In recent weeks, numerous countries have set record highs for trading volume on Localbitcoins. The spike in volume can be attributed to the surpassing of the significant $10,000 USD milestone – which has likely comprised the catalyst for an influx in new crypto investors, as well as profit taking on the part of many seasoned traders.
November Witnessed a Surge in Localbitcoins Trading Globally, With Numerous Countries Setting New Records for Weekly Trading Volume
The week of the 4th of November saw the most nations establish news highs for P2P trading according to Coindance, including Australia, Hong Kong (China), Indonesia, Iran, Kenya, Mexico, Saudi Arabia, Singapore, South Africa, and Sweden. With the Exception of Kenya, Mexico, and Singapore, all of said nations produced similar patterns in trading volume – with a large record-setting spike for the first week of November being followed by a retracement and subsequent ramping-up leading into the week of the 25th. Kenya’s chart shows a secondary spike for the week of the 18th, Mexico saw three consecutive weeks of trading volume that exceeded the record high from preceeding the 4th, and Swedish P2P trade has shown a consistent decline in volume from the 4th until present.
The week for the 11th of November saw the Latin America markets of Argentina, Chile, and Peru set record P2P volume, alongside the Czech Republic, Norway, and the United Arab Emirates. All of said markets yield similar charts, with volume ramping up at the start of the month before topping out on the week of the 11th, and retracing to then regain momentum heading into December. Despite the similarities, Czech volume produced a disproportionately parabolic spike into record highs, whilst the Peruvian markets appear to have regained less momentum than the other markets.
P2P Trade Soars
The week for the 18th of November witnessed only the Dominican Republic, Poland, and the United States’ P2P markets set record highs or trading volume. The U.S. markets saw a new record of over $11 million USD being established for the week of the 4th of November on Localbitcoins – which again was broken by a slim margin a fortnight later. The charts for the Dominican Republic and Poland, by contrast, show relative weakness heading into the start of the month, before a parabolic spike in volume for the week of the 18th, followed by a relative retracement.
The week of the 25th of November saw record volume on the Localbitcoins markets for Canada, New Zealand, Pakistan, Turkey, Ukraine, and Venezuela. Excluding Turkey and Venezuela, all of the aforementioned markets have produced similar trends in volume – with this preceding week producing a modest gain over the recent highs from earlier in the month 4th. Turkey’s recent spike comprises a dramatic parabolic candle, whilst the Venezuelan charts show consistent exponential growth in bitcoin trade – with a new record for trade volume having been set roughly once every two weeks since the start of the year.
Exceptions to the Present Trend of Booming P2P Trade Include Brazil, China, Croatia, Denmark, Hungary, Japan, Malaysia, Morocco, Thailand, and Vietnam
P2P trading in Japan is very low when compared with other nations – likely owing to the country’s legislative permissiveness and acceptance of bitcoin facilitating the creation of numerous regulated exchanges. The Japanese record for weekly trading volume on Localbitcoins was set in February of 2016, with this year’s chart showing a steady decline in volume since the last week of June. The Brazilian charts are also anomalous when compared with other markets, as Brazilian P2P trade volume produced a dramatic spike towards the end of August that Brazil’s markets have since failed to retest.
The other markets that set record P2P volume heading into December have all consistently lost volume since creating a dramatic spike earlier this year. Speculation suggests that the Malaysian and Thai markets’ record volume from week of the 16th of September can be attributed to a large repatriation of funds triggered by China’s crackdown on cryptocurrency exchanges earlier this year – with China’s P2P markets producing record volume during the last week of September, immediately prior to the majority of Chinese crypto exchanges ceasing operations.
Do you trade using a P2P trading platform like Localbitcoins? Share your experiences in the comments section below!
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