Data gathered by Insidebitcoins.com indicates that Bitcoin trading volume for the last 24 hours is now double that of tech giant Apple. From the data Bitcoin, last recorded trading volume was
$41.261 billion an equivalent of 5,259,812 BTC while Apple’s trading volume was $20.235 billion.
What Bitcoin’s large trading volume means for the crypto sector
Apple’s trading volume was arrived at by multiplying the number of shares (71.323 million) by the price per share of $285.34. On the other hand, Bitcoin traded at $7,936 by the time of writing.
According to the report:
“Although Bitcoin and Apple stock represents two completely different asset classes, this would be an important milestone for the crypto sector.”
Over the recent months, the demand for Bitcoin has been rising when the asset traded at around
$8,000.
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.
On the other hand, 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 mentioning that Apple is among the stocks that gained on Tuesday, March 10, but are expected to lose on Wednesday as the coronavirus stock market correction continues.
The full story, statistics and information can be found here:
https://insidebitcoins.com/news/bitcoins-24h-trading-volume-is-2x-higher-than-apples-at-41bn
