5 Best Cryptocurrencies for Africans in December

In the past year, the African cryptocurrency market has seen an increase of more than $105 billion in crypto.

Africa is the second-most populated continent in the world with 1.3 billion people and the continent has experienced its fair share of infrastructure issues in the past, making financial services less accessible and leading to more than half of the continent being unbanked.

However, this is exactly why the African continent has become the perfect vector for cryptocurrency trading. Due to the low barrier of entry into the crypto market, African crypto traders can participate in one of the most liquid markets in the world with their smartphones or tablets.

While the cryptocurrency market is continuously growing, with new projects emerging daily, some of the best options for African traders in December are detailed below.

Ethereum (ETH)

Ethereum is the second-largest cryptocurrency and the largest alternative coin in the crypto market. Ethereum is expected to generate a significant rate of gain for investors.

Ethereum is the most widely used programmable blockchain in the industry because of its smart contract functionality. Real-world adoption is an important factor that can determine which cryptocurrencies will see long-term growth, and Ethereum is at the top of the list.

Ethereum has amazing support for non-fungible tokens (NFTs) which are becoming extremely important across industries. African traders are provided with the benefit that they do not have to purchase 1 ETH to hold crypto. 

Ethereum is divisible, which means that African traders can purchase smaller amounts of ETH.

Solana (SOL)

Solana is a viable contender against Ethereum and it is often known as the “Ethereum Killer”. Solana is a viable option for African traders in December because of its popularity, market capitalization, potential growth, and real-world utility of its native digital asset.

The Solana network can process up to 50,000 transactions per second, with transaction fees as low as $0.01 per transaction. The ecosystem supports more than 500 projects that range from NFTs to Decentralized Finance (DeFi) applications and Decentralized Applications (DApps).

Binance Coin (BNB)

Binance Coin is the native token for the Binance crypto exchange, one of the most popular and largest centralized cryptocurrency exchanges in the world according to its daily trading volume.

Binance coin is a digital currency that allows users to pay transaction and trading fees at a lower rate. Binance has millions of weekly visitors and the platform is highly liquid, making Binance Coinone of the best options for African traders in December.

Binance Coin has solid uses while African traders trade across Binance. In addition, Binance Coin also shows historical performance that makes it a viable option.

XRP (XRP)

Since its inception, XRP has ensured that crypto investors earned significant returns on their investments. RippleNet is the payment solutions platform for borderless transactions using XRP conducted through a decentralized ledger.

XRP has significant utility in handling credit cards and payment gateways such as PayPal along with different money orders. In addition to fast transaction execution, transaction fees are ultra-low.

XRP is one of the best options for African traders in December as part of a diversified portfolio.

USD Coin (USDC)

USD Coin is a fiat-pegged stablecoin that is pegged to the US Dollar at a 1:1 ratio. Stablecoins provide African traders with the flexibility and liquidity inherent to the crypto market while providing price stability associated with fiat currencies.

USDC is one of the best options for African traders because it is a hedge against inflation and volatility. ALSO READ: Africa as a crypto frontier: Is Zambia one of them?