The recent crypto market revival sparks a renewed interest in buying Bitcoin. There has been tremendous growth globally in the past week, with volumes tripling in most parts of the world. It is good to see such rising volumes across LocalBitcoins and Paxful, as peer-to-peer buying and selling remain the way to go.
Buying Bitcoin Becomes More Popular
The past eight months have not been too kind to the cryptocurrency industry. All assets lost tremendous value despite recording new all-time highs in 2021. Sustaining that momentum has proven impossible, although things have begun to look up again. Primarily Bitcoin leads the charge, as all other currencies derive momentum from it one way or another.
What is even more interesting is how people are looking at buying Bitcoin. Using centralized exchanges is convenient, although buyers never control their unds unless they move them to a non-custodial wallet. Buying through peer-to-peer platforms circumvents that aspect, even though it isn’t most people’s first choice. Even so, the volume across LocalBitcoins and Paxful keeps rising, which is rather interesting.
Judging by the weekly volume across these platforms, buying Bitcoin is more popular again. That is surprising, as the markets have rebounded a bit. A week or two ago, people could buy a BTC at nearly $3,000 cheaper than this week. Most people were waiting for a more considerable dip, although that didn’t materialize. As such, they now scramble to acquire BTC at the current value, as it seems the uptrend will remain in place next week too.
More importantly, the weekly volume on LocalBitcoins and Paxful has risen globally. North America remains the biggest market for these platforms, ahead of Latin America, Eastern Europe, and Western Europe. The rising demand in Asia Pacific and Sub-Saharan Africa is also promising. Even Australia/New Zealand, the Middle East, and North Africa note growth, although their volumes remain rather low.
Overall Volumes More Than Double
The big takeaway 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 under $6 million per week to just under $20 million, which is very impressive. Even with the rising BTC value, that is substantially more support for buying Bitcoin than before.
In Latin America, the volume rose from $3.1 million to nearly $9.7 million, an increase of over 300%. Eastern Europe and Western Europe are not too far behind in this week’s volume, although the previous week’s figures were much lower than Latin America’s. Additionally, While Aus/NZ has strong growth, its weekly volume barely surpassed $1.04 million.
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