Crypto Market Provides Buzz for Bored Equity Traders Over Christmas Season
Flagship cryptocurrency Bitcoin (BTCUSD) has made gains over the festive season for the last five years.
Investors looking for trading opportunities during the so-called 'Crimbo limbo', when traditional equity markets are either closed for trading or experiencing a festive lull, will find plenty of action in the cryptocurrency markets. Last Christmas, Bitcoin rose from $23,746.97 to $36,873.42 between December 24th and January 6th, 2021 – marking a 55% increase. Number two cryptocurrency Ethereum (ETHUSD) trumped this, almost doubling in value (up 96%) in the same 14-day period, climbing from $613.08 to $1,204.72. [1]
Bitcoin hit an all-time intraday high of $20,089 on December 17, 2017, and subsequently traded as low as $3186 during December 2018. However, despite this fall over the year, the crypto experienced an increase of 26% between Christmas Eve 2017 and Epiphany 2018, spiking from $13,925.80 to $17,527. Ethereum once again eclipsed this with a 50% rise ($694.15 to $1,041.68).
The Christmas period of 2019-2020 (December 24th-January 6th) saw Bitcoin make - by crypto standards - a modest gain of 7.5%. Ethereum meanwhile advanced 13% in the same timeframe increasing from $127.59 to $144.37.
"Any investor or trader finding themselves bored over the Christmas period and looking for a bit of market craziness will certainly find it in the crypto market; a market that never sleeps," said Clem Chambers, CEO of ADVFN. "It's a wild ride and certainly not for the fainthearted. As we've seen with Bitcoin again this year, what goes up often comes down, with swings of 20% or more not unusual for the 'blue crypts,' and even bigger fluctuations for other coins. For a longer-term strategy, if you believe crypto has a great future, as I do, then dollar cost averaging is one way to go."
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