• In October, Bitcoin had three times the average trading volume of Apple, Microsoft, and Amazon combined

  • Based on key metrics such as trading volume, Bitcoin (BTC) is increasingly becoming a formidable competitor to key traditional finance players.

    According to information provided to ULTCOIN365 by cryptocurrency trading simulator Crypto Parrot, Bitcoin had an average daily trading volume of $36.7 billion between October 1 and October 11. The trading volume is at least twice that of Tesla (NASDAQ: TSLA), which had $14.64 billion in turnover.

    The volume is also at least three times greater than Apple’s $10.98 billion (NASDAQ: AAPL). Amazon’s (NASDAQ: AMZN) volume during the period was $9.09 billion, which was four times less than Bitcoin’s. Microsoft’s (NASDAQ: MSFT) trading volume was at least five times that of Bitcoin, at $7.13 billion.

    It is worth noting that the trading volume of Bitcoin is significantly higher because the asset is traded 24 hours a day, seven days a week, excluding holidays. Furthermore, Bitcoin and the selected stocks are classified as separate assets.

    The trading volume correlates with Bitcoin’s price increase after a period of high volatility in September. The trading volume could indicate that more investors are getting in on the action to profit from the rally.

    Furthermore, the trading activity could indicate that investors were encouraged after a period of inactivity in September.

    With the number one ranked cryptocurrency gaining more than 20% in October, the price movement meant that the fear of missing out also kicked in, increasing trading activity.

    Tech stocks are struggling.

    In other news, traditional stocks in the tech sector are trailing Bitcoin in terms of trading volume as they exhibit volatility. Stocks are currently struggling to remain resilient in the face of rising interest rates and inflation, resulting in low investor interest.

    Furthermore, stock trading volume lags behind Bitcoin, indicating that the market is still feeling the effects of the coronavirus pandemic. Notably, during the health-care crisis, the stocks emerged as a safe haven for investors.

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