Cryptocurrency investors in sub-Saharan Africa appear to be piling up before Bitcoin (BTC) is halved next week.
According to Useful Tulips, rising demand in Africa has fueled Bitcoin’s record-breaking peer-to-peer trading volume (P2P) in Localbitcoins and Paxful, surpassing published trading activity during the peak of the ongoing 2017 upward trend.
Exchanges worth nearly $ 10 million were made on the markets Bitcoin P2P from sub-Saharan Africa is a new historical record for the region.
Africa’s largest cryptocurrency market, Nigeria, achieved its third-strongest week of P2P Bitcoin trading, worth $ 7.2 million last week, by switching Localbitcoins and Paxful.
Kenya’s trade has seen trading activity for the fifth consecutive week last week, approaching a seven-digit figure of $ 1.6 million for the first time.
Ghana hit its fourth ever trading volume peak in five weeks, setting a new record of nearly $ 800,000.
Regional currencies have also seen an increase in trading volume in recent weeks. Trading between Bitcoin and the Central African franc set its fourth weekly volume record in a row.
Paxful outperforms Localbitcoins as the leading P2P platform
Due to the increase in trade in the main sub-Saharan Bitcoin markets, the region has overtaken Latin America as the second largest regional market for P2P trading last week.
Despite the recovery, combined trading in the region at $ 11.6 million is less than half of weekly P2P trading in North America at $ 25.6 million.
After tightening requirements to meet your localbitcoins customer needs late last year, Paxful appears to have become the best P2P bitcoin platform for most African markets in the first quarter of 2020.