According to Useful Tulips, Africa continues to amaze with the level of Bitcoin trading. In particular, African P2P trading volumes have experienced a 2.5-fold increase since March.
P2P Bitcoin trading volume hits new ATH in Africa
While major cryptocurrency exchanges saw a significant drop in trading volume last month, Africa continued to set a record. As noted by cryptocurrency analyst Kevin Rooke, P2P trading volume in Africa has increased by 2.5 times since March.
Bitcoin P2P trading is dominated by Paxful and LocalBitcoin monopolies in Africa, in which the two exchanges led the global volume by the end of June 2020. Last week, Naira Nigeria’s cumulative volume surpassed the $ 10 million mark on these two exchanges.
The same currency, Nigerian Naira, is currently the second-largest fiat currency for P2P transactions after the US dollar. Shilling Kenya and cedi Ghanaian also reached their all-time highs ($ 2.5 million and $ 1.7 million).
Source: Usefultulips.org
Venezuelan inflation has long been a hotspot for cryptocurrency adoption, with people finding consolation in Bitcoin, Dash, and other currencies considered to be more stable than bolivars. Bitcoin is also increasing in other unstable economies, such as Columbia and Argentina.
However, back in May, African P2P markets overtook Latin American markets where interest in trading is waning. Nigeria’s Naira now records twice as much as the bolivar. Africa is currently second only to North America, which boasts $ 30 million weekly tradings on P2P exchanges.
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