The price of the world’s most popular cryptocurrency recently surpassed $25,000, reaching a new milestone of $25,199.50 on FTX exchange and surpassing the Gross Domestic Product of any country in Africa.
What this means
Africa’s largest economy, Nigeria has a GDP, valued at $448.1 billion. At the time of writing this report, Bitcoin comfortably outmatched Nigeria’s GDP with a market value of $468 billion.
It’s important to note it also outsizes many leading African economies including, South Africa – $351.4billion, Egypt – $303.2billion, Algeria – $169.98billion, Morocco – $118.7 billion, Ethiopia – $96.12 billion, Kenya – $95.5 billion, Angola – $94.6 billion, Ghana – $66.9 billion, Tanzania – $63.2 billion.
Top 10 largest economies in Africa ?
??South Africa – $351.4bn
??Egypt – $303.2bn
??Algeria – $169.98bn
??Morocco – $118.7bn
??Ethiopia – $96.12bn
??Kenya – $95.5
??Angola – $94.6
??Ghana – $66.9
??Tanzania – $63.2
(#Nairalytics, World Bank)
— Nairalytics (@Nairalyticsdata) November 11, 2020
What you must know
- At the time of writing this report, Bitcoin traded at $25,178.11 with a daily trading volume of $43,045,202,470 USD. Bitcoin is up 3.18% for the day. Bitcoin’s current market value stands at $467.8billion.
- The flagship crypto is on its record high amid strong purchases seen in institutional and accredited investors gaining more exposure to Bitcoin through the world’s biggest crypto hedge fund, Grayscale, and the CME Bitcoin futures market.
- Still, in the short term global investors, crypto experts anticipate that Bitcoin’s trajectory remains optimistic.
Crypto experts from Intotheblock identified $23,069 and $23,377 as the key support levels for BTC in the near future. They wrote:
- “Bitcoin has been able to sustain above $23,000. The IOMAP indicator supports that premise as is showing a strong level of support at the range between $23,069 and $23,377.1, where almost 900 thousand addresses previously acquired 796 thousand $BTC.”
#Bitcoin has been able to sustain above $23,000.
The IOMAP indicator supports that premise as is showing a strong level of support at the range between $23,069 and $23,377.1, where almost 900 thousand addresses previously acquired 796 thousand $BTC.https://t.co/VHKAXFruAF pic.twitter.com/ovLRUDnbo2
— IntoTheBlock (@intotheblock) December 25, 2020