More than 65% of the daily trading volume on SA’s biggest exchanges is made up of trades above 0.5 Bitcoin (BTC), roughly R100 000 at the time that the research was concluded earlier this month. More than 75% of the volume is above 0.25BTC – around R50 000 at the time that the research was finalised.
This is according to data gathered by Coindirect – a cryptocurrency platform that enables crypto traders to buy any of 40+ cryptocurrencies, in one place, at a guaranteed price.
Coindirect COO Nic Haralambous says the platform has seen an increase in serious traders and investors making large volume trades over the last six months.
“There are many people in South Africa who have dipped their toes into the world of cryptocurrency. These customers account for a very small percentage of the daily trading volume,” comments Haralambous. “These are traders who are still learning the ropes and getting comfortable with the idea of crypto. After doing research into the local trade sizes and general volumes, we noticed that it’s the serious traders who are really moving the needle. A handful of people are doing most of the large trades seen each day.” Read More...