Global P2P Bitcoin Trading Volume at Highest Point Since Jan. 2018

Combined global peer-to-peer (P2P) Bitcoin trading volumes have surged to their highest levels since January 2018, with nearly $95 million worth of Bitcoin (BTC) changing hands on Localbitcoins and Paxful in the first week of August.

The spike comes as many Latin American markets have seen trade activity rally into new highs over recent weeks, with the Bitcoin P2P markets in Argentina, Mexico, Chile, Bolivia, Honduras, Paraguay, Uruguay and The Bahamas all posting record highs since the start of July.

Venezuelan trade still represents the lion’s share of Latin America’s nearly $13 billion in weekly P2P trade, posting more than $5 million in volume for two consecutive weeks. Colombia is the second-strongest Latin market with more than $3 million, followed by Argentina and Peru with roughly $1 million a week each.

An extra $1 million in weekly trade would see Latin America post new all-time highs for regional P2P trade.

African P2P market surging

African peer-to-peer trade has also continued to rally, with the Sub-Saharan region posting new volume records for seven of the past 10 weeks.

While Nigeria still represents 50% of the region’s roughly $18 million weekly volume, the markets of South Africa, Ghana, Kenya, Botswana, Zambia, and Sudan have posted new records over the past fortnight.

Kenya is Africa’s second-strongest market with $3.6 million in weekly trade, followed by South Africa and Ghana with roughly $2 million each. 

Indian P2P trade has also posted record highs for four of the past five weeks, recently pushing above $4 million for the first time.