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In summary
- Argentina surpassed Brazil in NoOnes trading volume in November, reaching $2.62 million compared to $1.87 million in February.
- Venezuela recorded a 200% increase in new traders since August, standing out as a growing market.
- Uruguay led in average volume per user with 29,000 USDT per month, surpassing Argentina and Brazil.
Argentina and Brazil, the two largest markets for NoOnes (a P2P Cryptocurrency marketplace founded by the creator of Paxful) in Latin America, have been in fierce competition this year. According to a recent report shared by the platform team with Decrypt, Brazil led the market for almost all of 2024, with a turn in October when other countries took the lead.
An example is Argentina, which according to NoOnes data, increased its volume from $1.87 million in February to $2.62 million in November.
Meanwhile, Venezuela has emerged as a rising star in the region. The country saw an influx of new users, with November bringing in almost 300 new traders, up from less than 100 in August, a notable 200% increase.
The Use of Bitcoin and USDT Increases in Latin America
In Argentina, Bitcoin stands out as the most traded crypto asset. Argentinians trade more than twice as much Bitcoin as Brazilians, despite the surprising fact that USDT, a currency favored for its financial stability, sees its strongest use case in Argentina and Venezuela.
Brazil, on the other hand, dominates USDT and Ethereum trading. Brazilians trade twice as much USDT as Argentinians and more than five times the volume of Ethereum as in Argentina.
A particularly intriguing case is Uruguay. Although it does not handle a gigantic volume like other LATAM countries, Uruguay boasts the highest average user volume in the region, with 29,000 USDT per month. This figure overshadows the averages for Argentina and Brazil, which stand at 12,400 USDT and 10,000 USDT respectively.
Bull Market Timing and Bitcoin’s Path Above $100,000
With the current bull market, December is projected as a month that could bring growth on all fronts. The re-election of Donald Trump and the current SEC Chairman’s recent announcement that he will step down in January has added fresh impetus to market speculation, but the long-term impact remains uncertain.
In an exclusive interview for Decrypt in Spanish, Ray Youssef, founder and CEO of NoOnes, highlighted the increase in Bitcoin price after the US presidential election, predicting a promising future for the financial sector in general.
“In my personal opinion, now that Bitcoin has already surpassed $100,000, the real question is where this new stage of the market will take us. Having crossed that milestone demonstrates the power and resilience of this financial revolution. But we must not lose sight The bottom line: this is not just about prices, but about fundamentally transforming the financial system. Our mission remains to end the financial apartheid that has kept the Global South at a disadvantage for too long.”
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