African P2P Volume Beats Out Latin America for First Time

CryptoEcoins

African peer-to-peer, or P2P, Bitcoin (BTC) trading volumes have continued to increase, with the continent posting its third-consecutive all-time high for trade activity.

Africa’s surging volumes come amid a plateauing in global P2P trade, with Latin America, Asia Pacific, and Western Europe posting significant declines in post-halving volume.

As such, this past week saw African P2P trade overtake Latin America to rank as the second-strongest region by weekly volume for the first week on record.

Regional P2P weekly BTC trade volume: UsefulTulips.

Regional P2P weekly BTC trade volume: UsefulTulips.

Africa’s P2P markets see prolonged volume spike

More than $14.6 million worth of Bitcoins changed hands between African users of P2P crypto marketplaces Localbitcoins and Paxful this past week.

The week’s volume beat out the continent’s previous record of $11.6 million from last week, and the nearly $10 million traded at the start of the month.

Trade between the Nigerian naira and BTC represents two-thirds of the continent’s P2P trade, with $9.5 million worth of BTC changing hands in Nigeria in one week.

North American trade also increased in volume this week, extending the continent’s dominance with $25.4 million.

Only Africa and Asia see annual Increase in P2P trade

Comparing P2P volumes over 365-day intervals shows only Africa and Asia to have made gains in yearly trade activity.

Regional P2P yearly BTC trade volume: UsefulTulips.

Regional P2P yearly BTC trade volume: UsefulTulips.

Sub Saharan Africa ranks as the fifth-strongest region by volume, trailing behind North America, Eastern Europe, Latin America, and Asia Pacific.

North American generates over $1 billion in P2P Bitcoin trade each year.

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Where Are the Bitcoin Pizza Coins Now?

Today marks the 10th anniversary of Bitcoin’s first official commercial purchase. On May 22, 2010, programmer Laszlo Hanyecz completed the first documented commercial Bitcoin purchase, paying 10,000 for two Papa John’s pizzas. Valued at $41 at the time, current market pricing […]