The South American market supports Bitcoin with the highest peaks in commercial volumes
Bitcoin has recently had to deal with some price fluctuations, but it seems to exceed the expectations of the rest of the world in the South America. At this time, most of the market sees the price of Bitcoin falling below $ 6,000. However, as the market had a mixed success in Argentina and Venezuela, Bitcoin managed to keep a price around $ 6,556.89.
Coin Dance monitored transactions on LocalBitcoins, which shows that the last week of activity has been the largest tracking volume the local market has ever seen. In total, the market saw about 6.0 million pesos in the trade for Argentina.
In Venezuela, however, they reached their second highest week, resulting in an exchange of about 295 million bolivars. Based on the information provided by Coin Dance, the exact amount is somewhat unclear, due to the transition to the country experimented, started on August 20 . Furthermore, the country has experienced hyperinflation, which also has an impact on the actual value of the bolivar.
Both of these countries have been in the news lately, regarding growing difficulties in the currency of the government. Other countries have experienced low in their trade volumes from the summer, like Peru. However, they also experienced a peak that led to 2.6 million sol in transactions, which is the highest amount of fiat currency traded in the country. Colombia had a similar experience and recently reached a weekly volume that was the fifth highest in the country.
One of the interesting parts of this transition is the way it breaks the traditional altcoin model typically following the Bitcoin scheme. Coin Dance says in particular that they have seen the lowest trading in more than a year for altcoins, while Bitcoin has maintained their dominance trend on the market, even though the value is still around 50% dominance.
This news is happening at the same time Ether (ETH) reaches the record low for the last 15 months, or Wednesday $ 175.