As the debate on whether to make cryptocurrencies legal or illegal in Kenya continues, a new report by localbitcoins.com, one of the most vibrant bitcoin and crypto trading platforms in the world, has revealed that Kenya is in 3rd position in bitcoin trading volumes in Africa.
On a global scale, Kenya seems to be ranked at number 23, with the United States, Russia, and the UK taking the top three positions respectively.
Other African countries that appeared on the top 50 countries leaderboard in trading volumes, included Morocco and Tanzania.
Below are the statistics as they stand according to the new report:
- Nigeria – $258M
- South Africa – $98M
- Kenya – $25M
The Town Drill-Down
Looking at the numbers and drilling down even further, we find that the statistics reveal the most vibrant towns in trading as follows:
The above statistics however are just statistics from one trading platform. Recently, Binance, the largest crypto exchange launched its operations in Uganda as it looks to expand across Africa.
KuBitX, which had a successful launch in Nairobi, Kenya, is yet another crypto exchange that is expected to take Africa by storm.
A lot of new traders are also starting to get involved in Bitcoin, and using trading software to help understand market trends is getting trendy. According to Inside Bitcoins, Bitcoin Revolution is one of these softwares that traders are now using to receive market signals and place trades.
These developments signal a growing rise, not only in Kenya, but across Africa, in cryptocurrency interest.