An article from Bloomberg last year mentioned that "Weekends are the Wild West for Bitcoin, but Nobody Knows Why". However, several reasons were mentioned to explain why weekends are good for Bitcoin, and these reasons are still valid in December 2020... and applicable to the other coins as well:
- Large crypto companies like to make announcements on Mondays, and hence investors buy during weekends in order to benefit from that
- Buyers have more time during weekends to trade & chat - through trading & chatting, they get a feeling of volatility, urging them to buy
- Third reason: the well known FOMO effect - Fear Of Missing Out. Still linked to your greater availability during weekends, have time to think
- Another reason: if the price increases during the week, we think it will continue. If it decreases, we think it will rebound during the weekend
- Last reason: the CFTC (Commodity Futures Trading Commision) reports are issued every Friday and give additional confidence to the buyers
In summary, it is usually good to invest in cryptos on Friday, before the weekend, especially when the crypto prices have decreased for a few days.
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