Sub-saharan Africa record more than $15 million in weekly P2P Bitcoin trading following triple-digit growth

As AZCoin News has mentioned many times, Bitcoin is currently widely accepted in Africa. Among them, the most prominent is the Bitcoin P2P transaction with the rapid growth in recent months. Even the African continent is the second-strongest region in the world for P2P volume behind the U.S.

Africa was the only region to make an increase in Bitcoin P2P transactions over the past week

Since the beginning of January, the sub-Saharan African has surpassed the Asia-Pacific, Eastern Europe, and Latin America regions to emerge as the second most robust P2P market with a volume ratio of more than 50%.

According to analysis from cryptocurrency analyst Kevin Rooke, triple-digit P2P activity among Africa’s top P2P markets over just three months, with volume increases of 125% in Nigeria, 194% in South Africa, 199% in Kenya, and 257 % in Ghana. In particular, Africa’s top markets, Cameroon has upgraded as a breakout country with $ 5 million in volume during 2020 so far.

A spokesperson for top P2P Bitcoin marketplace Paxful noted:

“There’s no one catalyst for the recent significant jump in volume; instead it’s a result of a collective effort on the part of our various teams who have enabled us to successfully enter new markets like India and Argentina, build local communities (in Kenya, Ghana, South Africa, etc.) and form new partnerships. With every new market comes an opportunity to improve, and we plan to continue to focus on our users’ needs as a roadmap for growth.”

The U.S. dominates P2P volumes

Despite the rapid rise of Africa, North America has continued to consolidate its leading position in P2P volumes with recent all-time highs for weekly transactions above $ 30 million.

sub-saharan-africa-record-more-than-15-million-in-combined-weekly-p2p-trade-following-triple-digit-growth-over-just-a-few-monthsRegional P2P trade volume: UsefulTulips

The United States represented $ 30 million in trade in the past week, covering almost double that of the entire African continent. A Paxful spokesman noted that California is the most influential U.S. state in P2P transactions since the beginning of the year.

Nigeria is the second most robust national P2P market, accounting for nearly $ 10 million in weekly transactions.

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