The bitcoin trading on Peer-to-Peer platforms has seen rapid growth in recent months, with the African continent now the second-strongest region in the world for P2P volume just behind the United States. The African continent is the only region to post an increase in seven-day P2P trade this past week. Since early this year, the sub-Saharan African continent has overtaken the Asia-Pacific, Eastern European, and Latin American regions to emerge as the second-strongest peer-to-peer market by a volume margin of more than 50%.
The crypto analyst Kevin Rooke posted data on twitter revealing a triple-digit P2P activity among Africa’s top peer-to-peer markets over the past three months. Nigeria, South Africa, Kenya, and Ghana witnessed an increase in trading volume by 125%, 194%, 199%, and 257%, respectively. A spokesperson for top P2P Bitcoin marketplace Paxful told the crypto news outlet Cointelegraph that in addition to Africa’s top markets, Cameroon has emerged as a “breakout country” with $5 million in volume during 2020 so far. Africa has been hailed as the continent that would derive the crypto adoption in the future. South America has also witnessed a surge in peer-to-peer trading volume in the last few months.
As reported earlier, an interactive map showed the level of cryptocurrency interest worldwide, revealing Bitcoin searches are most frequent in countries in Africa and South America. According to the map published at Blockchaincenter.net, Google Trends data shows that the bitcoin dominates search interest in Africa. 94.7% of all searches related to crypto, including BTC, Bitcoin Cash, Cardano, Dogecoin, Ethereum, and Tron—in Kenya, are for Bitcoin. Bitcoin has come a long way since its inception almost a decade ago. Several crypto enthusiasts, including the founder of Twitter and Square Jack Dorsey, had asserted that Africa would play a major role in deriving the crypto adoption in the future.