The recent resurgence of the crypto market is sparking renewed interest in buying Bitcoin. There has been phenomenal growth globally over the last week, with volumes tripling in most parts of the world. It is good to see such an increase in volumes on LocalBitcoins and Paxful as peer-to-peer trading is still the way to go.
Buying Bitcoin is becoming more and more popular
The last eight months have not been too good for the cryptocurrency industry. All assets have lost huge value despite posting new all-time highs in 2021. Maintaining this momentum has proven impossible, although things have started to look up again. Bitcoin is mostly leading the charge as all other coins are gaining momentum in one way or another.
What is even more interesting is how people think about buying Bitcoin. Using centralized exchanges is convenient, although buyers never control their funds unless they move them to a non-custodial wallet. Buying through peer-to-peer platforms bypasses this aspect, although it is not the first choice for most people. Even so, the volume of LocalBitcoins and Paxful continues to increase, which is quite interesting.
Judging by the weekly volume On these platforms, buying Bitcoin is becoming more popular again. This is surprising, because the markets have recovered somewhat. A week or two ago, people could buy a BTC almost $3,000 cheaper than this week. Most people expected a bigger drop, but it didn’t materialize. As such, they are now struggling to acquire BTC at the current value as it looks like the uptrend will continue next week as well.
More importantly, the weekly volume on LocalBitcoins and Paxful has increased globally. North America remains the leading market for these platforms, ahead of Latin America, Eastern Europe, and Western Europe. Growing demand in Asia-Pacific and sub-Saharan Africa is also promising. Even Australia/New Zealand, the Middle East and North Africa are showing growth, although their volumes are still quite low.
Overall volumes more than doubled
The big takeaway from the statistics is the exponential increase in volume. More people are buying and selling Bitcoin through these platforms than they were last week. Volume in North America has grown from less than $6 million a week to just under $20 million, which is very impressive. Even with the rise in value of BTC, this represents much more support for buying Bitcoin than before.
In Latin America, volume increased from $3.1 million to almost $9.7 million, an increase of more than 300%. Eastern and Western Europe are not far behind in volume this week, although the previous week’s figures were well below Latin America. Furthermore, even though Aus/NZ is growing strongly, its weekly volume barely exceeded $1.04 million.
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