In the past few weeks, several countries have set record highs according to the results of the trading volume on Localbitcoins peer-to-peer market. The peak in trading volume can be attributed to the remarkable level of $10 000 – which, most likely, was the catalyst for the influx of new captainvalor.
The November records
According to the website Coindance, in early November, many countries took new highs in the market P2P-trading. In the number of record included Australia, Hong Kong (China), Indonesia, Iran, Kenya, Mexico, Saudi Arabia, Singapore, South Africa and Sweden.
All of these countries except Kenya, Mexico and Singapore, have reported similar figures of trading volume — with a record increase in the first week of November and correction and the subsequent increase in volume in the last week. Chart trading in Kenya shows a secondary spike in the penultimate week, Mexico has seen three consecutive weeks of growth in trading volume, which exceeded the high of the first week. P2P trading in Sweden has shown a significant decline since the 4th of November until today.
The third week of November witnessed a record volume of peer-to-peer trading on the Latin American markets — Argentina, Chile and Peru have set records P2P trading, as well as the Czech Republic, Norway and the UAE. All of the above markets showed similar graphs, with the increase in the beginning of the month, achieving the highest level in the third week and return to normal volumes in December. Despite these similarities, the Czech chart shows a parabolic jump to the record marks, while the markets in Peru were observed lesser traffic in comparison with other markets.
In the penultimate week of November, a record high reached the markets of the Dominican Republic, Poland and the United States. In early November, the U.S. markets Localbitcoins watched the new rise when the trade volume exceeded $ 11 million. Charts of the Dominican Republic and Poland, on the contrary, demonstrated a relative calm with the increase in the beginning of the month.
The last week of November showed a record trading volumes in the markets Localbitcoins in Canada, New Zealand, Pakistan, Turkey, Ukraine and Venezuela. With the exception of Turkey, and Venezuela, these markets produced a similar volume.
Exceptions to the rule
In comparison with other countries Japan is seeing a fairly low volume of P2P-trading – presumably because the adoption of bitcoin in the country has opened numerous doors to regulated exchanges. Japanese record trading on Localbitcoins was installed in February 2016, and in 2017 the graph shows a steady decline in volume since the last week of June. Brazilian charts are also very unusual compared to other markets, as the volume of P2P-trading in Brazil showed a strong upturn in late August that the country’s markets since then are impossible to copy.
Almost all the other markets that established record highs for trade P2P in December has significantly reduced the volume of trade. The record volumes seen in mid-September in the markets of Malaysia and Thailand can be attributed to a large repatriation of funds due to the closure of cryptocurrency exchanges in China.