Starting with Bitcoin, we can see that out of the last 2,568 days, Bitcoin had a higher price on exactly 41 days. That means if you invested in Bitcoin on one of those 41 days and sold Bitcoin today, you would have lost money.
What that also means is that buying Bitcoin on any of the 2,527 other days would have been profitable! Essentially, if an investor sold their Bitcoin today that was bought on a random day in the last 2,568 days, they have a 98.4% chance of turning a profit.Revisiting our core question: When was a good time to buy Bitcoin?
The answer becomes obvious. In the past, there have been few bad times to buy Bitcoin. The only exceptions were those 41 days where Bitcoin had a higher price.
Now, don’t forget that we may soon see new all-time highs. At that point, we can say that there was never a bad time to buy Bitcoin. Imagine if you had known that at any point in the last 10 years. Surely, you would have scooped up as much Bitcoin as you could get your hands on - even when the price was uncomfortably high.What about other cryptocurrencies?
Evaluating some of the other top cryptocurrencies, we can see the percentage ranges from 7.14% for Waves up to 21.76% for Cosmos. While most of these assets aren’t seeing single-digit percentages for the number of unprofitable days, many assets have been closing the gap to 0% over the course of the last year.What now?
Knowing what to do with this information isn’t clear. While this could indicate that cryptocurrencies have been rejuvenated and are on the cusp of a world-changing bull run, it could also mean we are just at the top of another market cycle.Nobody knows.
At the end of the day, nobody knows if the price of an asset will go up or down.More Good Reads
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