Localbitcoins popularity appears to be shifting from Venezuela to Russia according to March trading volumes. A total of 14,365 BTC traded through the popular peer-to-peer platform translating to $51.51million.
Localbitcoins Russia trades 3,593 BTC which was 83% volume above what the Venezuela market traded. Traditionally, Venezuela has been pushing the highest volumes through the P2P exchange. The shift means Russia uptake is on the rise and might hold longer than expected.
Russian Crypto Market Is Expanding
Russia overtakes the largest Localbitcoins markets namely, Venezuela and the United State. After trading 3,593 worth of Bitcoin ($13.81million) or 918million RUB, Russia becomes the highest mover for the P2P exchange.
Globally, Venezuela is the second largest Localbitcoins by trade volumes which saw a total of 1,953 Bitcoin worth of trade during the same period. However, the volumes saw a culmination of a five-week strong trading according to records measured in cryptocurrency. However, measured in fiat, Venezuela pushed 25.43billion in local currency or $7.72mullion USD.
The American market saw 1,807 BTC change hands during the same week translating to $9.67million. This puts the US at rank three globally but a strong seven-day performance fiat wise. The slump, however, might be attributed to the tight regulations in the country.
Localbitcoins African Presence Being Felt
The week ending March 2 has seen over 900 BTC change hands in Nigeria. The BTC/NGN (Nigerian Naira) vibrancy was experienced making the Localbitcoins market the fourth largest in the world. A total of 1.21billion worth of NGN was traded which is equivalent to almost $3.2million.
Nigeria overtook China pushing the populous nation to the fifth position after trading 839 BTC (over 3.3million) for the Chinese Yuan (CNY). This is a big change and the Chinese trade has overtaken that of the European Localbitcoins which saw a total of 830 BTC change hands for Euros (EUR) during the same period to rank sixth.
Localbitcoins Performance in Britain and Europe
The same period saw the British Pound and Bitcoin pair trade a total of 806 worth of BTC through Localbitcoins. This is equivalent to 2.4million GBP or $3.3billion USD. Britain becomes the seventh largest market by volumes.
Columbia came in eighth largest Localbitcoins market after trading 725 BTC early March which saw it become the third strongest week. This in fiat translates to 7.9billion Columbian Pesos or $2.52 USD worth of BTC traded.
At position nine was India after exchanging about 317 BTC for the local Rupees (INR). Against fiat, 88.62million INR ($1.26) was traded for Bitcoin. Others that gave the P2P a boost include South Africa at number ten with 288 BTC ($1.08million) or 15.76million ZAR traded. Other notable performers on Localbitcoins are Hungary and Croatia that saw each contributed a volume of 1BTC each.