The Bitcoin market is moving a daily trading volume much higher than that of stocks in companies such as Tesla, Microsoft, Apple and Amazon.
Bitcoin, the largest cryptocurrency globally, is moving a trading volume per day three times greater than that of several of the most important companies in the world, the CryptoParrot website noted. According to its data, the daily trading volume seen in Bitcoin this month is outpacing that of stocks like Tesla, Microsoft, Apple and Amazon.
Between Oct. 1 and Oct. 11, the Bitcoin market moved about $36.600 billion per day on average, while Tesla, Microsoft, Apple and Amazon stocks moved an average trading volume of between $7.000 billion and $14.000 billion per day during the same period.
Source: CryptoParrot
Specifically, Tesla recorded $14.400 billion in daily trading volume, making it the company with the highest trading volume among all of the above. Apple is next, with an average trading volume of $10.980 billion per day; Amazon is in third place, with an average trading volume of $9.090 billion per day, and Microsoft in fourth place, with a trading volume of $7.130 billion. While 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 Bitcoin bullish
The high trading volume currently displayed by the Bitcoin market coincides with the price rise of the cryptocurrency. Over the past week, Bitcoin's value has grown by 13%, reaching $57.600 per unit and getting ever closer to its all-time high seen in April, when it surpassed $64.000 per BTC.
Source: CoinGecko
CryptoParrot notes that while Bitcoin is a very different asset class than stocks, its appreciation is making 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 far 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 it being an asset that is traded without restrictions, 24/7, while the opposite is true for stocks. Another point the platform made is that stocks are susceptible to rising interest rates, something that is not attractive to investors.
At the time of this edition, the price of Bitcoin (BTC) reaches the $56.400 per unit.
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