According to data acquired by Finbold, Apple’s daily average trading volume for 30 days ending July 22 stands at $11.6 billion. The data is based on 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. Elsewhere, Bitcoin’s average daily trading volume for the 30 days was $27.7 billion, according to CoinMarketCap data. Therefore, Bitcoin has recorded a trading volume of at least 2.3 times more than Apple despite experiencing a sustained bear market.
Bitcoin’s massive correction
Notably, Bitcoin has managed to maintain an impressive volume compared to Apple despite the cryptocurrency undergoing a significant sell-off in recent months. For instance, the 30-day period partly coincided with Q2 2022, when Bitcoin recorded its worst quarterly performance in a decade with returns of -56%. However, after dropping below the $20,000 market, Bitcoin recently surged climbing to as high as $24,000 on July 20. Consequently, 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, although the cryptocurrency has gained nearly 3% in the last 30 days.
Bitcoin and Nasdaq correlation
Furthermore, amid the high inflationary environment, Bitcoin and the equities market, especially Apple’s Nasdaq index, have shown a high correlation. However, 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 significant 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. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.