Why is 'within reach' so important? Apple may be the next 'to the moon' company to emerge.

Bitcoin has come a long way from its inception in 2008 and is expected to reach its all-time high in price in 2021. (BTC).

 Many high-ranking technocrats, such as those at Google, Facebook, and Amazon, have left their employment to devote themselves full-time to the cryptocurrency industry.

But, why all the fuss?

Apple (AAPL) and Bitcoin (BTC) are two of the world's most well-known tech corporations, so let's compare them (APPL).

Today, the average daily trading volume of Bitcoin has overtaken that of Apple by roughly 60%. That's a tremendous accomplishment for a "niche" product. A one-month period ending on March 9, 2022, had an average daily trade volume of $15.6 billion (APPL).

Bitcoin's 30-day average trading volume was $24.73 billion, in contrast. Bitcoin's average daily trading volume was 58.42 percent larger than Apple's, according to CoinDesk's stats.

daily volume bitcoin and apple
Source: infogram.com

After President Joe Biden's announcement of the executive order, Bitcoin's price began to recover as the market became more upbeat. In fact, the BTC price rose to a record high of $42,577. As of this writing, everything have reverted back to square one. 6.66 percent of its worth has been wiped off.

Vice President Biden unveiled the "First Whole-of-Government Strategy" for digital assets. The specifics of his directive were as follows: He directed several government departments to collaborate on policy formulation. For this reason, any regulations developed for digital assets must safeguard not just investors, but also consumers and businesses, as well as the larger financial system.

Last week, the number of new entities (buyers of BTC) surged, prompting this declaration. Breaking out of a downtrend that had been in place since BTC's last high was a major accomplishment for the cryptocurrency.

The accompanying Glassnode graph shows that the number of new entities has surpassed 112.5k.

bitcoin
Source: Glassnode

That being said, what's the next step?

There is still more work to be done before bitcoin can match the market capitalisation of Apple. At the time of publication, ETH had a market cap of $2.7T, while BTC was just shy of $740B.

It's worth noting, however, that on March 10th, the price of Bitcoin dropped by $3,000 from its previous value. In fact, the entire network was liquidated for $55.81 million in just one hour.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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