Cryptocurrency trading is becoming one of the most widely spread and popular activities in Nigeria, not to mention one of the most profitable. In light of the depreciation of the national currency and the lingering effects of the pandemic, it is becoming difficult for Nigerians to secure the value of their savings in local currencies. As such, cryptocurrencies are becoming a safe haven for value storage, with a list of the most popular crypto in Nigeria having emerged in recent years.
Nigeria has recently topped the list of countries expressing the most interest in cryptocurrencies. Such a development is undeniable proof that Nigerians are not only interested in investing in cryptocurrencies, but also see them as a promising and viable asset capable of, if not replacing, then certainly augmenting the local economy based on the Naira fiat currency. This development is also a major milestone for the entire cryptocurrency market, which has been looking for an anchor on the African continent to start widespread adoption. Though it is unfortunate that the depreciation of the national currency had to act as the driver for such a shift towards cryptocurrencies, there is reason enough to be optimistic, since the inevitable advent of Web3 will likely be met with greater enthusiasm in Nigeria and can go about more smoothly than in other countries, considering the familiarity of the locals with digital assets.
With cryptocurrencies occupying a leading position among Nigerians as a coveted financial instrument, it is not surprising that some assets have proven to be more attractive than others. And though the situation on the cryptocurrency market is very dynamic and some assets are ousted from their positions on a regular basis in the list of capitalization and demand, some remain seated firmly in their rankings. This material will provide an overview of the most demanded cryptocurrencies in Nigeria.
Most Popular Crypto in Nigeria
There can be no doubt that the most popular crypto in Nigeria is, of course, the most capitalized, since it is the undisputed leader of the market – Bitcoin.
As the most popular cryptocurrency in Nigeria, Bitcoin is traded both on local and international exchanges with great interest on the part of Nigerians who can afford the restrictive price cap. The king of cryptocurrencies tops the list of cryptocurrency in Nigeria for a very simple reason – Nigerians are interested in safeguarding their savings, as well as:
- Bitcoin is extremely liquid;
- Bitcoin is in great demand on the local market.
The list of cryptocurrency in Nigeria is very long, but Bitcoin has dominated it for years, further underscoring the attractiveness of the asset as a means of value storage and an investment. This factor, despite the restrictive price of the asset, means that Nigerians are often willing to take out credit loans to purchase it.
USDT
Next up on the list of top 10 cryptocurrency in Nigeria is USDT – the stablecoin pegged to the United States Dollar. Interest in USDT and stablecoins has been on the rise in Africa over the last two years in light of the depreciation of local currencies, following a string of local conflicts and the influence of international instability. As the second top cryptocurrency in Nigeria, USDT wields considerable interest among locals, who often rely on it as a means of transacting and as a way for storing the value of their savings.
USDT is also listed on the best crypto exchanges in Nigeria, making it accessible to the local population via a slew of financial e-wallet services that help channel liquidity to P2P venues and other platforms. The stablecoin is also extremely popular as a means of transacting on the international level for purchases of raw materials, goods and services, as well as for monetary transfers among migrant workers and their families.
As one of the many other cryptocurrencies used for the same purposes in the country, USDT has one serious advantage – it is stable in price, making it a reliable and preferred method of exchange among those who fear volatility.
ETH
Everyone in Nigeria knows by now about cryptocurrency operations and the blockchain, especially the Ethereum blockchain, which is powered by the cryptocurrency of the same name. The cryptocurrencies in the Ethereum blockchain occupy leading positions in terms of popularity among Nigerians, which means that they are just as aware about the value of Ethereum itself. The cryptocurrency is valued for its ability to appreciate and for the demand it wields among local merchants and investors. The recent price hikes that Ethereum went through have allowed it to become a contender for Bitcoin in Nigeria in terms of popularity and as an attractive means of value storage.
Apart from relying on Ethereum as an alternative to bank savings accounts, Nigerian users also rely on ETH for their Web3 operations, for gas payment during transaction processing, and for direct trading. The use of ETH as a digital asset for trading operations is especially relevant in light of the dynamic price of the cryptocurrency and the demand it experiences on both the local and international markets.
The Others
Any platform that operates in Nigeria and offers cryptocurrencies for sale will provide a host of available assets. Among them are Dogecoin, TON, Pepe, and a slew of others. Some of them are less than ideal as investments, given their uselessness in transactions, while others are so volatile that they will likely lose in value by the time they are purchased.
Nonetheless, users should also consider the trading fees involved when they decide to purchase any of the cryptocurrencies from the list of top sellers on the market. The choice of which crypto is the best depends on the individual needs of the user and the applications for which it is being purchased. Depending on the purpose, the cryptocurrency will be different, since stability and volatility are the two main factors that determine its usability.
In order to buy crypto, every user will first need to find a suitable exchange platform, which will be capable of providing them with the necessary tools used for trading. And, most importantly, all users must take appropriate measures to ensure proper risk management.
Conclusion
The list of top cryptocurrencies in Nigeria is occupied by Bitcoin, USDT, ETH, and some others that constantly shift positions in the ranking. The choice of which cryptocurrency to buy must be based on individual requirements and the available capital, not the popularity of a digital asset.
