In recent weeks, numerous countries have set record highs for trading volume on Localbitcoins. The spike in volume can be attributed to the surpassing of the significant $10,000 USD milestone – which has likely comprised the catalyst for an influx in new crypto investors, as well as profit taking on the part of many seasoned traders.
November Witnessed a Surge in Localbitcoins Trading Globally, With Numerous Countries Setting New Records for Weekly Trading Volume
The week of the 4th of November saw the most nations establish news highs for P2P trading according to Coindance, including Australia, Hong Kong (China), Indonesia, Iran, Kenya, Mexico, Saudi Arabia, Singapore, South Africa, and Sweden. With the Exception of Kenya, Mexico, and Singapore, all of said nations produced similar patterns in trading volume – with a large record-setting spike for the first week of November being followed by a retracement and subsequent ramping-up leading into the week of the 25th. Kenya’s chart shows a secondary spike for the week of the 18th, Mexico saw three consecutive weeks of trading volume that exceeded the record high from preceeding the 4th, and Swedish P2P trade has shown a consistent decline in volume from the 4th until present.
The week for the 11th of November saw the Latin America markets of Argentina, Chile, and Peru set record P2P volume, alongside the Czech Republic, Norway, and the United Arab Emirates. All of said markets yield similar charts, with volume ramping up at the start of the month before topping out on the week of the 11th, and retracing to then regain momentum heading into December. Despite the similarities, Czech volume produced a disproportionately parabolic spike into record highs, whilst the Peruvian markets appear to have regained less momentum than the other markets…