Africa was Second Fastest-Growing in Youth Crypto Adoption with Nigeria Leading Globally, Says Q1, 2020 CoinMarketCap Report

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CoinMarketCap, the world’s number one price tracking, ranking, and market data website for cryptoassets has published a unique insights report on how the crypto market has performed and what the notable trends are for Quarter 1, 2020.

Of particular interest is the fact that the report highlights Africa as the second-largest continent in youth percentage growth of 91.47%, thanks to Nigeria which saw a 210.6% surge in user numbers.

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Here are a breakdown of the countries that saw more than 80% quarter-on-quarter growth in users aged 18 – 24:

  • Nigeria (+210.6%)
  • Australia (+158.07%)
  • Spain (+120.71%)
  • Canada (+112.45%)
  • Mexico (+97.33%)
  • UK (91.48%)
  • Colombia (+85.07%
  • India (+83.07%)
  • Pakistan (+81.79%)

From the list, its clear that Africa, in particular Nigeria, was leading in youth adoption of crypto globally in Q1, 2020.

As many of you may know, Q1 was a turbulent period for participants in the crypto industry.

Here are just some of the events that happened that affected the crypto industry:

  • The price of Bitcoin fell a whopping 43% on March 12, touching a low of $3,900
  • On the same day, the total crypto market cap hit a low of $150 billion, 57% lower than the previous month

The above events resulted in a massive bitcoin sell-off. Despite all of this, in Q1, both Bitcoin and the crypto market in general have outperformed global benchmarks for equities, like the MSCI World Index and S&P 500.

While much of the market has recovered to some extent, there is some way to go
before they recover to the price levels we saw early in the quarter.

Amid the mixed crypto landscape sentiments, the report notes the significant female and youth user growth trends during the quarter.

As the Bitcoin halving event nears, and central banks across the world embark on unprecedented quantitative easing, the next few quarters will offer valuable insights into the role that cryptoassets will play in the broader financial universe.

 

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