Victor Ugochukwu · Dec 14, 2020 . 5min read
India’s P2P Trade Volume Surges, Africa and Latin America Booming while North America still leads
India's P2P trade volume surges, Africa and Latino America continue to record booming volumes. This growth comes amidst North America's leading position
By Victor Ugochukwu · Jul 22, 2020 . 5min read
P2P trading volume is on the rise across the different regions of the world. India’s
P2P trade volume surges, Africa and Latino America continue to record booming volumes. This growth comes amidst North America’s leading position in the Bitcoin and other cryptocurrency P2P trade volumes.
A total of $93,205,635 was traded across the two top leading P2P exchanges: Paxful and Localbitcoins. North America continues to lead in trade volume as over $30 million was traded across both of the exchanges.
Africa follows with a trading volume of $16,122,250, followed by the Asia Pacific region with a recorded volume of $11,498,745.
India recorded a new all-time high since its December 2017 record as $3.42 million was traded across both Paxful and Localbitcoins.
As the chart above shows, Paxful has overtaken Localbitcoins in trade volume and the same goes with other regions like Africa, North America and others. Paxful alone saw a total of $45 million last week.
Nigeria leads Sub-Saharan region
With Nigeria as the clear leader in weekly P2P trade volume commanding as much as $9.9 million and more Africa demonstrates its strong interest in Bitcoins and cryptocurrency trading. Kenya and Ghana are also showing growing volumes as well as
P2P Bitcoin trading interest remains strong in Latin America many of which suffer rising inflation
Latin America is also a hotbed for cryptocurrency trades probably due to their rising inflation rates. This past week, Argentina for instance whose inflation rate hit 53.8% at the end of 2019 recorded a trading volume of $918,312 across Paxful and Localbitcoins. This shows an increase of about 55% from June’s lowest at $504,795
Venezuela remains the leading country in the Latino American region with $4.7 million trade volume. Colombia follows with $2.6 million.
Clearly, Binance which recently offered support for five Latino American currencies is missing among the preferred P2P platform for this region. Back in March, it announced it now supports Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Mexican Peso (MXN) and Peruvian Sol (PEN)