4 popular Cryptocurrencies in Kenya
Kenya’s Silicon Valley is on the rise of cryptocurrency these days. From Bitcoin to Ethereum, the high success rate of cryptocurrency is the reason for Kenyan’s making Africa proud. A recent study from Coinmama says that the overall bitcoin transactions in Kenya have surged up to a whopping $1.5 million which succeeds every other bitcoin-rich country.
The advanced technology and tech-savvy individuals of Kenya have proved as a significant factor in rapidly spreading the use of cryptocurrency in the whole of Africa. Kenya has always been a progressive country and meeting with cryptocurrency was the major turning point for the Kenyan’s declining financial state.
Today, Cryptocurrency – a ledger of blockchain technology is extensively used in so many ways and gaining extreme popularity all over Kenya. After the huge success of M-Pesa, Kenyan’s are ambitiously progressing towards digital growth through rightful crypto use with the help of news spy.
But, one thing we know is that the central bank of Kenya is not very happy with crypto success in the country. Also, they have restricted the crypto traders to limit their crypto use in the country. Either you’re a beginner or protecting your crypto use while living in Kenya, continue reading the article to know the top 5 popular cryptocurrencies ruling Kenya.
Being a bitcoin maximalist country, Kenyans are heavily using bitcoin as no other country. From traditional bitcoin investors to numerous organizations, Kenya has recorded to be the highest bitcoin use and acceptance in the country. It has recently reached the trillion-dollar market capitalization with predictions to have sky-rocketing prices in the future.
With having at least 10 times more value than other crypto coins, bitcoin has made numerous investors successful with their terrible financial conditions. It would not be wrong to say that Kenyan’s are gradually replacing their national currency with bitcoin.
From paying for education, tourism, trading to buying services, Kenyans prefer bitcoin to make money transactions all over the world. Not to mention that Kenya has the largest number of Bitcoin exchanges to make your bitcoin transactions safe, effective, and easy despite the strict regulation by CBOK.
Following the success of Bitcoin, Ethereum has acquired a much higher price valuation than it had years back. Kenya shares a special relationship with Ethereum as it allows the use of smart contracts through its decentralized open-source blockchain. Also, Ethereum associates with the rise in the price of initial coin offerings and have achieved the highest market capitalization after bitcoin.
It has a similar working system to bitcoin but is relatively small in terms of price value, volatility, popularity, and overall market capitalization. The current market capitalization of Ethereum is around $50 million through which Kenya makes its day-day smooth and safe.
Here comes another popular cryptocurrency that rules over Kenya. Kenya has produced a lot of hype in the use of ripple due to its consistent success in the country. You might observe ripple having a major noticeable difference in market capitalization but that doesn’t matter when we see the success rate of Ripple with other cryptocurrencies. With an approximately $19.8 market cap, Kenya tops the list of the most affordable cryptocurrency.
Ripple has acquired immense popularity in Kenya not only because it has the maximum supply of coins. But, also it offers a chance for novice crypto traders to start their crypto journey with a small investment.
In the light of the recent taxation policy on cryptocurrency in Kenya, XRP has captured the spotlight by its safe and secure use all over Kenya. Not only is it accepted by banks and other legal authorities in Kenya but also is a big relief for paying taxes to the government. While it’s small price value makes many investors look for other cryptocurrencies. Whereas, it’s certainly a plus point in making XRP use a comparatively safe option while living in Kenya.
There’s still a long way for XRP to progress in the crypto world as it holds a market capitalization of $48bn only. However, Kenya has special XRP labs to allow easy use of this cryptocurrency.
These were all the 4 popular cryptocurrencies in Kenya. Start your crypto journey with these cryptocurrencies and do your share of research about market cap, privacy, volatility, and other details about any crypto you choose.