If you’re interested in buying bitcoin, there are a few things you need to know before making your first purchase. For one, you’ll want to avoid high prices on common paydays and weekends.
Similarly, you’ll want to avoid buying cryptocurrency on exchanges when fees are high. These fees add up quickly on small-dollar purchases.
1. Afternoon
A lot of people wonder whether there is a certain time of day that is best to buy bitcoin. However, it is important to remember that the value of cryptocurrencies can fluctuate drastically, so it is hard to predict when they will rise or fall.
One way to try and determine the best time to buy bitcoin is to pay attention to the prices of a few different coins on a daily basis. This will allow you to spot slight patterns of prices rising and falling together.
It is also possible to look for longer trends. If you can do this, you can then decide which times will be better to buy and sell based on those trends.
2. Weekdays
If you want to buy cryptocurrencies on Bybit https://www.bybit.com/en-US/ on weekdays, experts advise buying it in the morning or in the evening, before market activity starts. Prices tend to drop after a weekend of low trading activity, and entering before the market starts to rise again ensures you get a good price.
A recent study analyzed two years worth of Bitcoin buying and selling data to find the best days for trading. According to the research, Mondays were the most profitable days to buy and sell BTC.
The researchers found that the average opening price for Mondays and Tuesdays was $170 higher than the opening prices on Thursday and Friday. They also noted that the cryptocurrency market has a tendency to fill the CME gap on Sundays, which can help explain the strong performance of the price on Mondays.
3. Weekends
Historically, Bitcoin prices have risen on Sundays into early Monday morning. There are several reasons why this happens.
One reason is that weekend trading volume tends to drop off, said Stephen McKeon, associate professor of finance at the University of Oregon in Eugene and partner at Collab+Currency.
Another factor is that traditional markets that facilitate crypto trades, like CME, close during weekends.
That can leave traders with fewer opportunities to place orders during weekends, which can lead to volatility in the market. In addition, weekend traders can’t use bank accounts to deposit cash into their crypto exchange accounts and execute trades.
5. Digital Payment Platforms
In today’s increasingly digital economy, consumers have more choices than ever when it comes to payment methods. From mobile wallets to virtual credit cards, they want to be able to pay for goods and services on their terms.
Fortunately, this is possible. Several digital payment platforms now support Bitcoin transactions.
They offer instant purchases and low fees. But be aware that they require identity and address verification for both card and bank transfers.
Crypto exchanges are a popular way to buy Bitcoin, especially for beginners. However, there are many things to consider before choosing an exchange.