New study reveals: Bitcoin’s price rise during the holidays
Bitcoin has had a good year so far. The price of the cryptocurrency has even been close to reaching $14,000.
Many analysts believe that the cryptocurrency will reach new record heights before the end of the year. The question is only when the rally will come.
A new study from the crypto exchange SFOX shows that it very well may go up considerably during Christmas and Thanksgiving.
If you look at graphs of how the bitcoin price developed during the record year 2017, you see huge increases both around Christmas and Thanksgiving, numbers from Coinmarketcap shows.
The reason is said to be a so-called “fear of missing out” effect, which means people investing because they are afraid of missing an opportunity to make money.
Here is a little story to explain how it may go:
A not so tech-savvy person may have heard of bitcoin but don’t really understand what it is. During the holiday season, he or she meet a relative who is more versed in cryptocurrencies and the former asks the latter what bitcoin is. Having got the cryptocurrency explained to them, our hero is struck by anxiety about missing a chance to make money and decides to invest.
The increased interest that follows on this scenario taking place on many Christmas dinners around the world leads to higher prices for bitcoin.
Happily ever HODL!
The question is whether the story will repeat itself in 2019.
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