It was observed 4 days away to the Bitcoin halving that the hype was hitting every part of the world. Africa greatly experienced this explosion of the Bitcoin markets. In the last few weeks, Africa has experienced record-breaking volumes on bitcoin trading platforms.
Africa – The P2P Power House
Just of recent, trading volume on popular peer-to-peer platforms LocalBitcoins and Paxful recorded significantly high volumes in Sub-Saharan Africa. In fact, the continent recorded $10,000,000 trade volume for the first time in a 7-day period.
UsefulTullips, a P2P volume tracking platform, revealed this record as tweeted by its creator, Matt Ahlborg.
Kenya, Ghana, and Central Africa all hit new volume records in this same week. Worth noting is that Kenya recorded $1,600,000 and Ghana recorded $800,000. Likewise, Nigeria almost break its all-time high record with $7,200,000 worth of Bitcoin change hands. In the same light, Central African Republic is establishing itself as a leading P2P powerhouse with pretty high volumes for three consecutive weeks.
Ray Yussef, Paxful founder also noted the rapid and significant increase of trade in Africa, especially in Nigeria and Ghana. He tweeted:
CryptoLocally and LocalCryptos that are among other peer-to-peer platforms have also experienced significant growth in sign-ups and trades from Africa.
Exchanges Stake Their Claim
We can’t neglect the fact that traditional exchanges are also experiencing a surge in new users and volumes. Ebitcoinics, a Ghanian local exchange saw a sharp increase of over 70% in trade last month despite the lockdown of physical Bitcoin stores in Accra and Kumasi. This situation is one that got so overwhelming to the extent that the site went down due to extreme traffic. In addition, Luno, a top-rated cryptocurrency exchange platform in Nigeria, Uganda, and South Africa also shared insights on how the exchange is faring a few days to the halving.