CoinMarketCap, the world’s main value following, positioning, and market information site for cryptoassets has distributed a one of a kind bits of knowledge report on how the crypto advertise has performed and what the prominent patterns are for Quarter 1, 2020.
Specifically compelling is the way that the report features Africa as the second-biggest mainland in youth rate development of 91.47%, because of Nigeria which saw a 210.6% flood in client numbers.
Here are a breakdown of the countries that saw more than 80% quarter-on-quarter growth in users aged 18 – 24:
- Nigeria (+210.6%)
- Australia (+158.07%)
- Spain (+120.71%)
- Canada (+112.45%)
- Mexico (+97.33%)
- UK (91.48%)
- Colombia (+85.07%
- India (+83.07%)
- Pakistan (+81.79%)
From the list, its clear that Africa, in particular Nigeria, was leading in youth adoption of crypto globally in Q1, 2020.
As many of you may know, Q1 was a turbulent period for participants in the crypto industry.
Here are just some of the events that happened that affected the crypto industry:
- The price of Bitcoin fell a whopping 43% on March 12, touching a low of $3,900
- On the same day, the total crypto market cap hit a low of $150 billion, 57% lower than the previous month
The above events resulted in a massive bitcoin sell-off. Despite all of this, in Q1, both Bitcoin and the crypto market in general have outperformed global benchmarks for equities, like the MSCI World Index and S&P 500.
While much of the market has recovered to some extent, there is some way to go
before they recover to the price levels we saw early in the quarter.
Amid the mixed crypto landscape sentiments, the report notes the significant female and youth user growth trends during the quarter.
As the Bitcoin halving event nears, and central banks across the world embark on unprecedented quantitative easing, the next few quarters will offer valuable insights into the role that cryptoassets will play in the broader financial universe.