P2P markets around the world are surging and for the first time in Latin America and Africa, the volumes are such that have never been before.
Recounting global P2P sales from January 2018, there has never been a time when BTC trading volumes reached $95 million in just one week on only two platforms. But this happened just last week on Localbitcoins and Paxful as people exchanged BTC among themselves.
Latin America’s keen interest in BTC sales contributed to the global P2P surge. Other countries with a high interest in BTC exchange this period include Argentina, Mexico, Chile, Bolivia, Honduras, Paraguay, Uruguay and The Bahamas. These countries have been recording new ATH since July.
Venezuela contributes the highest to Latin America’s volume which stands at about $13 billion for weekly P2P trades. Latin America’s growth has been consistent and this can be proved by the fact that trading volumes increased week on week by more than $5 million during a period of two weeks.
If Latin America gets an extra $1 million in weekly trade, it will be a new record for regional P2P trade.
Africa also doing well
Africa is also a major contender in the global P2P weekly trades. Looking back ten weeks from now, the Sub-Saharan region has recorded new ATHs in seven of them.
Nigeria contributes half of the weekly volume in Africa which has been calculated to be around $18 million. In the past two weeks, the markets of Ghana, Botswana, Sudan, South Africa, Kenya, and Zambia have done much better than they used to.
While Nigeria’s contribution is the best for weekly trades in Africa, Kenya takes the second position with a contribution of about $3.6 million while the next best with contributions of $2 million each are from South Africa and Ghana.
In four weeks out of the last five, India’s P2P trade has also broken new records. Recently, it reached a new ATH of over $4 million.