A new report has revealed that bitcoin accounts for about 40 percent average daily trade volume of gold in 2021.

This comes as the digital currency continues to enjoy a steady rise in the cryptocurrency market amidst the COVID-19 pandemic.

Finbold.com a UK based financial newspaper in a statement on Tuesday disclosed that the average daily trade volume of bitcoin from January 1, 2021, to March 15, 2021, stood at $70.18 billion.

It added that both bitcoin and gold remained resilient during the pandemic, especially when the traditional stock market collapsed. 

 “Data calculated by Finbold indicates that bitcoin’s average daily trading volume between January 1, 2021, and March 15, 2021, stands at $70.18 billion based on the asset’s daily trading volume data provided by Coinmarketcap.com. The figure accounts for 39.41% of gold’s $178.97 billion average daily trading volume for 2021,” it said.

The statement explained that despite accounting for only 9.46 percent of gold’s $10.99 trillion markets, the daily trade volume average showed that investors were more speculative about bitcoin.

 “Although bitcoin is still a relatively new asset than gold, this year’s significant trading volume is an indicator of the challenge it poses to the precious metal’s position as a safe-haven asset of choice in the financial market,” the statement highlighted.

Finbold also said investors potentially consider bitcoin as the upper asset by cementing its gains despite short-term correlations.