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Do not buy crypto this day of the week
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If you already have talked to a financial advisor or stock broker, you may have heard that time can be a major factor in business success. Investors use various methods to decide their best time to trade on the stock markets.
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But what about cryptocurrency? This is certainly a question that concerns many potential investors, especially given the size of the crypto market. Its value is currently more than $2.3 trillion, according to The motley fool.
There are certainly certain guidelines and methods used by investors, but traditional stock trading models don’t always apply. Still, it’s worth at least considering some expert advice, especially given the volatility of cryptocurrencies.
Don’t wait until Friday
Don’t put off buying cryptocurrency until the end of the week. You may especially want to avoid Fridays. According to Institute of Corporate Finance, “Typically, cryptocurrency prices start low on Monday and rise throughout the week. When the weekend arrives, prices tend to fall until market activity begins the following Monday. Since prices are likely to be at their lowest following a weekend of low trading activity, Monday is the best time of the week to buy cryptocurrency.
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Don’t wait until the end of the month
Another factor to consider when it comes to weather is the day of the month. Generally speaking, according to the Corporate Finance Institute, the end of the month is generally considered the best time to buy crypto. Prices generally rise in the first few weeks of the month, then decline towards the end of the month.
If you are new to cryptocurrencies, there are a few things you should keep in mind before you start buying. First, remember that the crypto market is generally extremely volatile. This means you need to know the level of risk you are comfortable with before you begin. And while you can buy and sell cryptocurrencies 24 hours a day, you may want to pay attention to the stock markets. What happens during traditional trading hours very often has an effect on cryptocurrency trading.
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This article was originally published on GOBankingRates.com: Do not buy crypto this day of the week