The BTC price chart has a strong correlation with Apple’s Nasdaq stock chart. Now, the 30-day trading volume of Bitcoin has surpassed that of Apple shares due to factors such as the 24-hour market.
As Bitcoin matures, digital assets will gain value equal to some traditional financial asset classes. Investors generally check criteria such as volume of transactions in their decisions. Despite significant volatility in stocks and cryptocurrencies in recent months, Bitcoin’s 30-day trading volume is more than double that of Apple (NASDAQ: AAPL ).
Read more: The future and prediction of Bitcoin price in 2022
Comparison of 30-day trading volume of Bitcoin with Apple stock
According to Finbold, Apple’s average daily trading volume in the 30 days ending July 22 was $11.6 billion. This data is calculated based on the volume of stocks per day/trading session. According to YCharts data, as well as AAPL’s 30-day average price ($145.64), Apple’s stock volume was $79.92 million during the trading session.
According to data from CoinMarketCap, Bitcoin’s average daily trading volume over the past 30 days was $27.7 billion. Despite the bear market of cryptocurrencies, Bitcoin has recorded much better statistics than Apple stock. By comparing the trading volume of Apple and Bitcoin, we realize that Bitcoin has 2.3 times more trading volume than Apple shares.
The 30-day trading volume of Bitcoin is somewhat equal to the trading volume of this cryptocurrency in the second quarter of 2022. At that time, Bitcoin recorded its worst quarterly performance in history with a 56% drop. After the cryptocurrency market fell below the $20,000 level, Bitcoin managed to reach the $24,000 level on July 20.
The flagship of cryptocurrencies managed to increase the value of the crypto market above 1 trillion dollars. At the time of publication, Bitcoin is trading at $22,025. The market’s largest cryptocurrency has experienced a 3% drop in the last 24 hours, but the price of BTC is still up 3% over the last month.
In times of inflation, Bitcoin and the stock market, especially Apple’s Nasdaq index, have a high correlation with each other. Bitcoin has been able to keep its trading volume at a constant level under the influence of factors such as the 24-hour market without closing (even on holidays and weekends).
Both Bitcoin and the Nasdaq Index (NASDAQ) have performed exceptionally well in 2021. These two markets similarly faced heavy downfalls in 2022. Although these two investment products belong to different asset classes, Bitcoin’s ability to beat Apple shows that crypto is now in direct competition with traditional asset classes.
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Source: finbold