According to Bitcoin.com, sub-Saharan Africa accounts for 2.3% of global cryptocurrency trading volume, but a closer look at the latest data reveals that “cryptocurrencies have penetrated key markets and become important to the daily lives of many residents.” component". Nigeria’s trading volume between July 2022 and June 2023 was close to $60 billion, making it the largest cryptocurrency market in sub-Saharan Africa. Overall, the region's total trading volume during the same period was $117.1 billion. Data shows that Nigeria accounted for nearly half of the region’s total transaction volume during the same period. South Africa's trading volume exceeded $20 billion during the same period and is home to the second-largest cryptocurrency market in sub-Saharan Africa. Kenya, Mauritius and Ghana rounded out the top five in the region, ranking third, fourth and fifth respectively.
Meanwhile, Chainaanalysis data shows that residents of sub-Saharan Africa are increasingly viewing BTC as another store of value. Sub-Saharan Africa’s share of Bitcoin trading volume is 9.3%, surpassing all regions, including North America (9.0%) and Eastern Europe (8.2%). While Bitcoin remains the number one cryptocurrency in the region, the latest data seems to indicate that the leading crypto asset is moving towards stablecoins. Moyo Sodipo, co-founder of Nigerian cryptocurrency exchange Busha, said the decline in Bitcoin prices may explain why users in the region are leaning toward stablecoins. "Now that Bitcoin has lost a lot of value, people are craving diversification between Bitcoin and stablecoins. However, market changes have not dampened activity."
