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) 00 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.