Bitcoin’s Rising Star: A Valentine’s Day Overview

Bitcoin (BTC) has hit a home run by soaring to a record high price this year. Along the way, it snagged a shiny new A- rating from Weiss Crypto Ratings as it marched towards the magical $10,000 mark. Traders and analysts are buzzing with excitement about a potential bull run that could push Bitcoin to dizzying new heights. Grab your chocolates because the crypto market is looking flirty!

Altcoins Join the Party

As Bitcoin flaunts its gains, the spotlight isn’t just on it. Altcoins have been flexing their muscles, with performance that might make Bitcoin blush. Many altcoins are even outpacing Bitcoin’s returns since the year kicked off, reaffirming predictions of an upward trend. It seems like every coin is trying to make a date with destiny!

Better Buy on Fridays

It turns out that the frost of February can bring more than just hearts and flowers; it also brings investing opportunities. Research indicates that Fridays are the best days for Bitcoin purchases. For instance, if you treated yourself to some BTC every Friday since 2019, you would have experienced significant returns. This year, Valentine’s Day coincides with the illustrious Friday, providing a juicy opportunity for investors to shower their wallets with love.

Valentine’s Day Returns Since 2015

Let’s look at the romantic history of Bitcoin, Ether (ETH), and XRP on Valentine’s Day. Since 2015, Bitcoin has consistently delivered positive returns on the day, barring a hiccup in 2019. The highest daily return? A dazzling 9% in 2018. In contrast, XRP enjoys a flirty relationship with Valentine’s success but can’t compete with Bitcoin’s charm, averaging 3.28% returns. Meanwhile, Ether has a bit of a mixed bag, with an average of 3.92%, but hey, it’s been around a little less. When it comes to total returns, if investors jumped in on Valentine’s Day since 2015, they would see returns as follows:

• Bitcoin: 24%
• Ether: 20%
• XRP: 16%

Skyrocketing Trading Volumes

Valentine’s Day also brings a sweet surge in trading volume for Bitcoin, consistently showing an increase of about 22%, except for that one year when it dipped slightly—let’s just call it a misunderstanding in the relationship. In contrast, although Ether’s trading volume doesn’t seem to follow a consistent path, it’s also on an upward trajectory, indicating that love, much like trading volume, only gets better with time.

Looking Ahead: Predictions for 2020

Are we in for a romantic surprise this Valentine’s Day in the crypto space? Traditional analysts have noted certain patterns regarding market returns around holidays like Valentine’s Day. In the past, they’ve seen significant market movements the day before—something Bitcoin and its altcoin friends might not be aware of. If the trends continue, we can expect investors to cash in on the positive vibes surrounding BTC, ETH, and XRP this February. Just remember, when in doubt, don’t forget the chocolates—especially if you plan on holding off on any romantic spending until after the holiday!

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.