FX24 Cryptocurrency news 13 October 2021 Hits: 1248

Bitcoin overtakes Apple, Microsoft, Amazon by trading volume

FX24 Cryptocurrency news 13 October 2021 Hits: 1248

Judging by fundamentals such as trading volume, bitcoin (BTC) is becoming an increasingly serious competitor for key financial players in the traditional sector.

Data provided by Crypto Parrot cryptocurrency trading simulator shows that from Oct. 1 to Oct. 11, the average daily trading volume of BTC was $36.7 billion. This is at least twice as much as electric car maker Tesla (NASDAQ: TSLA)'s $14.64 billion.

DeFi's Estonian platform, Minterest, has raised $6.5 million

Bitcoin overtakes Apple, Microsoft, Amazon by trading volume

It is also at least three times the $10.98 billion (NASDAQ: AAPL) trading volume of Apple, and four times the $9.09 billion trading volume of Amazon (NASDAQ: AMZN). Microsoft (NASDAQ: MSFT) trades at $7.13 billion, which is at least five times less than bitcoin.

It is worth noting that bitcoin's trading volume is actually much higher because the asset is traded 24/7, while regular stocks are limited to five business days. In addition, bitcoin and stocks of the aforementioned companies belong to different types of assets.

Trading volume correlates with the rise in bitcoin's value after the strong price volatility in September and likely indicates an influx of more investors looking to profit from the rally.

In addition, the trading activity may indicate that investors have finally perked up after September's sideways stay.

The top-ranked cryptocurrency added more than 20% in October, a price move that suggests the emergence of a FOMO responsible for the increase in trading activity.

Overall, traditional tech stocks are losing ground to bitcoin in terms of trading volume, while also exhibiting volatility. They are currently struggling to remain resilient in the face of rising interest rates and inflation, causing investor interest in them to wane.