Best day of the week to buy bitcoin. Data Analysis
Hello Guys,
Have you ever wondered which day of the week is best to buy bitcoin, well look no further, In this post I try to analyse the daily opening price of bitcoin from 28th of April 2013 through to 29th of July 2017.
My approach is simple , I got the data from coinmarket cap, extracted the exact day of the week from each line and then calculated the average price of bitcoin for each day of the week. Here is what I found
As you can see from the table , average bitcoin prices are lowest on Sundays but Monday is very close too. When I did the analysis and saw how close the averages for Sunday and Monday were, I decided to do the same analysis with a smaller fraction of the data, so I analysed bitcoin prices on each day for the past 53 weeks starting from 29th of July 2017. Here is what I found
The analysis generally follows the same trend, but this time average bitcoin prices is lowest on Monday. It is worthy to note that average bitcoin prices in both analysis are highest on Fridays closely followed by Saturday, wonder if any one finds that one strange. Well there is the analysis, eager to see how you react to this one.
It is important I state here that there a lot of factors that affect the price of bitcoin, it is very volatile, thus you probably need to look and research further than the data available in this post if you ever decide to buy some bitcoin, that being said,I got the idea for this post when I needed to get an sbd refill, I had time on my side and did not want the stress of doing series of technical research and speculation before buying the bitcoin I needed, so I just thought I would dig into the data and find out the day of the week where I would have the greatest chance of buying bitcoin at its lowest for that week.
Thanks for reading my post.Let me know your view on this post in the comments, I read and appreciate every comment.Each post I make takes considerable time and effort,please support me by upvoting and resteeming if you enjoyed it.Keep an eye on my blog for my next post. You can also follow me @datageek
Awsome thx
interesting post )
Glad you found it interesting
thats great you found something great, let me resteem it btw thanks for such a good analysis .
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Interesting info, thanks!
@datageek Splendid insights! this is a valuable info for crypto traders. thanks for sharing!
Glad you found it helpful. Cheers
Interesting. Suggested improvements:
(1) Calculate the deviation from the weekly or monthly trendline. If bitcoin prices are generally going up, you may end up with a false result that days early in the week are better because they are before days late in the week.
(2) Calculate the standard deviation for each day to see if the result is statistically significant (in principle you need to do a t-test, if I remember correctly, but calculating the standard deviation will be a good indicator)
Hmm interesting angle, will check this out later
@datageek, did you follow up on this idea yet?
Not necessarily so. You only get the effect that the last day of the week is best if you happen to calculate the results always at the end of the week and if you calculate over several years that effect will be small.
After all, the 'end of the week' is an arbitrary choice since days are cyclical.
Good insight. I would have suspected intuitively because I have a penchant to. Now thanks to your stats i can act on it with confidence.
Glad you find it helpful bro.
Thanks @datageek for confirming what I have always speculated. You earned a follow!
At least a post I could use :)
Very useful post. I will upvote this.
Thanks ! Glad you found it useful