Many experts and analysts have noticed that Bitcoin is experiencing rapid growth on weekends, from Friday evening to Monday morning.
Bloomberg presented statistics in which it showed that 40% of Bitcoin growth took place on weekends.
Even the legendary peak of Bitcoin, when it cost $ 19,666 at Bitstamp, was also on Saturday.
Unlike stock market securities, cryptocurrencies around the world trade around the clock – 7/24, and this is due to the fact that they work in decentralized blockchain networks that record all transactions, allowing cryptoinvestors to send digital tokens anywhere and anytime.
It seems that now there are many theories and assumptions that try to explain why cryptocurrency prices make significant movements at the end of the week. Let's look at some of them.
News resources about cryptocurrencies work almost without stopping. However, the important announcements of many large corporations are made only on Monday morning. Cryptocurrency companies also choose Monday for ads, while many traders are trying to get ahead of the news flow by trading on weekends, Tavil says.
“Weekend trade anticipates or leads the news cycle a bit. It’s like a blind flight, in the sense that you don’t know whether certain announcements will be made on Monday morning; but there are a lot of events in the cryptoindustry, and I think they are doing right, expecting Monday to bring them good news. ”
Cryptoinvestors can also spend Saturday or Sunday discussing news with friends or other investors, which also seems to be pushing people to trade basic tokens.
"The market mainly consists of retailers, and I think the weekend is a time when these people have more free time to read news, chat with friends, tell friends about exciting things they heard about during the week "Says Hunter Horsley, CEO of Bitwise Asset Management.
There are also those who see a huge increase in Bitcoin during the week. This category of people, afraid of missing the benefits, comes into play at the end of the week. Thus, the FOMO syndrome may be pushing previously “indecisive” investors to invest more later than others – on the weekend of the week. In the same way, apparently, on June 21, as well as during the weekend – on June 22 and 23, Bitcoin could add 19% and 10% respectively.
Chief Analyst at Think Markets Naim Aslam says:
“These are mainly random investors who follow what they have heard and in which the huge FOMO lives. They fit perfectly. ”
Aslam says that among them there are also a lot of those who are waiting for the weekend to buy bitcoins at a reduced price, since this is a great opportunity to increase their assets.