Bitcoin investment and stock prices have been making some notable headlines over the past 6 months. The value of the coin has literally tripled in price since the start of 2019, attracting great headlines in the financial news. In fact, cryptocurrency, on the whole, has gained great momentum, thanks not only to bull runs in Bitcoin, Litecoin, and Etherium, but also at the news of the 2020 due release of Facebook’s very own blockchain product, called Libra.
While Libra is actually a “stable coin”, rather than a true cryptocurrency, its whitepaper introduction has definitely aroused interest for investors in this digital realm. When industry-leading tech companies band together to introduce a new product, the world cannot help but pay attention. Such has been the case with the networking of Facebook, Coinbase, Vodafone, eBay, PayPal, Visa, and many more.
But just when you think the Bitcoin craze is over, and the frantic buying has come to an end, with Bitcoin’s value settling down again, professionals in the wings have indicated that the bulls may run again at the end of the year, so get ready!
SFOX, who is a cryptocurrency prime dealer has released some rather interesting statistics on the investment patterns of Bitcoin. They show that there could very well be a correlation between the Bitcoin price and the holidays. This is most notable during the periods of major bull runs.
The largest climb in Bitcoin history was in December 2017. Between 12 November 2017 and 17 December of the same year, the price of the cryptocurrency rallied from $6,030.53 to a soaring $19,205.93. The larger part of the growth was noted to have taken place just after the Thanksgiving Holiday and then again in the days after Christmas and New Year’s Day.
Again, this year, most notable increases in value were noted to take place during the Spring Festival celebrated in China in early February. The price climbed around $500 dollars during the festival and settled slightly in the days following the holiday. The price carried on soaring through the Easter break and on into summer.
REASONS BEHIND THIS ANOMALLY
The shared consensus of how the holidays influence the increase in coin value, is down to two factors:
Word of Mouth: Holidays such as Thanksgiving and Christmas generally tend to pull families together around the table, or at least into the same household on occasions throughout the holiday. It’s at times like these where conversations around great investment opportunities are spoken about. Those who are less tech-savvy are most comfortable in asking their more digitally literate family members and friends about the prospects of things like Bitcoin. For many, digital concepts are foreign to most men/women on the street. It makes people inquisitive, but these people are not generally willing to stick their necks out and take a risk on an investment they know little about, until they speak to someone they trust on the issue. We believe that these kinds of conversations lead to the spikes in investment in the days following.
FOMO: The Fear Of Missing Out is often a big factor with a fast price rally and value spike in crypto circles. Increased buying and a raging bull market will often initiate a FOMO mentality. People don’t want to miss out on a good thing. There are very few such opportunities in life that people simply cannot turn down the chance at making money more quickly than normal.
WHAT TO DO THEN?
If the stats remain true this year (it makes logical sense that they may), then we could see a massive spike in crypto towards the end of the year again.
Instead of jumping on the bandwagon at the last minute, get in on the action now. The earlier you get invested, the more you stand to gain back on your investment if it does take off. Instead of being a reactionary FOMO, put some early planning in and prove to be a calculated investor instead.
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