Bitcoin [BTC] P2P Volumes Records All-Time Highs in Six Countries: Analyst
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.
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
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.
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.
Institutions or Retail, Which one do you think is driving will drive the next Bitcoin bull market? Please share your views with us.
![Bitcoin [BTC] P2P Volumes Records All-Time Highs in Six Countries: Analyst](https://thebitcoinstreetjournal.com/storage/2020/08/xfsYb6.jpg "Bitcoin [BTC] P2P Volumes Records All-Time Highs in Six Countries: Analyst")
To get the daily price analysis, Follow us on TradingView
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
![Bitcoin [BTC] P2P Volumes Records All-Time Highs in Six Countries: Analyst](https://secure.gravatar.com/avatar/84f90d8372d4cef2ebccb8b12ac29dcb?s=96&d=mm&r=g "Bitcoin [BTC] P2P Volumes Records All-Time Highs in Six Countries: Analyst"){kind=avatar}
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
Published at Tue, 04 Aug 2020 15:35:29 +0000
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram