India and Ghana are leading in peer-to-peer (P2P) trade volumes in global crypto emerging markets.
According to a by UsefulTulips, the top six countries with the highest weekly records of P2P Bitcoin trades are from emerging markets. They are India, Ghana, the Philippines, Argentina, Mexico and Egypt.
Over $3.4 million in BTC transactions came from India within one week. Before last month, India’s all-time-high (ATH) was $2.95 million, back in December 2017. In June, it surpassed the ATH and has been within the $3 million range.
In Africa, the sub-Saharan region has been seeing a significant increase in P2P activities recently. Earlier this month, Nigeria posted volumes amounting to $9.9 million.
Ghana has been consistently posting new records for the past 17 weeks, except for two weeks. At some point, for two consecutive weeks, the country traded over $1 million in BTC while Egypt recorded $700,000.
Ray Yousef, Paxful CEO, commented that Nigeria, Ghana and Kenya make up the top three spots in Africa based on a year-to-date analysis.
In South America, Argentina is at the top. In June, the country posted $585,000 in trades, a new ATH at the time. In July, its lowest record so far is $830,000.
Mexico recorded $692,000 last week, the first P2P record in almost three months.
The Philippines also recorded a new ATH last week by surpassing $1 million.