The US tops the position of Bitcoin trading volume, Nigeria stands next

Published by

Sohrab Khawas

May 22, 2020

The US has excelled being the World’s largest Bitcoin P2P market with the highest trading volume on Paxful and LocalBitcoins every week. Nigeria follows in the second spot and South Africa and Kenya lucky enough to secure their stands.

US Tops in Bitcoin MarketPlace

The Bitcoin volume in the US topped with approximately $25 million in trading transactions on Paxful and LocalBitcoin exchanges. Bitcoin witnessed many ups and downs in its price this week, but that did not hinder the number of transactions at all. The Bitcoin went close to $10,000 and slipped down.

Nigeria is now the second most Bitcoin traded country, surpassing crypto giants like Russia and the UK. Nigeria’s Naira has recorded $9 million of P2P Bitcoin volume on Paxful and LocalBitcoin exchanges, just like the Impact made by Paxful and LocalBitcoin in South Africa.

Nigeria is known for having a great interest in Bitcoins since its inception in the country. The Nigerian government frequently-issued warnings against risks in dealing with Bitcoins. Despite warnings, Nigeria’s Naira always recorded a huge trading volume. Recently Nigeria became eight African Nation to welcome Bitcoin ATM’s in the country.

South Africa and Kenya Doing Well

With millions of user’s globally, Paxful and LocalBitcoins reported approximately $1 million of volume each week in South Africa. Paxful saw a growth of 2800% in trade in the past year. And hence, Paxful and LocalBitcoins both consider South Africa as a huge potential marketplace for the Bitcoins in the coming future.

Kenya, on the other hand, is also a self-motivated country in terms of trade of Bitcoins. Kenya Government too had issued warnings, but the crypto community continued their trade. Similar to South Africa, Kenya records $1 million trade volume each week on Paxful and LocalBitcoin exchanges. Recently, a crypto exchange Luno is in talks to expand its business in Kenya.

On The Whole

South African continent is emerging as a strong player in the crypto space with huge trading volumes. In future, the African countries could beat the US to reach the top spot in the Bitcoin trading volume.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.