Latin American P2P markets challenge the global tendency to destroy volume records

Markets and prices

The Latin American cryptocurrency peer-to-peer (P2P) markets saw a significant peak in 2019, with Colombian, Peruvian and Venezuelan local-country markets recording a record volume at both fiat and BTC. The Argentinian, Dominican and Mexican markets also recorded a record volume for P2P trade in recent weeks.

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Volume of commercial exchanges of witnesses of P2P markets of Latin America

Despite the steady decline in the volume of Localbitcoin in recent weeks during the fiat currency measurement, several Latin American P2P markets have consistently recorded trade activity in the new year.

In the months of November and December 2018 Colombian Localbitcoins recorded consecutive records for weekly commercial activities.

The increase in volume seems to have peaked at the end of December, with the current record of 759 BTC or 8.40 billion Colombian pesos (COP) (about 2.66 million dollars) of cryptocurrency that changes hands during the week of December 22, 2018.

Since then, the volume has decreased significantly, with 346 BTC or about 4.26 billion COP (about 1.35 million dollars) of hands of bitcoin core trading during the week of 5 January 2019 – a decline in volume between 50 and 55% on the course of just two weeks.

Peruvian and Argentine commercial activity falls 50% from December Surge

During the fiat currency measurement, the Peruvian markets of local markets recorded six consecutive records for weekly trading volume from the week of November 14, 2018 to December 29, 2018.

The Peruvian P2P trade recorded a new record for the fiat and cryptocurrency volume with 252 BTC or 3.46 million Peruvian Sol (PEN) (almost $ 1.04 million) of trade during the last week of 2018. Since the publication of the current record, P2P trade between PEN and BTC has dropped by about 25 percent to 190 BTC or 2.59 million PEN (about $ 776,000).

During the fiat currency measurement, the Argentinian Localbitcoins markets recorded a record volume of about 9.45 million Argentine pesos (ARS) (about $ 256,000) during the week of December 8, 2018. The same week saw 65 BTC traded on the platform, the most to change hands since April 2017.

Despite the significant outbreak of commercial activity, the Argentine P2P trade seems to have declined between 40 and 50 percent in about a month, with 30 BTC or 5.64 million ARS (about 153 thousand dollars) of encryption on Localbitcoin during the week of January. 5, 2019.

Points of the Dominican and Mexican P2P trade during the week of December 22, 2018

The P2P trade between the Dominican Peso (DOP) and BTC broke records twice in December 2018, with more than doubled volume during the week of December 22 to record the current record of 47 BTC of weekly exchanges during the cryptocurrency measurement .

During the fiat measurement, the value of 9.2 million DOP (about 182,000 USD) traded during the same week includes the third largest ever commercial weekly trade recorded and the highest volume published since the week of January 13, 2018.

Mexico also saw a surge in P2P trade during the week of December 22, 2018, with 9.34 million Mexican pesos (MXN) (about $ 488,000), or 115 BTC, changing hands in just one week – the second strongest ever recorded by measuring in MXN.

Venezuelan cryptocurrency trade continues to grow

Seven weeks in November and December last year recorded a record volume for the Venezuelan Locabitcoin trade by measuring BTC, six of which also included record volume when measured in Venezuelan Bolivar (VES).

After publishing a new record of 1,974 BTC or 5.29 billion ESR (almost 6.66 million dollars) of exchanges during the week of December 22nd, the Venezuelan localbitcoin markets have not published a new record for two consecutive weeks measuring in cryptocurrency for the first time since September 2018.

Why do you think that Latin American business has flourished despite the decline in global volume in the last few months of 2018? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Coin.dance

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