Growth

Here Are Bitcoin’s 8 Fastest Growing Markets

Most countries saw bitcoin volumes surge in 2016, but some markets grew faster than others. Bitcoin.com looked at trade volumes across dozens of bitcoin exchanges to find the countries and currencies with the largest growth during the year.

Also read: Bitcoin Blows Past $808 With No Sign of Heartbreak 

Japan

Japan has the second highest bitcoin trading volume globally after China. Bitcoin trading for the yen surpassed the US dollar in May largely due to Bitflyer’s zero-fee campaigns. According to data from Bravenewcoin, the exchange currently has over 50 percent market share of all bitcoin volumes in Japan. Its daily trading volume grew from 1,845 to 97,815 bitcoins over the year, a 53-fold gain.

Other Japanese exchanges are also experiencing significant volume growth. Tech Bureau’s Zaif exchange, for example, recorded over 514 percent increase at press time.

zaif

Venezuela

As Venezuela faces greater money supply problems, the demand for bitcoin in the country rises. Surbitcoin is the most popular exchange by volume for the Bolivar, but the exchange does not publish its historic volume data.

However, solid growth can be seen by examining trading volumes on Localbitcoins in Venezuela. In the first week of the year, only 22 bitcoins were traded. The volume peaked at 373 bitcoins in October before settling down at 223 bitcoins recently. Overall, trading volume grew by over 913 percent this year.

lbc-ven-vollume

Indonesia

Indonesia’s Rupiah is the fifth-most traded currency for bitcoins by volume and has seen a huge spike in trade during the block reward ‘halving’ event in June. Ever since, it has remained fairly strong across a few exchanges.

The exchange with the most volume in the country is the Singaporean Quoine, with about 90 percent of the current trade in rupiah. The exchange started trading in March and its volumes spiked to 51,500 in June. At press time, its trading volume was 3,344 bitcoins.

quoine-rupiah-volume

South Korea

The South Korean Won is the sixth-most traded currency for bitcoins globally, and Koreans can buy bitcoins from a large number of convenience stores nationwide. These networks use the exchange Korbit, which hosts over 70 percent of the Korean won bitcoin trading volume. At the beginning of the year, Korbit’s daily volume was 583 bitcoins. At press time, it was 3,168, representing a 443 percent increase.

korbit-volume1

Colombia

Venezuela’s next-door neighbor Colombia has started to show signs of life on Localbitcoins. Starting the year off with around 26 bitcoins traded for the week up to 122 most recently, the roughly 370 percent increase is worth noticing.

lbc-cop-volume

Malaysia

Malaysia has blossomed most recently, jumping from levels of around 150 bitcoins weekly to 542 last week on Localbitcoins. The 261 percent increase follows years of a very gradual, low-level increase going back to 2013. This indicates a major shift has taken place there, possibly due to new exchange Xbit Asia entering the market this year.

lbc-ringgit-volume

Russia

Russian rubles are currently the seventh-most traded currency for bitcoin globally, and almost half of that volume is traded on the Localbitcoins exchange. This year, that one exchange has seen 121 percent growth by itself, rising from 2,705 weekly volume to 5,983. The country has had a tumultuous year with constant questions popping up over whether or not bitcoin is illegal in the country. Amid regulatory uncertainties and banning of Localbitcoins, trading on the exchange has soared. However, new exchanges have recently started up in the market competing with Localbitcoins.

lbc-russian-volume

Australia

Several exchanges allow bitcoin trading for the Australian dollar. However, after the igot exchange left the Australian market in January, the market dropped from daily trading volumes of 3,850 to around 500 bitcoins. In April, a new exchange, ACX, launched and quickly became the exchange with the most volume. Its weekly volumes are currently well over 12,000 bitcoins.

acx-aud-volume

Which markets do you think will take off in 2017? Let us know in the comments section below.


Images courtesy of Shutterstock, Zaif exchange, Cryptowat.ch, Korbit, ACX, Localbitcoins; Country data courtesy of Bravenewcoin.


Bitcoin.com is ramping up our tools section with a variety of useful Bitcoin-related applications. There’s a price converter, paper wallet generator, a faucet, and a verifier to validate messages using the Bitcoin blockchain. We’re pretty excited to introduce these new widgets and tools so our visitors have the best resources to navigate the Bitcoin landscape.

  • Patrick Miller

    India will certainly be on the list for 2017. It’s a huge plus that so many Indians speak English, making the spread of Bitcoin knowledge into India much simpler.

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  • MusaTheGiant!

    Nigeria is also catching with Bitcoin. In 2017 Bitcoin will be even bugger in Nigeria.

    • testdiscuson

      Africa has big problems with pyramid schemes exactly like that.

      Why nigerian like you are always scammers? What’s wrong in your culture?

      • MusaTheGiant!

        Thank you for your comment “testdiscuson”

        1. Yes here in Africa, we are experiencing big problems with pyramid schemes. The Bitcoin technology is still new to us. It’s very hard for us to tell real Bitcoin organisations from scammers.

        2. You will find scammers everywhere in the world, it’s not just Nigeria and few other countries. Even in your country there are tons of scammers. The real scammers are the creators of the systems that we end up promoting thinking that they are legit.

        3. There is absolutely NOTHING wrong with our culture. We are just trying to catch up with the Bitcoin technology and trying to collect Bitcoins too. Yes, we end up doing things the wrong way in most cases because this is still new to us, we are learning, we getting scammed too, we are loosing our hard earned money in the process, but we are not going to stop trying simply because people like YOU are judging us as if your country is without scammers and bad people.

        Bitcoin Regards
        Musa The Giant! !!!

        • Dimitri Andre

          Well said