Global P2P BTC Trading Volume Stood at Highest Level
August 13, 2020 11:43 am
Since January 2018, Combined global peer-to-peer (P2P) markets are pumping, with numerous African and Latin American markets and Bitcoin trading volumes have climbed to their highest levels by nearly $95 million worth of Bitcoin (BTC) changing hands-on Localbitcoins and Paxful in the first week of August.
Over recent weeks, the spike comes as many Latin American markets have seen trade activity rally into new highs, with the Bitcoin P2P markets in Argentina, Mexico, Chile, Bolivia, Honduras, Paraguay, Uruguay and The Bahamas all posting record highs since the start of July.
The lion’s share of Latin America in the Venezuelan trade is nearly $13 billion in weekly P2P trade, posting more than $5 million in volume for two consecutive weeks and with more than $3 million, Colombia is the second-strongest Latin market followed by Argentina and Peru with roughly $1 million a week each. An extra $1 million in weekly trade would see Latin America post new all-time highs for regional P2P trade.
African P2P market surging
African peer-to-peer trade has also continued to surge, with the Sub-Saharan region posting new volume records for seven of the past 10 weeks. The markets of South Africa, Ghana, Kenya, Botswana, Zambia, and Sudan have posted new records over the past fortnight, while Nigeria still represents 50% of the region’s roughly $18 million weekly volume.
With $3.6 million in weekly trade, the second-strongest market of Africa is Kenya, followed by South Africa and Ghana with roughly $2 million each.
Indian P2P trade has recently pushed above $4 million for the first time and also posted record highs for four of the past five weeks,