African peer-to-peer Bitcoin trade has generated more than $14.6 million in weekly volume, comprising a new record for the continent.
African peer-to-peer, or P2P, Bitcoin (BTC) trading volumes have continued to increase, with the continent posting its third-consecutive all-time high for trade activity.
Africa’s surging volumes come amid a plateauing in global P2P trade, with Latin America, Asia Pacific, and Western Europe posting significant declines in post-halving volume.
As such, this past week saw African P2P trade overtake Latin America to rank as the second-strongest region by weekly volume for the first week on record.
Regional P2P weekly BTC trade volume: UsefulTulips.
Africa’s P2P markets see prolonged volume spike
More than $14.6 million worth of Bitcoins changed hands between African users of P2P crypto marketplaces Localbitcoins and Paxful this past week.
The week’s volume beat out the continent’s previous record of $11.6 million from last week, and the nearly $10 million traded at the start of the month.
Trade between the Nigerian naira and BTC represents two-thirds of the continent’s P2P trade, with $9.5 million worth of BTC changing hands in Nigeria in one week.
North American trade also increased in volume this week, extending the continent’s dominance with $25.4 million.
Only Africa and Asia see annual Increase in P2P trade
Comparing P2P volumes over 365-day intervals shows only Africa and Asia to have made gains in yearly trade activity.
Regional P2P yearly BTC trade volume: UsefulTulips.
Sub Saharan Africa ranks as the fifth-strongest region by volume, trailing behind North America, Eastern Europe, Latin America, and Asia Pacific.
North American generates over $1 billion in P2P Bitcoin trade each year.
