The recovery of the crypto markets encourages investors who are paying attention again. If the sector seemed a few weeks ago, the activities have started again and are much higher than all expectations. Trade volumes on LocalBitcoins and Paxful show such an increase in bitcoin buying as prices start to climb.
Bitcoin is on the mend
The recent market downturn has almost brought crypto business to a standstill. Although investors were hoping to continue the rise that started in November 2021, the fall in the sector destabilized them a bit. As a result, it seemed that fewer and fewer people were in favor of cryptocurrencies. During these months, only big traders maintained their activities and trusted BTC. Oddly enough, trading volumes increase dramatically as prices start to rise again.
In general, buying volumes are expected to increase during the bearish period. But this is not the case. On the contrary, it is when the bullish trend shows its nose that buys multiples on a global scale. The most amazing thing is how people think about buying bitcoin. Usually, the exchanges are done on the centralized platforms since it is the first choice.
However, buying through peer-to-peer platforms seems to be the big trend. This is proven by the volumes on Paxful and LocalBitcoins which are constantly increasing. North America is the largest recipient of these platforms. Then comes Latin America, Eastern Europe and Western Europe.
Increase in the number of crypto exchanges around the world
The number of Bitcoin purchases has increased exponentially over the past week. And it is not just in Europe as the movement seems to be global. According to statistics from LocalBitcoins and Paxful, volumes have increased by almost 300% during this period. More and more people are transacting through these platforms. In North America, the number of large crypto transactions has increased from $6 million per week to an impressive $20 million.
Latin America also recorded strong growth, rising from $3.1 million to $9.7 million per week. Eastern and Western Europe followed suit, although the volumes were much lower than those in Latin America. However, despite strong growth in BTC volumes, these are still far from matching the record numbers. However, there is much more support for buying bitcoin than ever before.
Cryptos will never surprise people. We did not expect such amounts when there was a rise in prices. What else does bitcoin have in store for us? No one knows. But there is a good chance that the raise onward and may BTC recover all its splendor.
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Eddy Senga
The world is changing and adaptation is the best weapon to survive in this turbulent world. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and express an area of interest to me, there is nothing better than writing articles that are informative and entertaining at the same time.
