There is a lot of Bitcoin evolution going on, from the hardware used to mine bitcoins, to regulations that are being put in place. For that reason, it is important to take advantage of even little things to gain a profit in the crypto currency industry. One of those things you can do is determining the right time to purchase bitcoin. Without further ado, let’s start:
The best day of the week to purchase bitcoin
Standard stock markets only support buy and sell operations throughout specific hours during the day. However, the cryptocurrency marketplace is operating 24/7. That implies that you can purchase, sell, trade, and swap cryptocurrencies at any time provided that you have a connection to the internet.
Despite the fact that there are absolutely no trading periods that are the reason for fluctuations of trade, there are specific variables to take into consideration prior to purchasing cryptocurrency.
Based on several studies on average prices of bitcoin on a daily basis, It is far better to purchase bitcoin on Mondays and Sundays. The only basis for this statement is the fact that rates are usually at its cheapest during those times.
Worldwide economic instability
The economic status of the world also has an effect on bitcoin prices. As an example, the uncertainness of Brexit has destabilized the British Pound substantially within just a few months. Similar to that, instability in the world stage can increase or decrease the price of bitcoin.
The US-China trade war exemplifies this case with ultimate precision. The increasing tension among the United States and China has lowered the price of the Yuan, while causing Bitcoin’s price to increase. Be sure to time your purchases with such events to make sure you make the most out of your money.