According to Coindance, peer-to-peer (P2P) trading activity has significantly rebounded during recent weeks, following the record low in volume posted for the week of the 1st of September. The increased trading activity appears to have mostly occurred in the Latin American and emerging BTC markets, with record volume posted by the Peruvian, Argentinian, and Philippine Localbitcoins markets.
Peruvian Localbitcoins Market Posts BTC Volume Record
Peru saw record-breaking trading activity this past fortnight, with the preceding two weeks comprising the strongest in the history of trade between BTC and the Peruvian Sol (PEN) when measuring in BTC, and the second and third strongest when measuring fiat.
The week of the 8th of September was the strongest on record for BTC/PEN trade on Localbitcoins when measuring in cryptocurrency, and the second strongest when measuring in fiat currency, with 114 BTC worth of trade, or 2.635 million PEN (approximately $800,000 USD) taking place in seven days.
The following week comprised the second strongest when measuring volume in BTC, and the third strongest when measuring in fiat with 112 BTC, or nearly 2.39 million PEN (roughly $720,000 USD) exchanging hands during the week of the 15th of September.
Argentinian and Philippine P2P Markets See Trading Activity When Measuring in Fiat
The last two weeks for trade between BTC and the Argentine Peso (ARS) on Localbitcoins have comprised the two strongest weeks for volume in the market’s history when measuring in fiat currency.
Roughly 6.93 million ARS (approximately $180,000 USD) worth of BTC was traded during the week of the 8th of September, comprising the largest weekly volume for ARS/BTC on Localbitcoins. Nearly 6.16 million ARS (roughly 160,000 USD) worth of trading activity then took place during the week of the 15th of September, the second strongest in the market’s history.
This past week also comprised the strongest on record for trade between the Philippine Peso (PHP) and BTC when measuring in fiat currency, with nearly 37.5 million PHP (approximately $690,000 USD) exchanging hands during the week of the 15th of September.
Emerging Markets See Increase in Trading Activity
A number of emerging markets also saw spikes in trade volume in recent weeks, with those posted by the Iranian and Tanzanian markets among the most significant.
The week of the 8th of September saw the strongest volume since January for trade between BTC and the Iranian Rial (IRR) on Localbitcoins, with roughly 37.5 billion IRR (approximately $890,000 USD) change hands in seven days.
The preceding two weeks comprised the second and third strongest for trade between Tanzanian Shillings (TZS) and BTC when measuring in fiat currency. When measuring in BTC, this past week tied with the week of the 14th of April, 2018 as the strongest in the history of BTC/TZS trade on Localbitcoins, with 17 BTC worth of trade.
Do you think the lull in P2P trade activity is over, or will we test new lows for volume in the near future? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Coin.dance
The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.
Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.