Localbitcoins trading volume has witnessed volume spikes across miscellaneous markets in recent weeks, with global volume bouncing to $75 million USD this past week. The Canadian and European markets both produced record volume this past week – after both markets produced seemingly anomalous spikes in trading activity.
Also Read:Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018
Europe and Canada’s Localbitcoins Markets Set Weekly Volume Records
The weekly global trading volume on localbitcoins has bounced to $75 million (8,586 BTC), following spikes in volume across several markets during the week of the 31st of March.
EUR/BTC trading on Localbitcoins smashed it’s prior volume record of approximately $9 million EUR, with nearly $11.5 million EUR worth of BTC changing hands this week. The trade volume of 1,617 BTC is the largest number of bitcoin exchanged in a single week in the EUR/BTC markets since March 2016.
The Canadian peer-to-peer (P2P) markets set a new record for trade volume the third time in three weeks – with almost $8 million CAD worth of bitcoin exchanging hands. During the week of the 10th of March, CAD/BTC trade was valued at nearly $2.5 million CAD – almost $1 million more than the previous record of $1.475 million. The week of the 17th of March saw volume fall back to $1.6 million CAD, before trade ramped up to again set a new record of over $5 million during the week of the 24th of March.
When measuring trade in bitcoin, last week’s volume of 904 BTC set an all-time record, beating the previous high of 706 BTC from the week of the 30th of May, 2015.
A Number of P2P Markets Produced Surged in Recent Weeks
Trade between the Indonesian Rupiah (IDR) and bitcoin produced record volume of $580 million IDR during the week of the 17th of March on Localbitcoins. The same week saw Vietnamese P2P trading experience its second highest volume ever, with a sudden rush in trading bring volume to $3.725 billion VND.
Localbitcoins trade between bitcoin and the Mexican Peso surged at the start of the month, with record volume $10.6 million MXN being recorded for the week of the 3rd of March.
Tanzania’s Localbitcoins market also saw its third highest weekly volume ever this week, with $90 million TZS worth of bitcoin changing hands.
Venezuelan Trading Volume Continues To Spike
Venezuela’s P2P bitcoin markets have continued to surge during 2018 thus far, with Bolivar to bitcoin trading setting new volume records for seven of the thirteen weeks that have passed this year. This past week saw Bolivar/BTC trade fail to set record volume for the first time in five weeks, following the preceding week’s record volume of over 1 trillion VEF worth of trade.
Peruvian P2P trade has also performed well in recent, producing more than $1 million PEN worth of transactions for eight of the last nine weeks.
Do you think that we will continue to see volume records set by the Localbitcoins markets in recent weeks? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Coin.dance
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