If you’ve ever talked to a financial advisor or a stockbroker, you’ve no doubt heard that timing can be a major factor in trading success. Investors use a variety of methods to decide their best time to make trades in the stock markets.
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But what about when it comes to cryptocurrency? It’s certainly a question on the minds of many potential investors, particularly given the size of the crypto market, which recently topped $3 trillion according to Reuters.
There are certainly some guidelines and methods used by investors, but traditional stock market trading patterns don’t always apply. Still, it’s helpful to at least acknowledge some expert advice, particularly given the volatility of cryptocurrency.
Don’t put off buying cryptocurrency until the end of the week. You may want to especially avoid Fridays.
According to the Corporate Finance Institute, “Generally, cryptocurrency prices start low on Monday and rise throughout the week. When the weekend hits, prices tend to drop until market activity begins the following Monday. Since prices are likely to be at their lowest point following a weekend of low trading activity, Monday is the best time of the week to buy cryptocurrency.”
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Another factor to consider when it comes to time is the day of the month. In general, according to the Corporate Finance Institute, the end of the month is generally regarded as the best time to buy crypto. Prices are generally on the rise in the first weeks of the month, then fall toward the latter part of the month.
If you’re new to cryptocurrency, you should keep a few things in mind before you start buying. First, remember the crypto market is typically extremely volatile. This means you should know the level of risk you’re comfortable with before you begin. And, even though you can buy and sell cryptocurrencies around the clock, you might want to pay attention to the stock markets. What happens during traditional trading hours very often has an effect on crypto trading.
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This article originally appeared on GOBankingRates.com: Don’t Buy Crypto on This Day of the Week
