Weekly peer-to-peer bitcoin trading volumes topped $95 million globally with several countries recording new all-time highs for the year.<\/p>\n
The record trading volumes coincided with the most bullish week for cryptocurrencies with bitcoin (BTC) briefly trading above $12,000.<\/p>\n
As data from Usefultulips shows, peer to peer bitcoin trading volumes for the week topped an equivalent of $95 million. The figure surpasses $92.4 million, the highest weekly volume value in 2019.<\/p>\n
The data combines trading volumes at two peer-to-peer trading platforms, Localbitcoins and Paxful. According to the same data, the month of December 2017 had the highest ever recorded weekly traded volume. Trades totaling $131 million were recorded.<\/p>\n<\/p>\n
Meanwhile, a break down of the $95 million by region shows that North America is leading with $28.7 million. The United States takes the lions share of that figure.<\/p>\n
The Sub-Saharan Africa region comes second with $18.3 million worth of bitcoin have being traded between peers in the period under review.<\/p>\n
A further breakdown of the $18.3 million reveals that Nigeria leads the Sub-Saharan Africa region. According to the data, Nigerian peer to peer bitcoin trading volumes topped an equivalent of $9.8 million. The figure is slightly below the $10.3 million recorded in the week earlier.<\/p>\n
Kenya is a distant second with $3.2 million worth of trades while South African peer-to-peer trading volumes topped $2.8 million.<\/p>\n
The Sub-Saharan Africa data also shows that the regions $18.3 million is the highest ever recorded. A noticeable spike in trading volumes which began in April suggests that Covid-19 and lockdown measures might have made peer to peer bitcoin trading more appealing.<\/p>\n
Meanwhile, Latin America and the Asia Pacific are two regions with the next highest volumes. Both regions had about $13 million worth of bitcoins being traded.<\/p>\n
As expected, Venezuela, which is grappling with record inflation levels, leads in Latin America with nearly $5 million worth of bitcoin traded.<\/p>\n
Colombia is second with $3.4 million while crisis-hit Argentina is a distant third with just under $1 million worth of trades.<\/p>\n
In the Asia Pacific, China and India are neck and neck with $4.5 million and $4.4 million respectively. For India, the figure represents a new all-time high.<\/p>\n
What do you think about the growing peer-to-peer trading volumes? Tell us your thoughts in the comments section below.<\/p>\n
Image Credits: Shutterstock, Pixabay, Wiki Commons<\/p>\n
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