LocalBitcoins Momentum Is Back With Two New Record Highs

LocalBitcoins volumes are heading back towards new all-time highs as Ukraine and the Dominican Republic set new records.

"In the week ending April 22, the two markets recorded 3.6 mln hryvnia ($134,700) and 1.4 mln pesos ($29,650) respectively pass through LocalBitcoins’ books."

The uptick in the Dominican Republic was particularly pronounced, the previous week having seen just 837,000 pesos exchanged.

Weekly LocalBitcoins Volume (Dominican Peso)

The highs are part of a recent resurgence in LocalBitcoins markets, having previously come off highs largely driven by Chinese investors seeking alternatives to barred exchanges.

Despite these exchanges being on the cusp of reopening trading, little impact showed on LocalBitcoins’ China marketplace, whose volumes declined only slightly and continue to hold far above pre-exchange announcement levels.

Ukraine’s story, meanwhile, shows a continuation of a steady trend. The country’s weakened currency and heavy tech industry makes it fertile ground for Bitcoin interest, with the government for its part actively incorporating Blockchain technology into its economic strategy.

Weekly LocalBitcoins Volume (Ukrainian Hryvnia)

At the beginning of April, CEO of domestic exchange Kuna, Mikhail Chobanyan, also highlighted the increased trading currently propping up the Ukrainian market, which is still comparatively modest.

In 2016, overall volumes increased dramatically from 500,000 hryvnia per week to around 2.5 mln.