Venezuela climbs to second place in BTC global trade through Localbitcoins.
The commercialization of bitcoins (BTC) in Venezuela continues to grow amid the hyperinflation suffered by the country for months. Last November, 4,352 BTCs were commercialized in Localbitcoins Venezuela, including 1,190 BTC in the week ended on November 24, which means that the Caribbean country displaces the United States from the second place in the world on the P2P platform during that week.
When comparing the commercialized volumes of BTC in Localbitcoins during the last four weeks reported by Coindance, the United States and Venezuela achieve a virtual tie, with 4,354 BTC and 4,352 BTC, respectively. During that period, Venezuela twice surpassed the United States in the weekly volume.
Last August, Venezuela had managed to ascend to third place in bitcoins marketed in Localbitcoins, with 2,103 BTC. In just three months, it doubles the monthly volume and manages to climb one step to place second behind Russia, which has a little more than twice the monthly volume of BTC as Venezuela.
The following figure reflects the closeness in volume of the United States and Venezuela and the weekly figures of the first three places are specified in a table.
Regarding the behavior of Latin American countries, the positions of last August are repeated, reflecting a clear dominance of Venezuela and Colombia over the rest of the countries whose figures Coindance reports. Venezuela maintains its 58% dominance over the group of countries with the largest bitcoin movement in the region.
Venezuela and Colombia still represent more than three quarters of BTC marketed in Latin America. Last August, the two countries reached a 78% dominion and in November this percentage reaches 81.5%. None of the other countries in the region has more than 10% market share of BTC.
It is notorious that in the face of the sustained decline in the price of bitcoin, and of the crypto market in general, during 2018, the volume exchanged of BTC in Venezuela increases month by month. While bitcoin’s price has fallen by about 75% from its highest position in early January, the weekly volume exchanged in Venezuela at Localbitcoins has grown 387%.
Since the last economic announcements in August, the monthly volume of BTC exchanged in Venezuela has grown 72%. It can be inferred that this volume will grow again in December, but new variables intervene, after the presidential decree that increased the value of the petro to Bs. 9,000 and the consequent increase in the minimum wage to Bs. 4,500.
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