Why Africa Is A Key Catalyst For Crypto Market Growth

The cryptocurrency market is one of the most exciting places to invest. This is primarily attributed to the success of bitcoin and the growing popularity of blockchain technology. Crypto has penetrated nearly every corner of the world that you can think of, and this is good for long-term growth. bitcoin, in particular, has skyrocketed to surpass the $1 trillion market valuation after hitting a price of $58,480 before pulling back to just above $51,000.

However, from a numbers perspective, there are still several people that have not invested in the industry in any capacity. In fact, while it would be a good call to say every country is represented, there are more people that have not invested a single cent than there are those who invested at some point.

Africa’s crypto boom

Regionally, Africa is one of the fastest-growing economies. The continent has in recent years demonstrated its flexibility in adapting to new market trends. And now, analysts see it as a major driving force for the next growth phase of the cryptocurrency industry.

Africa is now host to hundreds of cryptocurrency projects some of which are significantly funded by local governments. Some of the projects have already graduated from their pre-launch states to fully tradable assets across several crypto exchange platforms. Kenya’s Bitpesa is one of the leading cryptocurrency platforms in Africa and last year launched a peer-to-peer platform that will boost expansion in other segments of the financial industry.

The next step will be to add them to popular CFD trading platforms for intra-day trading, which will continue to boost their popularity. Bitcoin has gained more traction after listing on some of the leading forex brokerage platforms as a CFD. The forex market is the world’s largest in terms of turnover with more than $5.3 trillion worth of daily transactions and this increases the addressable market for top cryptocurrencies.

Africa has been a critical player in the growth of the forex market over the last two decades with the growth of online trading via mobile phones. Now, with crypto just gaining traction in the continent, this could spark the next growth phase of the market.

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Disclosure: The material appearing on this article is based on data and information from sources I believe to be accurate and reliable. However, the material is not guaranteed as to accuracy nor does ...

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Leslie Miriam 1 month ago Member's comment

Good read, thanks.