New Research Gives Hope to Get a Holiday-Fueled Bitcoin Surge
Good news for crypto investors and holders; your holdings only might see a price surge this holiday season. Yesterday, cryptocurrency analytics website SFOX printed a blog article Detailing that holiday period usually have positive impacts on the crypto market, causing cost surges as a result of inherent Fear of Missing Out (or FOMO, as the kids say now ).
From the post, researchers from the Company demonstrated that Thanksgiving of 2017 was a point on the industry cycle. While Bitcoin was already on a hot streak, this time saw a more significant spike since Bitcoin went from the $8,000 point and didn’t stop until it hit its own all-time high of $19,706 the week before Christmas.
The Exact Same could be said About February 2019.
The report notes Holiday periods mark a tendency of household get-togethers and casual talks where many people speak about cryptocurrencies and have to learn more about them. Equipped with extra information, more individuals make forays to crypto and buy resources for both trading and experimentation purposes.
Summarizing “Sometimes when the market is already doing well or improving, vacations have the potential to drive renewed retail interest in purchasing bitcoin along with other cryptocurrencies. This behaviour, almost by definition, is FOMO: buying into an asset because one sees it trending up and wants to benefit from it.”
However, given just how much this trend has defined the market, it isn’t far-fetched to presume that Bitcoin could see a surge after Independence Day.
Still, it’s worth noting that the Holidays highlighted in the accounts have a tendency to possess more of a cultural significance than Independence Day. Christmas and New Year’s Eve are likely the two most well-known holidays in the calendar year, and thanks to their closeness, the times in-between are pretty much for the camaraderie emphasized in the report.
Also, while there’s a case For your 4th of July becoming more notable than Thanksgiving, it’s important to remember that the latter retains over a weekend, while the former is a one-day event. Thus, with Thanksgiving, families get more time to”bond” and talk about interesting topics; including crypto assets.
Data From CoinMarketCap revealed that Bitcoin’s price actually tanked on Independence Day 2017, in addition to on the day after. Bitcoin started Independence Day trading at $2,575 and finished the day at $2,583. As a matter of fact, the maximum point for the asset over the next week was 2,635; maybe not so different from the stage it held on the morning of July 4.
Things weren’t particularly distinct a Year later too. The 4th of July this past year saw a moderate Bitcoin rally, since it started the day trading at $6,447 percent and finished at $6,618. During the next week, the maximum stage was Bitcoin trading at $6,784.
Regardless, given how powerful Bitcoin has managed to grow with no”vacation assistance” this season, investors may still purchase cryptocurrency, kick back and celebrate the nation without the fear of this asset falling its value (regardless of the abbreviation for that is).