South American Market Supports Bitcoin with Major Spikes In Trade Volumes
Bitcoin has been dealing with some fluctuations in price lately, but it seems to be exceeding the expectations of the rest of the world in South America. Right now, the majority of the market is seeing the Bitcoin’s price going below $6,000. However, as the market has mixed success in Argentina and Venezuela, Bitcoin manages to keep a price around $6,556.89.
Coin Dance has been watching the transactions on LocalBitcoins, which shows that the last week of activity has been the biggest in tracking volume that the local market has ever seen. In total, the market has seen about 6.0 million pesos in trading for Argentina.
In Venezuela, they instead reached their second-highest week, resulting in about 295 million bolivars exchanged. Based on information from Coin Dance, the exact amount is somewhat unclear, due to the switchover that the country experienced, which started on August 20th. Furthermore, the country has been going through hyperinflation, which also impacts the actual value of the bolivar.
Both of these countries have been in the news lately, regarding the rampant difficulties in the government currency. Other countries have experienced lows in their trading volumes since the summer, like Peru. However, they also experienced a spike that ended up bringing in 2.6 million sols in transactions, which is the highest amount of fiat currency traded in the country. Colombia had a similar experience, and recently reached a weekly volume that was the fifth-highest of the country.
One of the interesting parts of this transition is how it breaks the traditional pattern of altcoins typically following the pattern of Bitcoin. Coin Dance specifically says that they have been seeing the lowest trading in over a year for altcoins, while Bitcoin has still been keeping their trend of market dominance, even though the value is balancing around 50% dominance still.
This news is occurring at the same time that Ether (ETH) reaches an all-time low for the last 15 months, which was $175 on Wednesday.