The peer-to-peer (P2P) markets have seen a dramatic increase in Iranian and Indonesian trade activity, with both markets posting triple-digit volume gains in recent weeks. Localbitcoins volume has also surged in select Latin American markets this past week, with the Dominican Republic, Colombia, and Venezuela posting some of their strongest trade on record.
Iranian P2P Trade Volume Up 190% in a Week
During the week of Feb. 23, Localbitcoins trade between Iranian rial (IRR) and BTC nearly tripled. Nearly 34.56 billion IRR (approximately $ 137,000) changed hands during the seven-day period, comprising the eighth strongest week on record when measured against fiat currency.
When measured in crypto, the week comprised the ninth strongest in the market’s history, with roughly 67 BTC changing hands, a nearly 150% gain over the previous week’s 27 BTC.
Indonesian P2P Trade Activity Gains Over 2,000% in 2 Weeks
Localbitcoins trade between Indonesian rupiah (IDR) and BTC has surged in recent weeks, with the week of Feb. 23 comprising the second strongest on record, with 130 BTC or 6.5 billion IDR of trade taking place.
The week follows a fortnight of unusually strong volume for the Indonesian P2P markets, with a record 262 BTC worth of trade taking place during the week of Feb. 16, comprising a 150% gain over the previous seven days. The then all-time high of 102 BTC posted for the week of Feb. 9 had comprised a more than 920% gain over the week of Feb. 2.
South American Localbitcoins Markets Rally
The Latin American P2P markets have also seen significant action this past week, with trade between the Dominican peso (DOP) and BTC posting its second strongest week on record when measured in cryptocurrency, with 34 BTC changing hands. This past week also comprised the seventh strongest on record when measured in fiat currency with nearly 6.64 million DOP (roughly $ 131,000) worth of trade.
Venezuela posted a new record for weekly Localbitcoins trade when measured in fiat currency, with 24.42 billion Venezuelan bolivares (VES) in trade activity. The week also comprised the fourth strongest on record when measured in cryptocurrency, with approximately 1,960 BTC having been traded.
Colombia posted its third strongest week on record when measured in both fiat currency and cryptocurrency, with 707 BTC or 7.9 billion Colombian peso (COP) changing hands in seven days.
Do you think the P2P markets will continue to produce strength throughout March? Share your thoughts in the comments section below!
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