New Research Shows Why Bitcoin Price May Skyrocket This Year
The note from the SFOX research team points to 2017’s massive rally in the crypto asset market around Thanksgiving and Christmas in the United States and a more recent price increase during China’s Spring Festival this year as two examples of this phenomenon.
According to the research note, the main theory behind the reasoning for the holidays’ effect on the bitcoin price has to do with FOMO
Part of the narrative surrounding this unprecedented bull run [in late 2017] was that many people were hearing about Bitcoin for the first time: over Thanksgiving dinner, the story goes, Luddites in the family would ask the more tech-savvy among them about this ‘Bitcoin’ they’d seen in mainstream news.
During the time from November 12, 2017, to December 17, 2017, the bitcoin price increased from $6,030.53 to $19,205.93. The vast majority of this growth in the bitcoin price came after the Thanksgiving holiday.
During this time, the bitcoin price rose 14% from $3,419.17 to $3,908.97. The price then continued to rise over the $4,000 mark before settling back down to the $3,750 range in the days after the holiday season.