By Agbonkhese Oboh

As 2024 draws to a close, cryptocurrency markets have shown substantial movement following a year of regulatory developments, technological upgrades, and growing global adoption. In Nigeria, cryptocurrency continues to thrive, driven by increased trading volume and a steady rise in blockchain-based solutions. With the conclusion of significant market events, investors are now turning to established cryptocurrencies and reliable platforms to position themselves for the future.

Top cryptocurrencies that led the market in 2024

The performance of leading cryptocurrencies over the past year confirms their resilience and continued relevance in the financial sector. Bitcoin (BTC) has retained its dominance following the approval of spot Bitcoin ETFs in early 2024. The demand from institutional investors brought significant inflows, stabilizing Bitcoin’s price over the year despite macroeconomic uncertainties. Its scarcity-driven inflation control, combined with the impact of the most recent halving event, has positioned Bitcoin as a crypto to buy now, offering a strong long-term asset for investors.

Ethereum (ETH) maintained its upward trajectory throughout 2024, bolstered by network upgrades and Ethereum ETF adoption. The continued rollout of Ethereum 2.0 has improved transaction capacity, providing a more scalable and cost-effective network. This progress attracted developers, institutions, and decentralized finance (DeFi) users, solidifying Ethereum as the backbone of blockchain-based applications.

Solana (SOL) delivered consistent growth in 2024, emerging as one of the fastest networks for decentralized applications (dApps) and payments. The network’s ability to handle thousands of transactions per second, along with its cost-efficiency, supported increasing use in Web3 projects and financial platforms.

Meanwhile, Cardano (ADA) and Polygon (MATIC) maintained steady momentum as developers leveraged their ecosystems to launch scalable solutions. Cardano’s expanding smart contract capabilities and Polygon’s implementation of Ethereum’s upgrades kept both platforms relevant for DeFi and enterprise adoption.

For storage solutions, Filecoin (FIL) saw increased demand from AI-related applications and decentralized cloud infrastructure, while VeChain (VET) strengthened its presence in supply chain technology.

Growth of Nigeria’s crypto market and exchange adoption

Nigeria has remained at the forefront of cryptocurrency adoption in 2024, with a significant increase in trading volumes and platform registrations. Key drivers include rising inflation rates, currency devaluation, and greater trust in blockchain-based alternatives to traditional finance. Nigerian investors have turned to cryptocurrency as a hedge against economic instability, further fueling the demand for digital assets.

A critical component of Nigeria’s crypto growth this year has been the performance of leading trading platforms. The top 10 crypto exchanges in Nigeria, as highlighted by Traders Union experts, have seen surges in activity as traders seek access to major cryptocurrencies with reliable liquidity, security, and NGN trading pairs.

Binance remains the largest exchange in Nigeria, offering extensive support for Nigerian Naira (NGN) transactions. Its low fees, P2P marketplace, and wide selection of over 400 cryptocurrencies make it a preferred choice for local traders. The exchange’s role in providing fiat-to-crypto on-ramps has been particularly vital in light of continued restrictions on traditional financial transactions.

Bybit and Bitget emerged as popular platforms in 2024 due to their support for NGN deposits, demo trading features, and user-friendly interfaces. Both exchanges offer competitive trading fees, access to hundreds of digital assets, and tools for derivatives trading, attracting both new and experienced traders in Nigeria.

Platforms like HTX and OKX also saw significant growth throughout the year. HTX’s large selection of coins, combined with its focus on security and stability, made it a reliable option for Nigerian investors. Meanwhile, OKX’s low fees and advanced trading tools, including futures and staking services, contributed to its popularity in the Nigerian market.

This year’s expansion of peer-to-peer (P2P) platforms further enabled Nigerians to bypass fiat transaction limitations, ensuring access to cryptocurrency regardless of bank restrictions. Binance’s P2P marketplace and similar options on Bybit and OKX facilitated direct trades between users, creating a reliable alternative to traditional banking systems.

2024 main market trends and regulatory developments

Nigeria’s regulatory environment has evolved throughout 2024, with increasing clarity on cryptocurrency usage and taxation. While restrictions persist in traditional banking channels, the Central Bank of Nigeria (CBN) has adopted a more neutral stance toward digital asset trading. This shift has contributed to a more stable trading environment, with greater institutional interest and broader adoption of blockchain solutions.

Globally, the introduction of Bitcoin and Ethereum ETFs earlier in the year strengthened investor confidence and increased market liquidity. This development had a notable impact on Nigerian traders, as these ETFs facilitated indirect access to leading digital assets through global exchanges.

In addition, decentralized finance (DeFi) and Web3 projects gained traction throughout 2024. Nigerian developers and businesses increasingly leveraged blockchain technology for payments, lending, and supply chain management. Platforms like Solana, Ethereum, and Avalanche played a crucial role in these innovations, driving demand for their native assets.

Final thoughts

Eugene Komchuk, editor at Traders Union, reflects on 2024 as a year of significant growth and market resilience. For Nigerian investors looking to trade digital assets, he highlights Bitcoin (BTC) and Ethereum (ETH) as the year’s top performers. Both assets have benefited from institutional inflows and technological advancements, solidifying their positions as long-term investment options.

Additionally, Komchuk identifies Solana (SOL) and Polygon (MATIC) as strong alternatives, thanks to their efficiency and expanding ecosystems. For investors exploring niche opportunities, he points to VeChain (VET) and Filecoin (FIL) for their practical applications in supply chain and decentralized storage sectors.

To trade these assets efficiently, Komchuk recommends the top 10 crypto exchanges in Nigeria, with Binance, Bybit, and Bitget offering the best combination of liquidity, security, and trading features. These platforms remain the most reliable options for Nigerian traders due to their extensive coin support, NGN accessibility, and user-friendly tools.

As Nigeria continues to strengthen its role in the global cryptocurrency market, investors remain well-positioned to leverage the opportunities presented by both established assets and reliable trading platforms.