The Best Days to Buy Crypto
Understanding the Correlation
Analysis from Coin Metrics suggests a strong correlation between Bitcoin's price and the U.S. stock market. This correlation is attributed to factors such as investor sentiment towards risk assets.Optimal Buying Days
Based on the same data, Sunday and Saturday have emerged as the most favorable days to invest in cryptocurrencies. The average return on investment during these two days stands at 0.75% and 0.56%, respectively.Possible reasons for this phenomenon include:
* Lower Trading Volume: The weekend typically sees lower trading volume, which can lead to less volatile price movements and better entry points for buyers. * Positive Sentiment: Investors may be more positive about risk-taking activities on the weekends, when they have more free time to monitor the markets. * Institutional Influence: Institutions may make large trades during the week and close their positions on the weekend, contributing to positive price movements.It's important to note that these are general trends and may not hold true for every crypto asset or market condition. It is still crucial to conduct thorough research and consider your own investment strategy before making any decisions.
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