Bitcoin clears 40 percent of gold’s daily trade volume in 2021: Report
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.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Tinubu advised me never to negotiate with criminals, Gov Ododo says
“I don’t play with criminals, and I don’t negotiate with them. I can tell you that, as far as Kogi State is concerned, we don’t have a department for ransom payment,” he said.
Heading 1
U.S. has spent $37.5 billion on Iran war: Hegseth
“The estimate we have as of today is $37.5 billion,” Mr Hegseth said.
Lagos
Slain Lagos NURTW organising secretary buried amid tears
Mr Ajiboye died days after he was attacked by gunmen.
Africa
144 refugees, migrants dead, missing off Mauritania coast: UNHCR
“The refugees and migrants were reported dead or missing after attempting the perilous sea journey from West Africa towards Europe,” the agency said.
World
U.S. govt condemns Ortega’s ban on elections in Nicaragua
Mr Rubio urged the international community to rise against Mr Ortega’s dictatorship.
World
Zelensky sacks Ukraine’s top general after firing defence minister
Mr Syrskyi’s dismissal came days after Mr Zelensky fired Ukraine’s defence minister, Mykhailo Fedorov, a decision that sparked protests across the country.
