Bitcoin [BTC] P2P Volumes Records All-Time Highs in Six Countries: Analyst

By Nivesh Rustgi
Published August 4, 2020 Updated August 4, 2020
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Bitcoin [BTC] P2P Volumes Records All-Time Highs in Six Countries: Analyst

By Nivesh Rustgi
Published August 4, 2020 Updated August 4, 2020

Bitcoin [BTC] peer-to-peer trading volumes record new highs in India, South Africa, Ghana, Kenya, Argentina and Chile. The data is compiled from Localbitcoin and Paxful at UsefulTulips. It was brought to light by Kevin Rooke, an independent researcher.

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Only last week, Rooke, notified about the highs in four of the above-listed countries with the addition of Nigeria and the Philippines. His thoughts on it?

The world wants Bitcoin

bitcoin p2p all time highs
Bitcoin P2P All-Time Highs

The inclusion of India and South Africa, which are developing and progressive countries as opposed to the others in the list with highly volatile currencies is a positive indicator.

Global P2P Volumes

The chart for global historical volumes reveals that current levels are breaching the highs during the peak of the 2019 bull markets. This has been led by investors in North America, Latin America, Sub-Saharan Africa and the Asia Pacific.

Originally, the rise in P2P volumes across Latin America and Sub-Saharan Africa was primarily due to an escape to the US dollar using crypto as an intermediary. However, the continuous rise across the globe is beginning to confirm the rise in retail interest.

p2p channel volumes
P2P Channels Historic Volume Chart (Source)

The trading volumes in North America is currently at all-time high levels above $30 million/weekly as well. Latin America, is reporting close to half of N. America’s volume at $13 million. While things were relatively silent across China and Europe, Poland and Sweden recorded considerable spikes as well.

Moreover, with the exception of Latin America and India to some extent, the majority of the surge is being reported on Paxful. The volume on spot exchanges like Coinbase and LMAX Digital is also rising since the break-out above $11,000 last week.

bitcoin spot volumes
Bitcoin Spot Volumesat Coinbase and LMAX Digital

Institutions or Retail, Which one do you think is driving will drive the next Bitcoin bull market? Please share your views with us. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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