P2P volume in Africa exceeds Latin America for the first time

Bitcoin’s peer-to-peer, or P2P, trading volumes in Africa have continued to rise, with the continent posting its third consecutive peak of trading activity.

Africa’s growing volumes come amid a plateau in global P2P trading, with Latin America, Asia Pacific and Western Europe all registering significant declines in post-Halve volume.

As such, last week Africa’s P2P trading overtook Latin America to rank as the second strongest region by weekly volume in the first week.

Bitcoin’s African trading volume breaks 2017 pre-halving record

African P2P markets experience prolonged volume peaks
More than USD 14.6 million in profiled here a year ago – writing last year – 310 billion dollars – taproot and graftroot – launched in 2020 – denied bitwise asset management’s fund – do not pose risks – echoed the phrase – filed a lawsuit – the einstein exchange changed hands among African users of the Localbitcoins and Paxful P2P crypto currency markets last week.

The week’s volume surpassed the continent’s previous record of $11.6 million last week, and the nearly $10 million traded earlier this month.

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Trading between the Nigerian naira and BTC accounts for two-thirds of the continent’s P2P trade, with BTC worth USD 9.5 million changing hands in Nigeria in one week.

North American trade also increased in volume this week, extending the continent’s dominance with USD 25.4 million.

Only Africa and Asia see an annual increase in P2P trade

A comparison of P2P volumes at 365-day intervals shows that only Africa and Asia have made gains in annual trading activity.

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Sub-Saharan Africa ranks as the fifth strongest region by volume, behind North America, Eastern Europe, Latin America and Asia Pacific.

North America generates over $1 billion in Bitcoin P2P trading each year.