November 2, 2022 Kris Lucas.
While bitcoin and other cryptocurrencies have had a tough 2022, a new study reveals that Bitcoin’s (BTC) current trading volume is over 80 times higher than that of tech giant Apple (NASDAQ: AAPL). This is also despite the fact that Bitcoins market cap is a full 6 times lower than Apple’s.
The analysis done by BitStacker shows that last week’s trading, from the 24th to the 28th of October, had Bitcoin’s trading volume totaling $230 billion while Apple in the same time period had a total trading volume of $2.7 billion.
In other words, Bitcoin’s volume trumped that of Apple by more than 8000 percent.
Speculation and Inflation Helping Volumes
Despite the fact that cryptocurrencies and Bitcoin are slowly moving into a place where it’s seen as viable investment alternatives, it is still largely viewed as a speculator’s marketplace. This can also drive up trading volumes compared to assets many investors look at as a more safe long-term investments.
Apple, with its premium brand, range of diverse revenues, and stable management, falls into that category.
Hedge Against Inflation
In times of rising inflation like we have now, many also look towards Bitcoin.
Proponents of the cryptocurrency argue that its scarcity protects its value during inflationary periods, making it a good investment and hedge. The opinions of just how good of a hedge it actually has turned out to be are quite divided.
But the fact that Bitcoin has long been hailed as the crypto to be utilized against inflation has very likely brought more eyeballs to the cryptocurrency. Something that can also have contributed to the trading volumes currently being seen.
It wasn’t just Bitcoin that had a positive month, however. Apple also had a good month, closing October with a share price of $153, up from $138.
October Sees Bitcoin Rally
Along with big trading volumes for Bitcoin, it also ended the month on a positive note. That made October just the second month in 2022 to end with positive gains. The other month that ended in green earlier this year was March.
The closing price for BTC in October was $20,491, up from the start of the month of $19,452.
Bitcoin holding above the $20,000 level has been seen with positive eyes from crypto bulls together with signs that the Federal Reserve might ease the pace of further rate hikes. Another general crypto boost has also come on the back of Elon Musk’s acquisition of Twitter, especially seen in Dogecoin which saw a 40% monthly gain.
Apple is Also in the Green
It wasn’t just Bitcoin that had a positive month, however. Apple also had a good month, closing October with a share price of $153, up from $138.
On the back of their fourth- quarter results which were released last week, they also booked one of their biggest gains in a single day. This came as they surprised a lot of the Wall Street expectations, and came in with higher revenue and earning levels.
Despite that though, it wasn’t all rosy news with particular revenue expectations in their core products like the iPhone falling under the expectations.
But most analysts still have the stock listed as a buy, with a strong bullish outlook over the next few months.
