Nigerians’ use of Bitcoin in the past month has surged exponentially, as the use of Bitcoin for peer to peer lending in the country recorded a feat.
Recent statistics showed that Nigeria led the pack with more than $35 million, while the closest rival, South Africa, had a transactional value of just $7 million during the last thirty days, according to usefultulips (a Bitcoin analytic data provider).
Among the top countries in the last 30 days leading in peer to peer Bitcoin transactional trades on the African continent are:
Nigeria – $35, 147, 166
South Africa – $7, 130, 711
Kenya – $6, 904, 750
Ghana – $4, 007,376
Central African Republic – $336, 579
Tanzania – $220, 463
In addition the report showed that Nigeria’s transactional value of Bitcoin’s peer to peer lending outsized all African countries totaling ($18, 599, 579)
What you should know: In Bitcoin’s case, Peer to peer is the exchanging of Bitcoins between parties (such as individuals) without the involvement of a central authority.
This means peer to peer use of Bitcoin takes a decentralized approach in the exchange of Bitcoins between individuals and groups.
It shows that Bitcoin’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers.
The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches. This is a testament to the fact that Nigerians truly love their Bitcoin.
Twitter Poll: Bitcoin price expected to reach $100,000 by 2021
BTC’S 4-year cycle will start to transition into the resonance of the traditional market.
A Twitter poll that was recently created by a leading crypto expert, PlanB, has shown that 51% of BTC investors believe the price of the world’s most valuable crypto asset will appreciate beyond $100,000 before December 2021.
Earlier in July, the crypto expert polled his Twitter followers, asking what price they expect BTC price to be by the end of 2021. The results showed 23% of users believed the price would be $100, 000, while 17% pointed to $288,000. Another 17% claimed BTC will be trading at $55,000. 43% said it would be below $55,000.
Much later in the first week of August, the crypto analyst asked investors the same question, and the results changed to showed a more bullish bias among crypto-investors, as 29% pointed to the $100,000 mark, while 22% pointed to $288,000. Pointing to $55,000 was 18% of respondents.
What a difference a month makes! In July (btc $9000), 43% of my followers thought btc would stay below $55k until Dec 2021 (i.e. 43% did not believe S2F model). Now (btc $11500) that is 30%. So 25% in that group changed their mind. And 51% thinks #bitcoin > $100k before Dec 2021. pic.twitter.com/GgmIu1QzVr
— PlanB (@100trillionUSD) August 10, 2020
Insight to BTC’s bullish cycle
Nairametrics believes this present bullish cycle, gives BTC the chance to prove itself as a legitimate macro asset for conservative, institutional investors and ultimately overtaking gold to become the dominant safe-haven asset.
Bitcoin’s 4-year bull/bear cycle is caused by sell pressure reduction every 4 years by the BTC halving.
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As the sell pressure reduction from each halving cycle reduces, the impulse has less strength. Eventually, the scale of halving become insignificant, BTC’S 4-year cycle will start to transition into the resonance of the traditional market.
Ethereum miners are now cashing in big time
ETH’s value in recent months has gained exponentially and will most likely continue to do so.
In the second most valuable crypto market, ETH fees are on the rise, as revealed by data from Glassnode. This means that ETH miners are cashing in big-time since over 42% of the miner revenue is currently derived from fees.
#Ethereum fees continue to skyrocket: over 42% of the miner revenue is currently derived from fees (hourly chart, 24h MA).
— glassnode (@glassnode) August 11, 2020
In addition, information obtained from BitInfoCharts revealed that the median Ethereum transaction fees generated are almost at their second-highest level ever. A mid-2018 surge saw ETH transaction fees peak at around $0.912. Yesterday, it hit the $0.879 mark.
Popular crypto trader, Joel Kruger, expressed his shock at the staggering fees that many are suddenly being asked to pay on the Ethereum network.
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#Eth transactions fees right now. 😬
— Joel Kruger (@JoelKruger) August 11, 2020
Is mining Ethereum still worth it?
When it comes to most crypto assets, mining difficulty and costs related to it are only going upwards. However, as ETH mining becomes more difficult based on more miners joining the process, it is expected that cost will move upward, as more computing power, software, and electricity are needed. But ETH’s value in recent months has gained exponentially and will most likely continue to do so, thus making mining potentially profitable in the long term.
Quick fact: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without fraud, interruption, control or interference from a third party.
Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and Ethereum staking.
XRP plunges more than 10%, biggest daily percentage drop since March 12
Ripple looks set for a bearish run after the recent decline.
The world’s third most valuable crypto asset, XRP, was trading at $0.27660 as of 2.15 am GMT today, losing over 10%. It was the biggest one-day percentage plunge since March 12, 2020, according to data retrieved from Coinmarketcap.
The sudden plunge pushed XRP’s market capitalization lower to $12.55 billion, or about 3.62% of the total crypto asset’s market capitalization. XRP had traded in a range of $0.27660 to $0.28316 in the previous twenty-four hours.
The trading volume for XRP as at the time this report was being drafted was $2.961 billion. It should be noted that XRP traded in a range of between $0.2708 to $0.3106 in the past 7 days.
The fast-moving crypto has been fighting to stay above $0.285 in the last few days and it does show that the sellers have built s resistance around that price level.
Indeed, Ripple looks set for a bearish run after the recent decline. However, buyers will have to break the price level above $0.285 to move up.
Importance of using XRP: XRP was produced by a leading crypto payment with the aim of providing a fast, less costly, and more scalable alternative to both other crypto-assets and existing monetary payment infrastructure like SWIFT.
Unlike its major crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks such as Standard Chartered, and Barclays for international transactions worldwide.