Bitcoin adoption in Africa over the last three months has seen weekly all-time highs resulting in the continent emerging as the second-strongest P2P market by volume margins.
Crypto analysts Kevin Rooke and data scientist Matt Ahlborg have noted the remarkable surge in P2P trading volumes on the continent with keen interest.
BitcoinKE though has learned that trading volumes on Paxful and LocalBitcoins are just a fraction of a much larger undocumented market.
The top breakout African countries by volume increases over the last 3 months are:
- Ghana – 257%
- Kenya – 199%
- South Africa – 194%
- Nigeria – 125%
So far, weekly P2P trading volumes in Africa are about $15 million with new highs being recorded every week.
Register to WinWhile these figures are remarkable by themselves, they are just a fraction of the actual volumes being traded on the continent.
BitcoinKE spoke to various traders, in Nigeria and Kenya, who trade off-grid to understand the market potential. These traders, who operate WhatsApp Escrow services, provided data which showed the documented volumes are just a fraction of much larger volumes being trade within much smaller circles.
As many as 20-30 bitcoins on average are traded in some of these groups daily with some African traders saying the actual volumes are 3-6 times what is currently measured.
We also recently highlighted newer exchanges, not documented, but moving 6-figure trading volumes as shown below:
Clearly, while these documented volumes are indeed promising, the undocumented P2P African marketplace is much larger and remains untapped by exchanges like Paxful and LocalBitcoins.
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