New data shows that Monday is the best day of the week to buy and sell bitcoin. Since June of 2014, buying BTC on that specific weekday has led to a compounded daily return of 445%.
According to data from cryptoasset data aggregator CryptoCompare, buying and selling bitcoin on Monday would yield the greatest daily return, followed by Friday, which would lead to a daily return of around 250%. Next came Thursday and Saturday at roughly 190% and 150% respectively.
🤯MONDAY MOTIVATION: According to our data MONDAY is the best day to buy and sell Bitcoin with a compounded daily return of 445%!
Data taken for each Monday from June 2013 untill today. #bitcoin #MondayMotivation #MondayBlues #BTC #mondaythoughts pic.twitter.com/hvXt1kL9uO
— CryptoCompare (@CryptoCompare) November 4, 2019
Tuesday and Sunday showed very similar returns, with compounded daily returns of little over 100%. Notably Wednesday lags far behind with daily returns a little over 50%. The data also shows that – on average – there’s been no bad day of the week to buy and sell BTC, as the returns were always positive.
Since June 2014 the price of the flagship cryptocurrency went from little over $100 to about $9,340 at press time. In 2017 BTC hit an all-time high, but dropped in 2018 to a $3,200 low before starting to recover.
Over the last 12 months it’s up by 46.5% as in early November 2018 one bitcoin was changing hands at little over $6,500. Factors that helped its price rise likely include the launch of Bakkt, and Facebook’s move into the crypto space with its proposed Libra cryptocurrency.
Featured image by André François McKenzie on Unsplash.