For the First Time, African P2P Trade Overtake Latin America as the Second Strongest Region
May 22, 2020 4:06 pm
African peer-to-peer (P2P) Bitcoin (BTC) trading volumes have continued to grow, made more than $14.6 million in weekly volume, with the new record for the continent posting its third-consecutive all-time high for trade activity.
As such, this past week marked African P2P trade overtake Latin America to stand as the second-strongest region by weekly volume for the first week on record.
Africa’s rising volumes come among a plateauing in global P2P trade, with Latin America, Asia Pacific, and Western Europe posting significant drops in post-halving volume.
Africa’s P2P markets mark an increased volume
This past week, more than $14.6 million worth of Bitcoins exchanged between African users of P2P crypto marketplaces Localbitcoins and Paxful and knocked out the continent’s previous record of $11.6 million, and at the start of the month, they traded approximately $10 million.
Trade between the Nigerian naira and Bitcoin represents two-thirds of the continent’s P2P trade, exchanged bitcoins worth of $9.5 million in Nigeria in a week. North American trade also progressed in volume this week, increasing the continent’s dominance with $25.4 million.
Only Africa and Asia record annual Progress in P2P trade
In the yearly trade activity comparison reveals that only Africa and Asia made gains in P2P volumes over 365-day intervals.
It shows that Sub Saharan Africa ranks as the fifth-strongest region by volume, dawdling behind North America, Eastern Europe, Latin America, and the Asia Pacific.
Per BTC trade volume, North American generates over $1 billion in P2P Bitcoin trade each year.