Recently, the cost of the world’s most famous cryptocurrency exceeded $25,000, reaching a new $25,199.50 FTX exchange milestone and surpassing any country in Africa’s Gross Domestic Product.
The largest economy in Africa, Nigeria, has a GDP of 448.1 billion dollars. Bitcoin comfortably outstripped Nigeria’s GDP with a market cap of $468 billion at the time of writing this article.
It is important to remember that many leading African economies, such as South Africa-$351.4 billion, Egypt-$303.2 billion, Algeria-$169.98 billion, Morocco-$118.7 billion, Ethiopia-$96.12 billion, Kenya-$95.5 billion, Angola-$94.6 billion, Ghana-$66.9 billion, Tanzania-$63.2 billion, are also outsized.
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
- Bitcoin traded at $25,178.11 at the time of publication, with a regular trading volume of $43,045,202,470 USD.
- For the day, Bitcoin is up by 3.18 percent with its total market cap at $467.8bn.
- Amid heavy purchases seen by institutional and accredited investors gaining more exposure to Bitcoin through the largest crypto hedge fund in the world, Grayscale, and the CME Bitcoin futures market, the flagship crypto is on its record high.
Meanwhile, crypto analysts expect that the future of Bitcoin remains positive in the short-term.
Furthermore, Crypto experts from Intotheblock listed $23,069 and $23,377 as the primary levels of support for BTC in the nearest future.
“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.”