The Bitcoin market is moving much higher daily trading volume than shares of companies like Tesla, Microsoft, Apple and Amazon.
Bitcoin, the largest cryptocurrency globally, is moving a daily trading volume 3 times higher than that of several of the most important companies in the world, noted the CryptoParrot web portal. According to their datathe daily trading volume seen in Bitcoin this month is outpacing that of shares of companies like Tesla, Microsoft, Apple, and Amazon.
Between October 1 and 11, the Bitcoin market moved about 36.6 billion dollars a day, on average; while the shares of Tesla, Microsoft, Apple and Amazon moved an average trading volume between 7,000 million and 14,000 million dollars a day during the same period.
Source: CryptoParrot
Specifically, the daily trading volume registered by Tesla was 14.4 billion dollars, being the company with the highest trading volume among all the aforementioned. Followed by Apple, with an average trading volume of 10.98 billion dollars a day; Amazon is in third place, with an average trading volume of $9.09 billion a day, and Microsoft is in fourth place, with a trading volume of $7.13 billion. Although these figures are quite attractive, the reality is that Bitcoin exceeded these values by up to 5 times, as reported by the portal.
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Trading volume and bullish Bitcoin
The high trading volume shown by the Bitcoin market currently coincides with the rise in the price of the cryptocurrency. In the last week, the value of Bitcoin grew by 13%, reaching $57,600 per unit and getting closer to its all-time high seen in the month of April, when it exceeded $64,000 per BTC.
Source: CoinGecko
CryptoParrot points out that although Bitcoin is a very different asset class than stocks, its appreciation makes it an increasingly important investment asset.
The portal stressed that the high daily trading volume of this cryptocurrency is a sign of its importance as a new investment asset class, which is offering tough competition to the shares of these companies, despite being well below them. in terms of market capitalization. For example, compared to Apple, Bitcoin has barely half the market capitalization of the American technology giant.
CryptoParrot also highlighted that the high trading volume seen in Bitcoin may be due to the fact that it is an asset that is traded without restrictions, 24/7, while the opposite is true for stocks. Another point that the platform pointed out is that shares are susceptible to rising interest rates, something that is not attractive to investors.
At the close of this edition, the price of Bitcoin (BTC) reaches the $56,400 per unit.
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