Data calculated by Finbold indicates that bitcoin’s average daily trading volume between 1 January 2021, and 15 March 2021, is at $70,18-billion.
The figure accounts for 39,41% of gold’s $178,97-billion average daily trading volume for the same period.
Elsewhere, bitcoin’s market capitalisation as of 16 March 2021, stands at $1,04-trillion.
The amount accounts for just 9,46% of gold’s $10,99-trillion, an indicator that more investors are more speculative about bitcoin than the precious metal.
The report offers the perspective on the trading volume for both bitcoin and gold amid the ongoing coronavirus pandemic.
According to the research report: “Both bitcoin and gold’s trading volume remains significant, partly due to the perception that the assets can act as a hedge against the risk of inflation, especially in the wake of the coronavirus pandemic.
“During the crisis, central banks resolved to issue stimulus packages and printed more money in return, devaluing traditional safe-haven currencies like the US dollar. For instance, over the last 50 years, the dollar has depreciated by 85%, partly due to the government’s reaction during economic meltdowns.
“Overall, both bitcoin and gold remained resilient during the pandemic, especially when the traditional stock market collapsed before recovering.”