Weekly peer-to-peer trading volume in the Latin American bitcoin market has been rising steeply, according to data provided by LocalBitcoins.com.
The over-the-counter bitcoin trading portal found that Argentina, Chile, Mexico, Columbia, Peru, and Venezuela are posting more offline trading activity than that reported on the global average scale. Measured against their local fiat currencies, the volumes appeared higher even during the 2018’s cryptocurrency crisis, wherein bitcoin lost more than 70 percent of spot market valuation.
Even the countries which noted a minor drop in trading volumes last year picked up momentum in 2019. That might have to do with bitcoin’s unexceptional rebound during the second quarter of this year.
The cryptocurrency surged by more than 120 percent since April 1 to settle a fresh yearly high just shy of $8,950. The move brought bitcoin’s net bottom-recovery to 135 percent, according to a real-time data provided by Messari.io.