No one will be surprised to learn last week was filled with more trading volume records for LocalBitcoins. Global demand for cryptocurrency is not slowing down by any means, that much is certain. New trading volumes have been set in various regions all over the world. Interestingly enough, bitcoin users in Canada and the UK are diversifying the number of platforms they use to buy bitcoin. This is quite an intriguing development, that much is certain.
Demand for bitcoin continues to surge on a weekly basis. Even though the SEC rejected the bitcoin ETF, that has done nothing to reduce cryptocurrency demand by any means. There has been a small price dip directly after the announcement, but the impact was rather minimal. Bitcoin is surging ahead once again, and altcoins are seeing an increasing amount of trading volume as well.
It is unclear why there is such a growing demand for bitcoin, though. It is evident people want to part of the cryptocurrency revolution and see bitcoin as an investment vehicle. However, there is also the question of consumers buying bitcoin to invest in popular altcoins. After all, with currencies such as Dash, Monero, and Ethereum appreciating in value, buying bitcoin to invest in altcoins makes a lot of sense. This is part of the reason why LocalBitcoins sees an increasing amount of volume every week.
Global Cryptocurrency Demand is Insatiable
aLooking at the statistics for last week, three countries stand out. Canada, Thailand, and Colombia are all setting new records once again.Particularly Canada is quite interesting, although there are very few reliable exchanges active in the country right now. Peer-to-peer trading is a favorable solution in Canada right now, it seems. That is a positive development, all things considered. Consumers need to learn not to rely on centralized exchange platforms.
Paxful, another popular exchange platform, saw volume records in Australia, Kenya, and the UK. Considering the UK has no shortage of exchange platforms, this trend is quite intriguing. Kenya has been warming up to cryptocurrency for several years now. Australia has always been relatively quiet on the bitcoin front, though. Then again, there is a growing interest in cryptocurrency in Australia these days. No one knows for sure what has changed in this regard, though.
Last but not least, there is the BitSquare peer-to-peer trading protocol. A record week for Canada and the UK goes to show this platform becomes more popular as of late. It also highlights how cryptocurrency enthusiasts in the UK and Canada diversify the way they obtain cryptocurrency. Using multiple platforms with a strong focus on peer-to-peer trading is a step in the right direction. The overall trend toward cryptocurrency heads in the right direction and it will be interesting to see how this situation evolves.
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