had a market cap of $824.62bn but as of today, it has bounced back to $918.50bn.

In that time the value of the flagship cryptocurrency also rose to $48,847.03 from $43,790.90.

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