Bitcoin’s trading volume in US dollars outstripped that of tech behemoth Apple‘s last month, indicating that the cryptocurrency is “no longer being sidelined” as an asset as more institutional investors pile in, according to research firm Finbold.
Trading volume in bitcoin was $1.84 trillion in April, at least seven times higher than Apple’s at $249.22 billion, the firm said in a report published Monday.
Bitcoin’s 30-day average trading volume of $61.48 billion was also more than five times higher than $11.87 billion for the iPhone maker. Finbold noted that bitcoin can be traded 24 hours a day while trading in Apple and traditional stocks takes place just five days a week except on market holidays.
April was a notable month for bitcoin as it jumped to a record high of $64,863.10 on April 14, the same day that Coinbase, the largest cryptocurrency exchange in the US, began trading as a public company.
“The record price level partly explains the high trading volume compared to Apple. The new price might have influenced investors seeking short-term gains with people looking to make quick money. Furthermore, the fear of missing out on the asset’s rally also set in,” Finbold said in its report.
But bitcoin also retreated from that record high during the month, falling below $48,000.
“In general, bitcoin has shown its resilience this year and maintaining a high trading volume in April despite price corrections points to a level of increased adoption,” said Finbold.
Among the most high-profile backing of bitcoin so far in 2021 came from Tesla as the electric vehicle maker said it will accept the digital token as payment. Tesla, run by bitcoin enthusiast and billionaire Elon Musk, also this year invested $1.5 billion in bitcoin. Paypal in March said it would allow businesses to accept cryptocurrency as payment from US customers.
“Bitcoin’s significant trading volume against Apple shows the digital currency is now competing with established traditional asset classes. As a result, the asset is no longer being sidelined, especially with the influx of institutional investors into the sector,” said Finbold.
April 23 was the most active day for Bitcoin trading in the month, at $86.67 billion. Apple’s highest was on April 29 at $20.17 billion.