New Analysis Finds That Mondays Are the Best Days to Buy Bitcoin

Since BTC/USD is traded 24/7, new investors may be wondering: is there a difference between investing on a particular day of the week?

Bitcoin weekly trend in 2019 Analyzing Bitcoin returns from the beginning of 2019 until Jan. 13, 2020, data shows that Fridays present the highest average return across the days of the week at 1.1%. In contrast, only two days of the week show negatively average returns, Tuesday and Thursday.

If an investor only started investing at the start of 2019 on a particular day of the week, Friday would present the best cumulative return, followed by Monday.

The closing prices are used for simplicity reasons since the desired time to buy and sell during those days is based on the investor's preference.

Figure 2: Cumulative Return for investing on a specific day only between January 2019 and January 2020.Bitcoin weekly trend in the long-termTaking a deeper look at Bitcoin returns for a longer time period, as seen from Figure 3, we can conclude that Mondays offer the best average return from all the days of the week.

On the other hand, Thursday and Wednesday are the worst days of the week to invest in Bitcoin with an average return of -0.09% and -0.23%, respectively.

Figure 3: Average Daily Return for each Day of the Week between April 2013 and January 2020.Using the same long-term sample starting in April 2013, an investor choosing exclusively one day of the week as a strategy would get the best option by choosing Mondays, followed by Saturdays, as seen from Figure 4.Figure 4: Cumulative Return for specific day investment during the entire sample analyzed.

Figure 5: Average Daily Return for each Day of the Week between during 2017.In summary, Bitcoin's unique features reveal an opposite behavior to traditional stock markets, showing a positive average return on Mondays when considering wider time periods.

When dealing with shorter time frames, we identify Fridays as the day with the highest average returns across the days of the week.

Overall, holding BTC has been profitable for over 94% of days Bitcoin has existed, according to the latest data from Bitcoin Hodl Calculator.