P2P bitcoin trading volumes have soared in the first part of 2021 but nowhere is this more evident than in Africa.
A look at bitcoin trading volumes across major P2P platforms like Paxful and LocalBitcoins reveal this massive growth happening across the continent.
Looking at the stats from UsefulTulips, a crypto trading aggregator, volumes have soared by a factor of over 27% from January 2021 highs.
Here are just a few of the markets where this growth is showing between January – April 2021 on both LocalBitcoins and Paxful:
- Nigeria – From $6.3M to over $9M
- Ghana – From $1.7M to $2.8M
- Tanzania – From $63K to $180K
- Chad – From $263K to $444K
- Mali – $83K to $121K
- Ethiopia – $4K to $11K
- Rwanda – From $9K to $18K
Interestingly, a lot of the huge increases seem to be coming from much lesser known markets on the continent including smaller economies.
While the growth in the value and market cap of the crypto space has obviously contributed to this massive growth, more could also be at play amid the current pandemic, weakening African currencies, and a more enlightened younger population seeking alternative investment opportunities.
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