Following Donald Trump’s victory in the 2024 U.S. presidential election a product of his promise to make the U.S. a “crypto hub”, the cryptocurrency world has been buzzing with optimism and this is driving significant growth in trading activity across South African cryptocurrency exchanges.
Bitcoin Hits New Highs
Bitcoin’s price has seen a remarkable rise, briefly touching R1.7 million (about $94,000) before settling at R1.63 million on November 18, 2024. This is nearly double its price from late October 2024 and represents a 30% increase from its previous all-time high of $71,000 in June 2024. As at the time of reporting, Bitcoin has attained $100,000 ATH.
Trading Volumes Skyrocket
According to Richard de Sousa, CEO of the South African crypto exchange AltCoinTrader:
“We’ve seen a massive increase in trading volumes since Trump won the US election, anything between 200% and 400% depending on the coin. We know the other exchanges in SA have seen similar increases in volumes.”
This surge is not limited to Bitcoin as Tether, a U.S. dollar-backed stablecoin, has also seen a significant rise in trading, becoming the most popular trading pair on exchanges. De Sousa commented:
“Tether has become the dominant trading pair on trading exchanges. Everyone’s buying. It’s crazy.”
Other Exchanges Report Record Numbers
Luno SA, another major South African crypto platform, has also witnessed unprecedented activity as Christo de Wit, the company’s country manager shared:
“What a time for crypto. It’s been a tremendous two weeks with excitement on the price movements [of cryptos]. We’ve experienced significant volume on our platform, surpassing the levels previously experienced in March 2024 when BTC reached its previous all-time high. Exchange volume has more than doubled, and we are continuing to see increased volume on Luno.”
At VALR, another top South African crypto exchange, CEO Farzam Ehsani highlighted the growing interest from businesses and even governments.
“Many more corporates and sovereign states are rethinking their portfolio allocation, particularly with the U.S speaking about a strategic bitcoin reserve.”
Hitting another milestone, VALR also, doubled its user base in 2024 to cross one million users.
Dogecoin and Altcoins Join the Rally
Dogecoin, famously supported by Elon Musk, has seen a 130% jump in trading volumes, benefiting from Musk’s continued endorsement. Additionally, Ethereum, the second-largest cryptocurrency, is nearing its all-time high as market confidence grows.
The Bigger Picture
Trump’s pro-crypto stance, including discussions about a U.S. strategic Bitcoin reserve, has generated excitement among investors. And in essence, traditional financial institutions are now re-evaluating their stance on cryptocurrencies, and interest in altcoins like Ethereum and stablecoins like Tether continues to grow.
Even as market sentiment reaches a phase of “Extreme Greed,” more Bitcoin holders are choosing to hold onto their assets, signaling growing confidence in the market’s future and for South African exchanges, this has been a historic moment, with trading volumes more than doubling across the board. The crypto world is watching earnestly as new opportunities and regulations unfold.
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