Image: The Independent
Bitcoin records 2x higher 30-day trading volume than Apple despite the bear market. The digital gold has managed to maintain excellent trading volume thanks to factors such as being able to trade 24/7, even on weekends and holidays.
Bitcoin is increasingly being viewed by investors as a potential alternative to some traditional financial asset classes when considering metrics such as trading volume. Despite considerable volatility for both stocks and cryptocurrencies in recent months, Bitcoin has registered at least double the volume of Apple's trading in the past 30 days.
According to data obtained by Finbold, Apple's average daily trading volume for the 30 days ending July 22 is $11.6 billion. According to CoinMarketCap, the average daily trading volume for Bitcoin over those 30 days was $27.7 billion. As such, Bitcoin has recorded a trading volume of at least 2.3 times that of Apple despite a sustained bear market.
Bitcoin has managed to maintain an impressive amount of volume compared to Apple despite a significant cryptocurrency sell-off in recent months. For example, the 30-day period overlapped with the second quarter of 2022, when Bitcoin posted its worst quarterly performance in a decade with a -56% return.
Although both investment products belong to different asset classes, Bitcoin's ability to outperform Apple indicates that the cryptocurrency is now in direct competition with established traditional asset classes.
Also, in a high-inflation environment, Bitcoin and the stock market have shown a high correlation. However, Bitcoin has managed to maintain excellent trading volume thanks to factors such as being able to trade 24/7, even on weekends and holidays.
© 2022 by Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.