LocalBitcoins and quiet volumes for buying Bitcoin are increasing significantly – CryptoMode
The recent revival of the crypto market arouses renewed interest in buying Bitcoin. There has been tremendous growth globally in the last week, with volumes tripling in most parts of the world. It is good to see such increasing volumes across LocalBitcoins and Paxful, as peer-to-peer buying and selling is still the way to go.
Buying Bitcoin is becoming more popular
The last eight months have not been too kind to the cryptocurrency industry. All assets lost enormous value despite new records in 2021. Maintaining that momentum has proved impossible, although things have started to look up again. It is first and foremost Bitcoin that leads, as all other currencies gain momentum from it in one way or another.
What’s even more interesting is how people view buying Bitcoin. It is convenient to use centralized exchanges, although buyers never control their escapes unless they move them to a non-custodian wallet. Buying through peer-to-peer platforms bypasses that aspect, even though it is not most people’s first choice. Nevertheless, the volume across LocalBitcoins and Paxful continues to increase, which is quite interesting.
Judging by weekly volume Across these platforms, buying Bitcoin is more popular again. This is surprising, as the markets have recovered slightly. A week or two ago, people could buy a BTC for almost $ 3,000 cheaper than this week. Most people were waiting for a more significant dip, although it did not materialize. As such, they are now trying to buy BTC at current value, as it looks like the trend will remain in place next week as well.
More importantly, the weekly volume of LocalBitcoins and Paxful has risen globally. North America is still the largest market for these platforms, ahead of Latin America, Eastern Europe and Western Europe. The growing demand in Asia-Pacific and sub-Saharan Africa is also promising. Even Australia / New Zealand, the Middle East and North Africa note growth, although volumes are still quite low.
Total volumes more than double
The big draw from the statistics is the exponential volume increase. More people are buying Bitcoin – and selling – through these platforms than last week. The volume in North America rose from less than 6 million dollars per week to just under 20 million dollars, which is very impressive. Even with the rising BTC value, there is significantly more support for buying Bitcoin than before.
In Latin America, the volume rose from $ 3.1 million to almost $ 9.7 million, an increase of over 300%. Eastern Europe and Western Europe are not so far behind in this week’s volume, although last week’s figures were much lower than Latin America’s. In addition, while Aus / NZ is growing strongly, its weekly volume exceeded just under $ 1.04 million.
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