Looking at the stats from UsefulTulips, a crypto trading aggregator, volumes have soared by a factor of over 27% from January 2021 highs.
Here are just a few of the markets where this growth is showing between January – April 2021 on both LocalBitcoins and Paxful:
Nigeria – From $6.3M to over $9M
Ghana – From $1.7M to $2.8M
Tanzania – From $63K to $180K
Chad – From $263K to $444K
Mali – $83K to $121K
Ethiopia – $4K to $11K
Rwanda – From $9K to $18K
Interestingly, a lot of the huge increases seem to be coming from much lesser known markets on the continent including smaller economies.
While the growth in the value and market cap of the crypto space has obviously contributed to this massive growth, more could also be at play amid the current pandemic, weakening African currencies, and a more enlightened younger population seeking alternative investment opportunities.