Nigerian investors who bought Bitcoin during the November crash are recording huge gains on the online cryptocurrency market.

Data indicates that since its November lows, bitcoin has risen by at least $7,000 (p2p rate N5 million naira).

On Saturday afternoon, Bitcoin, along with major market leaders Ethereum and Solana, surged to levels not seen since August 2022, dealing another blow to this week’s cryptocurrency market rally.

The bull fight, which lasted for a few days, seems to be over, at least temporarily, as BTC had one of its most notable overnight price increases in recent memory. increased it from below $21,000 to over $23.2K.

The adoption of Bitcoin and other digital assets by Nigerians, as shown by KuCoin, a well-known crypto exchange, titled “Into the Cryptoverse shows that Nigeria stands out among the world; 35% of its citizens, or 33.4 million people, between the ages of 18 and 60, owned or traded bitcoin or another cryptocurrency in the previous six months.

According to Google Trends, Nigeria had the most bitcoin searches in the first few months of 2021, the report adds.

  • Nigerians trailed only the United States in Bitcoin trading volume from January to August of last year, and at the time, they were more likely to Google “Bitcoin” than people from any other nation.
  • This week’s Producer Price Index (PPI) data showed a larger-than-anticipated drop, indicating that the US Federal Reserve’s monetary hawkishness has been reining in inflation and buoying investors.
  • According to the CME FedWatch tool, traders are currently predicting that the Federal Open Market Committee (FOMC) will raise rates by just 25 basis points (or 0.25 percentage points) at its February meeting, a slowdown from 50-point increases. basics in the meeting. in December.

Will the rally last? It looks like the current rally will last more than a few weeks as a number of major trends in cryptocurrency trading head higher for the first time in many weeks.

  • Due to its effortless advance from the $1,500 price level, Ethereum has seen weekly gains of over 8%.
  • Despite Wednesday’s slide that came in anticipation of a significant announcement from US federal prosecutors that many believed would target a key player in the sector, Bitcoin and Ethereum have performed well.

With the unexpected rise of Saturday, Bitcoin’s seven-day gain is now 9%, up 30% in the last 30 days. The Bitcoin price has fallen 65% from its all-time high of over $69,000 in November 2021, but recent advances indicate that the cryptocurrency market is picking up after a difficult 2022.

  • However, short sellers betting against the cryptocurrency market are facing significant difficulties and losses because, over the last 24 hours, 79,899 traders were liquidated, totaling $369.95 million.
  • The largest single settlement order, worth $4.53 million, was placed on Bitmex.