Africa’s Crypto Adoption Grew by Over 1200% In a Year

by in Cryptocurrency News

Africa crypto adoption

Data from Chanalysis show that the crypto industry of Africa is making progress at a fast pace. In the previous year, received crypto has gone up by more than 1200%. From July 2020 to June 2021, African countries got about $105.6 B worth of crypto in total. The surge is notable, especially considering the fact that Africa’s crypto economy is small-scale.

Related: Cathie Wood Believes BTC Will Hit $500.000 Over 5 Years

Along with this, the continent sees the highest grassroot adoption globally. Nigeria, South Africa, Kenya, and Tanzania are in the leading 20 names by crypto adoption percentages.

Currently, Africa ranks third among the evolving crypto sphere. The total transaction volume formed by retail-sized deals stands at above 7%, while on average the indicator is 5.5%.

Another study, done by research and data company KLA, shows that around 47% of South African adults hold crypto. Most of the investments are low-value. 36% of the participants said they plan to invest in crypto sooner.

As Chainanalysis informs, 4 main crypto trends prevail in Africa: grassroots adoption, the growing popularity of P2P networks, crypto-based remittances, and crypto's role as capital maintenance.

Cryptocurrencies continue to surge in popularity, with the adoption index growing by 880% worldwide. The total market cap of the market stands at above $2.1 trillion. Bitcoin trades at above $47.900. Its market dominance index is 41.35%