According to data published by Useful Tulips, surging African demand has driven record peer-to-peer (P2P) Bitcoin trading volume across Localbitcoins and Paxful, surpassing the trade activity posted during the peak of the 2017 bull run.
Nearly $10 million worth of trade took place across the P2P Bitcoin markets of Sub-Saharan Africa, comprising a new all-time high for the region.
Africa’s largest crypto market, Nigeria, produced its third-strongest week of P2P trade with $7.2 million worth of Bitcoin changing hands over Localbitcoins and Paxful this past week.
Last week saw Kenyan trade post its fifth-consecutive record for trade activity, approaching seven-figures for the first time with $1.6 million in volume.
Ghana produced its fourth all-time high for trading volume in five weeks, posting a new record of nearly $800,000.
Regional currencies have also seen spikes in trade volume over recent weeks, with trade between Bitcoin and the Central African franc posting its fourth consecutive weekly volume record.
The surge in trade across the top Sub-Saharan Bitcoin markets saw the region overtake Latin America as the second-largest regional market for P2P trade this past week.
Despite the rally, the region’s $11.6 million in combined trade is less than half of North America’s $25.6 million in weekly P2P trade.
Following the tightening of Know Your Customer requirements on Localbitcoins late last year, Paxful appears to have emerged as the top P2P Bitcoin platform for most African markets during Q1 2020.