As Bitcoin (BTC) develops, the digital asset is regarded as a potential alternative to some traditional financial asset classes when considering metrics like the trading volume. Despite significant volatility for both equities and cryptocurrencies in recent months, Bitcoin has registered a trading volume at least double the size of Apple within the last 30 days.
According to data collected by Finbold, Apple’s daily average trading volume for 30 days that ends on July 22 stands at $11.6 billion. The data is basically the stock’s shares per day/session volume of 79.92 million according to YCharts data and the average price of AAPL during the 30-day period, which was $145.64.
According to CoinMarketCap data elsewhere, Bitcoin’s average daily trading volume for the 30 days was $27.7 billion. Hence, Bitcoin has recorded a trading volume of at least 2.3 times more than Apple despite experiencing a sustained bear market.
Remarkably, Bitcoin has succeeded to maintain an impressive volume compared to Apple despite the cryptocurrency undergoing a significant sell-off in recent months. For example, the 30-day period partly coincided with Q2 2022, when Bitcoin recorded its worst quarterly performance in the last 10 years with returns of -56%.
Though, after dropping below the $20,000 market, Bitcoin recently surged climbing to as high as $24,000 on July 20.
Accordingly, the flagship cryptocurrency has driven the crypto market capitalization to above $1 trillion. By press time, Bitcoin was trading at $22,025, dropping by almost 3% in the last 24 hours, while the cryptocurrency has gained nearly 3% in the last 30 days.
Still, Bitcoin has managed to maintain a superior trading volume driven by factors like the ability to trade on a 24/7 basis, even on weekends and holidays.
It is worth noting that both Bitcoin and the Nasdaq index had a stellar performance in 2021, while both have generally recorded substantial corrections in 2022.
Although both investment products belong to different asset classes, Bitcoin’s ability to beat Apple indicates the crypto is now in direct competition with established traditional asset classes.
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