Last recorded Bitcoin 24-hour trading volume is now two times more than the technology giant’s Apple. Data gathered and calculated by Insidebitcoins.com indicates that the Bitcoin trading volume was $41.261 billion an equivalent of 5,259,812 BTC while Apple’s trading volume was $20.235 billion.
It is worth noting that Apple’s trading volume is the last reported which represents about 71.323 million shares. Apple’s trading volume was calculated by multiplying the number of shares by the price per share. By the time of writing the Apple stock was $285.34.
On the other hand, Bitcoin traded at $7,936 by the time of writing. This is a drop considering that early this year, the asset surged surpassing the $9,000 mark briefly before tumbling.
From the data, Bitcoin’s daily trading volume gradually started increasing in February when the asset traded at around $8,000, an indicator that the demand for Bitcoin from both retail and accredited investors is rising.
Bitcoin’s large trading volumes are an important indicator of price movement where an increase in trading volume is generally considered a precursor to a big price move.
Apple market capitalization 8x more than Bitcoin
In comparison, Apple market capitalization is at least eight times more than that of Bitcoin. By the time of writing Apple market cap was $1,248 billion compared to Bitcoin’s $143.32 billion.
It is worth noting that It takes a lot of traders to move such an amount of Bitcoin in a single day. Additionally, such Bitcoin can also be moved with many deep-pocketed market makers.
The massive growth in Bitcoin trading volumes has been coupled with an equally large drop in stock trading volumes mostly due to the ongoing Coronavirus. Apple is among the stocks that gained on Tuesday, March 10, however on Wednesday, most stocks are set to give up the gains as the coronavirus stock market correction continues.
Although Bitcoin and Apple stock represents two completely different asset classes, this would be an important milestone for the crypto sector. This is an indicator that cryptocurrencies can longer be ignored as they move towards mainstream adoption.
The huge margin in the trading volume of the two assets comes barely a year after a top Apple executive stated that the iPhone manufacturer was closely monitoring cryptocurrencies. According to Jennifer Bailey, vice president of Apple Pay, the tech giant viewed cryptocurrencies as an interesting venture that holds long term potential.
Generally, Bitcoin’s gain has been tremendous in 2020 with the asset gaining 40% in value in 2020 alone. With these figures, if Bitcoin was a stock, then the company would be competing with other giant firms like Boeing and Apple.
This is the reason why many crypto advocates consider Bitcoin as a safe haven. It is an implication that investing in Bitcoin would be stable in the event of the stock market meltdown. For example, investors are anticipating a drop in the stock due to the ravaging Coronavirus.