Localbitcoins has always been a critical platform for cryptocurrency trading. Its business model revolves around directly connecting buyers and sellers of Bitcoin. Over the past few years, LocalBitcoins has become a global phenomenon. This explains why a new all-time high trading volume was recorded two weeks ago. Over $71m worth of Bitcoin was traded across all markets. A more than solid number, to say the least.
Although some people may argue $71m isn’t much, that is not entirely true. In the grand scheme of things, $71m is a drop in the bucket for Bitcoin trading volume. However, one has to keep in mind LocalBitcoins is not a regular exchange either. It directly puts buyers and sellers in touch with one another. Customers can also use any form of payment method they like. No one can deny this platform has seen major growth over the past few months alone.
LocalBitcoins Volume is Picking Up
More specifically, the trading volume on LocalBitcoins was just $32m at the end of March 2017. More than doubling that amount in just a few months is pretty spectacular. It is the first time the LocalBitcoins volume surpasses $70m as well. Milestones like these should never be overlooked, as it shows the demand for P2P trading is on the rise. Especially in China, this platform sees a lot of positive momentum right now.
Last week, the overall trading volume dipped quite a bit. Although trading nearly $60m worth of Bitcoin in one week is still good, it shows there was slightly less interest all of a sudden. Now that the Bitcoin price is rising again, it will be interesting to see how the demand across LocalBitcoins responds. Rest assured there will be a continuing demand for cryptocurrency. Moreover, it shows how people can buy and sell BTC without regular exchanges or even ATMs.
Things are looking pretty good for the cryptocurrency industry overall. Despite negative remarks by self-professed financial experts, the Bitcoin price isn’t budging by any means. Instead, Bitcoin is proving all of the naysayers wrong once again. These are very exciting times we live in, that much is certain. LocalBitcoins will have its role to play in all of this as well