Bitcoin volume on P2P platforms in Africa saw another record week
It seems that Bitcoin traders in Africa are trying to prove themselves as increasingly increasing the volume of cryptocurrency trading on P2P exchanges. In particular, Bitcoin traders in Africa exchanged the equivalent of more than $ 14.6 million across P2P platforms, such as LocalBitcoins and Paxful.
Regional P2P weekly BTC trade volume | Source: UsefulTulips.
Bitcoin trading volumes have continued to increase in Africa
Along with rising P2P trading volumes, Africa has reached its third consecutive high for trading activity. Meanwhile, Latin America, Asia Pacific, and Western Europe experienced a significant decrease in volume halved. Moreover, the total Bitcoin transaction volume of more than $ 14.6 million is also a remarkable figure, beating the previous record of $ 11.6 million last week, as well as nearly $ 10 million traded earlier this month.
[1/2] Africa had ANOTHER record week on global P2P markets. In all, over 13M in USD equivalent was traded across 18 African currencies and this was the first week on record where African volume exceeded Latin American volume on these P2P exchanges.https://t.co/IZzHqwcpRS pic.twitter.com/LbmLac4pfq
— Matt Ahlborg [UsefulTulips.org] (@MattAhlborg) May 19, 2020
In particular, the trading volume between the Nigerian Naira and Bitcoin represents two-thirds of the continent’s P2P trade, with $ 9.5 million worth of BTC changing hands in Nigeria in one week.
North America also increased in numbers this week, extending the continent’s dominance to $ 25.4 million.
In Latin America, Venezuela is still the leading the Latin American BTC market. Despite having lost almost a million dollars in volume in the last week, its $ 4.3 million gives it a slight edge over Colombia, which reported $ 4.1 million in trades during the same period.
Africa and Asia are the two countries with the annual increase in P2P transactions
Based on the P2P volume over the last 365 days, it can be seen that Africa and Asia have achieved relatively high profits in annual trade activities.
Regional P2P yearly BTC trade volume | Source: UsefulTulips
Sub Sahara Africa is ranked as the fifth strongest region by volume, after North America, Eastern Europe, Latin America, and the Asia Pacific. Meanwhile, North America generates more than $ 1 billion in Bitcoin P2P transactions per year.
Although it is difficult to determine how local traders behave on centralized exchanges, the volume on P2P platforms is likely much higher within African countries.
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