Bitcoin Nears $120,000 as Crypto Market Rallies; Nigeria Records $50bn in Crypto

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The global cryptocurrency market started the week on a strong bullish note, with Bitcoin (BTC) surging over 3% in the past 24 hours to trade around $115,171 early Monday. The leading digital asset is now edging closer to the $120,000 mark, driven by renewed investor optimism and improving global risk sentiment.

Market participants are keeping a close eye on the upcoming U.S. Consumer Price Index (CPI) report, which is expected to provide fresh clues on monetary policy and inflation — both key drivers of cryptocurrency demand.

Macro Tailwinds Boost Market Confidence

Analysts attribute the market’s momentum to a mix of macroeconomic optimism and positive developments in U.S.-China trade negotiations, which lifted investor confidence across global markets.

The overall crypto market capitalization rose 3.72% to $3.89 trillion, reflecting increased trading activity and growing institutional participation.

Ethereum, Altcoins Extend Gains

Ethereum (ETH) led the altcoin rally, jumping 6.77% to $4,196. Other top assets, including BNB, XRP, Solana, Dogecoin, Cardano, Tron, and Hyperliquid, also posted gains of up to 11% over the same period.

Among standout performers, Hyperliquid surged 10.51%, while Dogecoin advanced 5.77%, underscoring rising interest in alternative digital assets as traders diversify portfolios and capitalize on short-term opportunities.

On a weekly basis, Bitcoin gained 4.70%, while Ethereum rose 4.25%. Most major altcoins recorded weekly gains of up to 26%, highlighting broad-based market strength. The only major token to decline was Tron (TRX), which slipped 6.15% over the past seven days.

Analysts Expect Volatility Around CPI Data

Financial analysts warn that the U.S. CPI data release could trigger short-term volatility. However, they also note that technical indicators remain bullish, suggesting continued upside potential for Bitcoin and other leading assets.

“The combination of improving global sentiment and rising institutional inflows continues to strengthen the crypto market’s resilience,” said one analyst at a Lagos-based digital asset research firm.

Nigeria’s Crypto Adoption Surges to $50 Billion

Meanwhile, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has revealed that Nigeria recorded over $50 billion in cryptocurrency transactions between July 2023 and June 2024 — equivalent to about ₦75 trillion at an exchange rate of ₦1,500 per dollar.

This figure represents nearly two-thirds of the Nigerian equities market capitalization, which stood at ₦98.8 trillion as of October 24, 2024.

Speaking at the annual conference of the Chartered Institute of Stockbrokers (CIS), Dr. Agama described the trend as a “defining moment” for Nigeria’s financial ecosystem.

“The sheer volume of digital asset activity underscores both the financial sophistication and risk appetite of Nigerian investors — a demographic the traditional capital market has failed to attract,” he said.

Despite the massive engagement in crypto assets, Agama noted that fewer than 4% of Nigeria’s adult population actively invests in the formal equities market, calling the trend “a critical drag on economic growth and capital formation.”

He added that while fewer than three million Nigerians are registered in the capital market, over 60 million citizens engage daily in gambling, wagering an estimated $5.5 million (₦8.2 billion) every day — a stark contrast that, he said, underscores the urgent need for financial education and inclusion.

The Bigger Picture

As global crypto adoption accelerates, Nigeria continues to stand out as one of the world’s fastest-growing digital asset markets. Analysts believe stronger regulation, investor education, and integration with formal markets could unlock vast economic potential while mitigating systemic risks.

“Crypto is no longer a fringe investment in Nigeria — it’s becoming a parallel financial system,” said an analyst with Lagos Business School. “The challenge now is how regulators and policymakers can harness that energy for productive growth.”