The end of November spells the arrival of Thanksgiving Day, and countries like the United States have made it a point to celebrate it in all its pomp and glory. The national holiday, which falls on November 28 this year, will also be keenly watched for its effect on prices in the mainstream finance sector as well as the cryptocurrency industry.
Bitcoin, the world’s largest cryptocurrency, was just recovering from its bearish falls, and holders are waiting to see what changes Thanksgiving will bring to the table. Historically, Thanksgiving Day has been a mixed bag of fortunes for the cryptocurrency with the values ranging from slight bearish dips or bullish increases.
At press time, Bitcoin was trading for $7546.05, with a total market capo of $136.37 billion. The cryptocurrency held a 24-hour market volume of $21.58 billion after a 3.91 percent hike in prices during the 24-hour time frame.
Recent research conducted by BitDealer tried to spot patterns in Bitcoin prices during the holiday, which yielded some surprising results. The biggest Thanksgiving Day pump occurred in 2015 when the value shot up by 7.39 percent. That hike did not sustain for long as the price only gained by 0.92 percent the next day. The record was trumped in 2017 when Bitcoin rose by a massive 16.05 percent three days after Thanksgiving.
— ₿itDealer.S◎L (@Bitdealer_) November 28, 2019
The worst Thanksgiving Bitcoin fall occurred last year during one of the cryptocurrency’s longest bear runs. On November 22, 2018, the BTC value tanked by 6.07 percent and fell by another 11.43 percent over the next three days.
Bitcoin price average on Thanksgiving Day
Bitcoin’s Thanksgiving Day average across all the years since its inception amounts to 0.9 percent while the following day saw an average increase of 1.88 percent. Investors need to be wary of the three-day return after Thanksgiving as its minimum was calculated to be the lowest, i.e., -11.43 percent. At the same time, the maximum increase in Bitcoin prices was also spotted during the three days after Thanksgiving.
Although the fluctuations have been drastic and more skewed towards the side of the bear, proponents were confident that this was just the beginning of massive Bitcoin adoption. Willy Woo, a crypto on-chain analyst, and trader stated:
“Anything between a [market capitalization] of $10 trillion to $100 trillion is fair game.”
Meanwhile, Nic Carter, Partner at Castle Island Ventures, a venture capital firm focused on public blockchains, claimed:
“The lack of a supply response to a demand shock all but ensures it is likely to remain volatile for the foreseeable future.”
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.