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Home Markets Cryptos

Bitcoin’s market value now $468 billion, bigger than GDP of Africa’s largest economy

Olumide Adesina by Olumide Adesina
December 26, 2020
in Cryptos, Spotlight
Why buying Bitcoin now is not a bad idea, Nigeria is Africa's leader in Bitcoin transfers, transacts $8 million weekly, Nigeria is Africa's leader in Bitcoin transfers, transacts $8 million weekly
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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.

READ: Bitcoin is boxing up to $25,000

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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.

READ: Top U.S stocks making investors very rich

Top 10 largest economies in Africa 🌍

🇳🇬Nigeria-$448.1bn
🇿🇦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

READ: Slack gains 22% on Salesforce buyout offer

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.

READ: Bitcoin whale moves 11,999 BTC worth $281 million

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.”

READ: 50% of top 500 companies will hold Bitcoin by 2021

#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

READ: Nigeria’s private sector credit to GDP jumps to 13%


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Tags: AfricaBitcoinBusiness NewsCryptocurrencyCryptocurrency NewsEthiopiaFTXNigeriaNigeria GDP
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 1

  1. James Gabriel says:
    December 27, 2020 at 7:16 pm

    Yeah,all this talk about Bitcoin have been so alarming , how do I but this cryptocurency? I want to own a Bitcoin, how do I buy it?

    Reply

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