Bitcoin accounts for about$156.7 billion of the world’s money. You don’t need to be part of an exclusive club to buy it. However, you should consider the best time to buy Bitcoin so that you can get the best deal.
If you know when to buy Bitcoin, you can get it at a better exchange rate than if you bought it at a different time. Like stocks on the stock market, the value of Bitcoin can change throughout the day.
Before you buy, ask yourself: Is this a good time to buy Bitcoin?
What is the Best Day of the Week to Buy Cryptocurrency?
The best day of the week to buy cryptocurrency is Monday whenprices are the lowest. Sunday is the next best day of the week overall.
After that, prices rise with Friday being the most expensive day to buy cryptocurrency.
According to some experts, you should consider more than the current value of cryptocurrency. After all, Bitcoin has a value that can fluctuate in relation to the USD and other currencies much more than the relative exchange rate relationships that exist between many fiat currencies, so you can’t think of it like exchanging between two traditional currencies.
When demand is high, prices will be, too. Consider when there isn’t as much demand.
Business hours tend to be the worst times to buy Bitcoin because more people are trading.
Also, consider business hours outside of the United States.
Media coverage of cryptocurrency can also have a massive impact on the value of Bitcoin in the near future.
You may never be able to predict the best time to buy Bitcoin. However, if you know what to look for on the market and elsewhere, you can make an educated guess.
Best Time of Day to Buy Bitcoin
Once you have an idea of what Bitcoin is worth, you should consider when to buy Bitcoin. While the value is always changing, the value follows has historically followed certain patterns.
In general, it’s better to buy Bitcoin in the afternoon sinceprices tend to drop. On average, the best time to buy Bitcoin is from 3 pm to 4 pm. If you’re a night owl, you can also get a good deal from 11 pm to midnight.
During those times, the value of Bitcoin is the lowest, which means you don’t have to pay as much cash. Whether you want to invest a little or a lot, you can save money when you buy during those periods.
You can buy and hold onto Bitcoin, especially if you want to make a bigger profit long-term. As more and more people buy and use Bitcoin, you have a chance of gaining more value and purchasing power from the BitCoin you buy today.
Keeping your Bitcoin can also be smart if you buy it when the price is somewhat high. Not only will that keep you from losing money, but you could still make a profit in the long term.
Of course, the value of Bitcoin will continue to change. If you follow the market, you can watch your purchasing power grow rather than diminish due to inflation.
One reason why Monday and Sunday tend to be the best days to buy Bitcoin is the weekend. Since many business people trade Bitcoin, the market isn’t as active over the weekend.
Getting in before the market starts back up means you have a better chance of landing a good price. If you wait until the middle of the week, odds are the market will be more active and prices will be higher.
The weekend also acts as a time for people to consider and decide on buying in. As people start to buy Bitcoin on Monday, the price and demand increase.
Once the week finishes, the demand drops off. The cycle then continues each week.
If you want to buy Bitcoin, try to beat the rush so that you don’t have to pay more for the same amount of Bitcoin.
If you want to avoid high prices, avoid common paydays. After all, when you have more money in your account, you might be tempted to spend it.
Since many people get their paychecks in the middle and at the end of the month, Bitcoin prices can rise quickly. If you can, wait a week after payday before you invest so that you can get a better deal.
Alternative Ways to Buy Bitcoin
While most investors buy Bitcoin through their preferred cryptocurrency exchange, there are alternative ways to buy Bitcoin. These alternatives can be handy because they are applications or services you may already have:
Digital Payment Platforms
Several popular digital payment platforms allow their users to buy Bitcoin through their service. The advantage of using a payment platform is that you already have an account and don’t need to fuss with a crypto exchange. But these platforms can limit what they allow you to do with your Bitcoin once bought on their platform.
You’ll want to research your digital payment platform’s rules and regulations for purchasing cryptocurrency. While this might be an easy way to invest in Bitcoin, be careful because it may have limitations or restrictions for transferring your tokens to another platform.
Venmo allows you to buy cryptocurrency on their platform, and you can invest as little as one dollar. They charge an exchange rate that will include a spread of 0.005% or one-half of one percent, and they’ll charge a few other fees.
Because Venmo links to your bank account, your bank may also charge a processing fee if you need to access your bank account to make the crypto purchase. You can find answers to other crypto purchasing questions on their frequently asked questions page.
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Like Venmo, PayPal allows you to buy and sell Bitcoin through their app. PayPal essentially acts as an exchange and wallet for your Bitcoin and other cryptocurrencies. PayPal charges a fee of 1.5% – 2.3% of your purchase or sale amount. The app makes buying crypto very convenient and easy.
But be cautious with buying crypto on PayPal because you can only buy and sell the tokens. You can’t pay for goods and services with Bitcoin in your account. And you can’t transfer any cryptocurrencies from your account to another digital wallet. Check out the Paypal Frequently Asked Questionsfor more answers to their crypto rules.
Cash App is arguably the better option for buying and selling Bitcoin and other cryptocurrencies of the digital payment platforms. Cash App allows you to buy and sell Bitcoin directly, send and receive Bitcoin from any $Cashtag for free, and you can withdraw Bitcoin from your Cash app and transfer it to another wallet.
Cash App does charge a fee when you buy and sell Bitcoin, and they will send you a Form 1099-B for determining any taxes on your cryptocurrency sales. Like the other digital payment platforms, they also have a high standard of security.
Mobile Stock Trading Platforms
It seems that more and more traditional stock trading platforms are getting into the cryptocurrency game, especially when it comes to Bitcoin. Bitcoin’s high volatility is especially attractive to trading apps that want a piece of the pie. Here are some of the more popular mobile stock trading platforms that also offer cryptocurrency:
Like its stock trading, Robinhood charges no fees for trading crypto. This is a considerable advantage over some of the more trusted cryptocurrency exchanges that make their money in transaction fees.
If you are looking to invest in Bitcoin, Robinhood may be a solid choice. They have some specific rules about trading that you may want to research. And if you want to invest in other cryptos, Robinhood may not be your best option because of their limited list of available cryptos to buy and sell.
Webull is another brokerage that allows you to buy and sell stocks, ETFs, options, and crypto. However, their cryptocurrency offering is limited to seven of the most popular cryptos, including Bitcoin. Webull doesn’t charge trading fees.
Like Robinhood, Webull allows you to buy fractions of crypto tokens, allowing you to invest as little as one dollar in Bitcoin. While this is great, Webull is not a wallet, and you can’t transfer your tokens to another platform.
ETFs are investment vehicles that allow investors to benefit from cryptocurrencies like Bitcoin without dealing with the cryptocurrency exchanges and security procedures. Investors no longer need to buy Bitcoin directly to enjoy the benefits of owning Bitcoin.
But because the crypto markets are mainly unregulated and unstable, it has been challenging to get SEC approval. TheProShares Bitcoin Strategy EFT is the first bitcoin-related ETF that trades under the ticker BITO.
A Bitcoin ETF creates a familiar environment for trading crypto. Investors can buy Bitcoin ETFs through their traditional exchanges and markets, and they can short sell the ETF if the investor thinks Bitcoin’s price will drop significantly in the future.
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With most investments, there is a large measure of risk and research needed to feel confident in the investment strategy. Because the crypto market is so volatile, a riskier investment like Bitcoin can pay off big.
If you want to get into cryptocurrency trading, Bitcoin is a good starting place because it has the longest history, good trading volume, and profitable volatility. And investing in Bitcoin can diversify your investment portfolio, although most experts recommend that cryptocurrency be less than 5% of your total portfolio.
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There may never be the perfect time to buy Bitcoin, but that doesn’t mean you shouldn’t try. The best time to buy Bitcoin is later in the day, either around 3 pm or just before midnight.
While the market can and does change, these trends are there for you to use. You don’t have to be an expert in cryptocurrency to follow the market and determine the best time to buy. Buying Bitcoin for the uninitiated can be daunting. For those looking for an easy way to buy and use cryptocurrency, there is BlockCard. With BlockCard you receive a physical and virtual debit card that allows you to buy from 12 cryptocurrencies and spend within minutes anywhere. VISA, Apple Pay, Samsung Pay, or Google Pay are accepted. Register today and be your own bank.
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BlockCard seeks to provide readers with objective advice regarding all aspects of cryptocurrency. We source data points, trends and statistics from a variety of sources including but not limited to online publications such as Forbes, Bitpay, Crypto.com, and CoinDesk and have to make informed interpretations. Ultimately it is up to users to understand the risks or potential gains that come with any cryptocurrency transaction whether it be buying, selling, or paying with cryptocurrency. This piece does not contain all information necessary and should be considered for informational purposes only.