The cryptocurrency excitement reached fever pitch in 2017 as Bitcoin struck $20,000. Whether a Bitcoin maximalist or an altcoin aficionado, we were all in a state of euphoria. Then things changed. The market took on a downward spiral and interest in the industry took on a similar path. As we recently reported, interest in the industry has dropped by over 90 percent, with crypto sites’ Alexa rankings being on a free fall as well.
In Africa, the narrative is different. During the 2017 logic-defying ascension of the industry, Africa was lagging behind the other continents. The number of crypto traders on the continent was small, with a huge majority of people not aware of what cryptos were. This shielded many from the catastrophic losses many traders incurred last year. From a rise in the number of traders in 2018 to increased Google searches, Africa is moving in as the rest of the world shies away.