According to a report by blockchain data platform chainalysis, Africa’s cryptocurrency market has grown by over 1200% based on the value received in the last year.

The report revealed that Africa received $105.6 billion worth of cryptocurrency between July 2020 and June 2021. Although this figure ranks Africa as the smallest cryptocurrency economy of any region, it is one of the most dynamic and exciting, the report said.

Africa also tops the chat for cryptocurrency grass-root adoption in the world ranking, making the continent have a huge retail-sized transaction volume of over 7%, versus the global average of 5.5%.

In the last 24 hours, bitcoin is up by 2.91%, with a current price of $47,750.36 as at the time of writing this. Within 24 hours, bitcoin dropped to $46,350 low and $47,892.01 high. The trading volume of bitcoin in the last 24 hours is $1.01B. The current market capitalization of bitcoin is $889.08B. Currently, $18.81M bitcoins is in circulation.

Stats and Image from Coin Desk

Per the report, “no region uses P2P platforms at a higher rate than African cryptocurrency users, as they account for 1.2% of all African transaction volume and 2.6% of all volume for Bitcoin specifically.”

The primary factor increasing the use and popularity of Peer-to-Peer (P2P) transactions and platforms in this region are unfavourable crypto policies by the government, especially in Nigeria and Kenya, where it is difficult for customers to send money to cryptocurrency businesses from their bank accounts.