The crypto market is infamous for extreme price fluctuations in either direction, turning people into millionaires while burning others. Timing is an essential factor in this space. So, When is the best day of the week to buy crypto? ? According to data from ‘CryptoCompare‘, Monday is the best day of the week to buy crypto.
Since 2014, purchasing Bitcoin on Monday has resulted in a compounded daily return of 445 percent. This information from CryptoCompare (a leading market data provider), also shows that Friday yields the second-highest daily return of 250 percent.
The price of Bitcoin is the lowest on Sunday and Monday according to several analyses of Bitcoin’s average daily price. Analysts have coined a theory that indicates the demand for Bitcoin declines on the weekend resulting in a low price on Monday.
On an Instagram post, Bitcaribe shared that Wednesday records the lowest daily return of 60 percent. However, the daily percentage return rises on Thursday and Friday only to drop over the weekend to lows below 200 percent. This trend is similar to a theory that suggests that traders execute orders at the start of the week and become more cautious as the week progresses.
Although Monday is the best day of the week to buy crypto, “the data also shows that – on average – there has been no bad day of the week to buy and sell Bitcoin, as the returns were always positive,” Francisco Memoria wrote on CryptoGlobe.”
Bitcoin has been the top cryptocurrency by price, attracting the interest of investors across the globe. In 2019, the cryptocurrency performed better than other assets like gold, stocks, and bonds as reported in this Coindesk article.
Bitcoin is also popular. For example, this article on Bitcaribe states that in the U.S., 75 percent of adults claim to have heard about Bitcoin while 27 million people use the digital asset. Moreover, this cryptocurrency has many benefits including the potential to transform low and middle-income nations.
Despite the hard times, Bitcoin has experienced since the 2017 bull run, the cryptocurrency continues to perform better than other assets. Bitcoin started 2020 with a 37 percent gain and analysts hope that it will hit $10,000.
Now that you know when is the best day of the week to buy crypto, you should consider these tips:
If you believe in the potential of a particular cryptocurrency, try holding it for the long run. As the market grows and demand increases, a promising cryptocurrency will likely increase in value. Additionally, the slower your investing process, the more time you will have to acquire the necessary knowledge and experience to become an advanced crypto trader.
You now know that Monday is the best day of the week to buy crypto. Does this apply to all cryptocurrencies? It may be so, but the crypto market will take unexpected turns that will affect the value of your assets. Therefore, keep an eye on the daily performance of your preferred crypto, and don’t underestimate its not-so-good days. The study above explicitly evaluated Bitcoin’s performance, which can differ from other cryptocurrencies.
Having a varied portfolio is a clever strategy, especially if you include Bitcoin in it. Researchers believe that you should buy Bitcoin if it rises by more than 20 percent in a week.
While the best day of the week to buy crypto is Monday, avoid making purchases at the beginning and at the end of the month. This is because people have money at this time to buy Bitcoin hence increasing its demand and price.
Only invest what you can afford to lose. This is especially important if you’re just beginning. Focus on acquiring knowledge, making informed decisions and waiting for the right moment.
We hope to have given you enough information to work with, whether you are a beginner or a powerful trader. If you’re ready to make your next investment, we invite you to check out Bitcaribe. Our platform offers you the possibility to buy cryptocurrencies with a credit card, debit card or Apple Pay.