Crypto Prices Love Valentine’s Day – BIDITEX Exchange
Bitcoin (BTC) has reached a record-high price for the year, and as the run-up to $10,000 occurred. Recent news has also hinted at the possibility of the crypto market making a new bull run, which some analysts believe could lead Bitcoin’s price to reach a new all-time high. Meanwhile, altcoins have continued their multi-week surge. Analysts believe that ‘altcoin season’ has already started.
Since 2015, Valentine’s Day has been very positive for Bitcoin (BTC), as well as for Ethereum (ETH) and Ripple (XRP) altcoins. Every Valentine’s Day, with the exception of 2019, has been positive in the case of BTC — with the highest daily return of more than 9% occurring in 2018 and an average daily return of 4.73% over years.
Since 2015, a similar pattern can be observed with XRP on Valentine’s Day, with an average return of 3.28%. As with Bitcoin, the highest daily return through the years was also in 2018, with a 10.15% return — although it was also negative on Valentine’s Day in 2019. Interestingly, the correlation of the five Valentine’s Day returns since 2015 between Bitcoin and XRP is over 65%, thus the observed similar pattern.
On the other hand, Ethereum — only available since 2016 for this analysis — had its highest daily return in 2017 at 14.5%. Moreover, it presents an inconclusive behavior on Valentine’s Day because ETH had a negative return in 2016 and 2019. Nevertheless, Ethereum’s average return on Valentine’s Day since 2016 is set at 3.92% — meaning that all three coins had average returns over 3%.
Published at Fri, 14 Feb 2020 08:03:17 +0000