Cryptocurrency is a volatile asset class experiencing many ups and downs. Because of that, people often get the idea that they should try to sync their investments, shopping within specific windows to get the best possible price. However, because investors around the world trade cryptocurrencies 24 hours a day, the moment of buying a cryptocurrency never gets cut and dry.
If you want invest in crypto, your best bet is to practice average cost in dollars. With this method, you shop slowly over a long period of time. Even if you invest in some ranges that turn out not to be that low, you will find others that are very low and can average.
There are ebbs and flows in the cryptocurrency market that vary wildly depending on the specific cryptocurrency you are buying. The tokens can be exchanged with another pattern. For someone who intends to schedule a crypto purchase, it will be worth really looking at the history of specific investment types.
Image source: Getty Images.
When is the best time to buy cryptocurrencies?
To keep it short and simple, the best time to buy a cryptocurrency is when you are ready to buy a cryptocurrency. With the dollar cost averaging method, you will be able to control your own cost volatility (at least on some level) and avoid roller coasters.
Never put more into a crypto than you are willing to lose. They are not guaranteed winners or asset classes that provide any kind of security, especially if they are reduced to zero. Some people have made significant amounts of money with the right purchase at the right time, but often this is just luck and not synchronizing the market.
The best time of day to buy cryptocurrencies
Again, because crypto trading takes place around the clock, even into the wee hours of the morning (no matter where you live), scheduling your trading at a certain time of day can be dangerous. However, if you look at a few months of data, some very general patterns emerge.
Comparing the business activity of Bitcoin (CRYPTO: BTC), Ether (CRYPTO: ETH), Solarium (CRYPTO: SOL), and Cardano (CRYPTO: ADA) - cryptocurrencies with some of the highest capitalization rates - shows that they tend to go up and down together, which is quite useful for comparing time windows for purchases.
Looking at the data for October and November, the best time of day to buy these popular cryptocurrencies was generally in the morning, and the sooner the better. Other currencies that are not considered as "serious" also followed similar patterns such as Bitcoin and Ether, such as Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE).
The best time of the week to buy cryptocurrencies
Based on the same data used to determine the best time of day to buy cryptocurrencies, the best time of the week to buy cryptocurrencies appears to be Thursday. Yes, Thursday. Six of the eight weeks saw a drop that day. If that trend continues (which is certainly not guaranteed), Thursday morning is the best time to buy.
The second best day of the week to shop is Monday (five out of eight saw a drop), followed by Friday and Saturday (four out of eight for both).
Best time of the month to buy cryptocurrencies
With crypto, everything is constantly changing. It is a problem if you are trying to schedule purchases. At the moment, however, the best time of the month to buy is near the end. Values โโtend to rise in the first 10 days of the month, followed by a price collapse (probably because people are selling after the increases) in the second half of the month.
Again, this may vary with other or smaller cryptocurrencies. altcoins. However, based on the currencies with the highest capitalization rates, the trend appears to be fairly consistent.
Source: YCharts.
What is the best move with crypto?
Scheduling a cryptocurrency purchase can be difficult, if not treacherous, to attempt, as there are all kinds of elements that influence the price of a coin. Although there are fewer personality-based boosters (like sex scandals involving CEOs of major companies, for example), there are more lemming-like payouts. People have a limit risk tolerance, and the fear of missing out on selling a cryptocurrency holding for a short-term profit is a tempting siren song.
With cryptocurrencies, as with any type of investment, your best bet will always be hold for a longer termand buy little by little. Your biggest returns will come from this strategy, although it's not particularly sexy and doesn't bring any of that Vegas-like excitement to investors hoping for a quick winner.
