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.
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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.
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