Data: The Bitcoin transaction volume in Sub-Saharan Africa accounts for more than that of North America and Eastern Europe, ranking first in the world

ChainCatcher news, a Chainalysis report shows that the transaction volume in Sub-Saharan Africa accounts for 2.3% of the global cryptocurrency transaction volume, "cryptocurrency has penetrated key markets and has become an important part of daily life for many residents."

From July 2022 to June 2023, Nigeria's transaction volume approached $60 billion, making it the largest cryptocurrency market in Sub-Saharan Africa. Overall, the total transaction volume in the region during the same period was $117.1 billion. Data shows that Nigeria accounted for nearly half of the total transaction volume in the region during this period.

South Africa's transaction volume exceeded $20 billion during the same period, making it the second-largest cryptocurrency market in Sub-Saharan Africa. Kenya, Mauritius, and Ghana ranked third, fourth, and fifth, respectively, making it into the top five in the region.

At the same time, Chainalysis data indicates that residents in Sub-Saharan Africa are increasingly viewing BTC as a means of storing value. The share of Bitcoin transaction volume in the region accounted for 9.3% of the total transaction volume, surpassing all other 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 suggest that people are leaning towards using stablecoins.