The US has experienced its largest jump in bitcoin volume over the past week on LocalBitcoins. Over $31.5M worth of BTC was traded on the platform as bitcoin price looks set to test the $4000 resistance level next.
ATH USD Trading Volume on LocalBitcoins
Data from Coin Dance shows that USD trading volume on the popular over-the-counter bitcoin trading platform LocalBitcoins has reached its all-time high.
For the week ending on February 16th, LocalBitcoins saw traders exchange more than $31.5 million, nearly four times the amount exchanged the previous week ($8.4 million).
LocalBitcoins is a peer-to-peer (P2P) platform, which allows users to create and accept private sales of bitcoin for fiat currency and vice versa.
Bitcoinist reported that Indonesia has also seen a surge in Bitcoin through the platform.
Bitcoin Price Eyes $4000
Following the record values of USD volume traded on LocalBitcoins, the price of the cryptocurrency has also marked a notable increase.
At the time of writing this, Bitcoin (BTC) [coin_price] has managed to gain over 8 percent in the past 24 hours.
As Bitcoinist reported, should the price manage to break towards the $4,000 level, this would show an Adam and Eve bottom pattern, which may allow for a further surge of the price towards $5,000.
It’s worth noting that Bitcoin is not the only cryptocurrency performing well through the weekend. In fact, the entire market has marked a substantial increase.
Data from CoinMarketiCap shows that throughout the last couple of days, the market has managed to gain upwards of $10 billion to its capitalization, an increase of around 9 percent.
Ethereum (ETH) [coin_price coin=ethereum] has also made notable gains spearheading the current cryptocurrency rally. This allowed it to once again reclaim its spot as the second largest cryptocurrency in terms of market capitalization, unseating Ripple (XRP) [coin_price coin=ripple].
What do you think of the surge in USD volume on LocalBitcoins? Don’t hesitate to let us know in the comments below!
Images courtesy of Coin.Dance