North America sovereignly dominates the P2P markets

Peer to Peer market is a very important factor that affects the liquidity of bitcoins and other cryptocurrencies. This market consists mainly of platforms where advertisements for the purchase and sale of cryptocurrencies are published and subsequently bilateral trades take place.

However, the P2P market has been facing a sharp increase of new competition in recent years in the form of large centralized exchanges, OTC markets and also DeFi exchanges, so let’s look at 2020 and trading statistics.

The best indicators are the companies Paxful and LocalBitcoins, which are among the sovereign largest operators of P2P markets.

Currently, the combined trading volume on LocalBitcoins and Paxful is around $ 75m per week. The historically highest volume recorded during the BTC Bull Run was more than $ 140m.

Of all the regions of the world, P2P markets in North America are the most traded.

North America recorded higher weekly volumes in 2020 than during the Bitcoin Bull Run at the end of 2017.

Another region that has seen an increase compared to 2017 and increased trading volume is Sub-Saharan Africa.

In 2020, Sub-Saharan Africa reached an all-time-high in the volume of trading on P2P markets.

The year 2020 was marked by a rapid increase in P2P volumes as the weekly volume doubled from around $ 8m to the current level of around $ 16m. One of the main factors why interest in P2P is growing in this region is economic instability.

Nigeria is the largest volume driver in Sub-Saharan Africa.

Nigeria has the most P2P transactions in the region. Nigeria accounts for 48.5% of the total weekly P2P volume and is currently the second largest country in terms of weekly volume after the US.




Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Matej Korený

We are building DeFi 2.0 / Internet 2.0 / Web 4.0 | Digital Economy | Crypto | Blockchain | FinTech | CMO at CoDeTech, Core Blockchain