Bitcoin to Naira Exchange Rate Hits N9 Million Per Coin

Bitcoin (BTC) rose to a record high against the Nigerian Naira on Saturday amid rising sentiment across the cryptocurrency space.

Cryptocurrency front-runner gained 3.27 percent to settle at N9.051 million or $18,682.27 per coin at 1:30 pm Nigerian time. This represents N361,000 gain from N8.69 million the coin traded on Wednesday.

Similarly, the market capitalisation rose to N167.92 trillion or $345.85 billion with 24 hours volume of trade hitting N2.77 trillion or $7.28 billion.

Ethereum the second most capitalised cryptocurrency gained 0.79 percent in the last 24 hours to N195,979 or 0.0274 BTC.

While Ripple jumped 23.22 percent from N119 or 0.00001672 BTC it exchanged on Friday to N149.74 or 0.00002092 BTC per coin.

Investors King’s note, cryptocurrency investors are advised to be wary of buying at this level given a likely strong sell-off with a series of whales moving substantial Bitcoins.

The Spent Output Profit Ratio (SOPR) indicator shows a pullback from the current level is likely.

According to Renato Shirakashi, the creator of the SOPR indicator, “People, in general, are much more comfortable selling when they are in profit. In a bull market, when SOPR falls below 1, people would sell at a loss, and thus be reluctant to do so. This pushes the supply down significantly, which in turn puts an upward pressure on the price, which increases.”