There are numerous articles urging people to buy, mine, and stake cryptocurrencies on the internet and in the media today, but there are also a few that highlight some information you should be aware of before you sell cryptocurrencies for cash. This article will cover topics that you should be aware of whenever you want to sell cryptocurrency for cash in order to make an informed decision.
When Is the Best Time to Sell Cryptocurrency for Cash?
The ideal time to sell cryptocurrency for cash depends on a few different things. Below, we use these elements to explain when it is best to sell cryptocurrency for cash. Let’s investigate them.
- The day of the week: The day of the week is one of the variables to take into account whenever you want to sell cryptocurrency for cash. The best day of the week to buy and sell cryptocurrency for cash was determined by research done by a crypto analyst between the years of 2018 and 2020. This study shows that Monday through Tuesday morning is the best time to sell cryptocurrency for cash. The price of Bitcoin falls between Thursday and Friday and reaches its peak between Monday and Tuesday morning, which justifies this.
- Time of day: The best time of the week to sell cryptocurrency for cash is between Monday and Tuesday morning, as was established in the bullet point that came before this. Using the UTC time zone, the best time of day is between midnight and one in the afternoon. This is justified by Bitcoin’s volatility, which causes prices to spike at midnight and in the early part of the day.
- Inflation of US dollar equivalent value: Over the years, it has been noted that the value and cost of the US dollar relative to other currencies have fluctuated. The most advantageous time to sell cryptocurrency for cash is also influenced by this. The best time to sell is when the value of your currency in terms of the US dollar has increased. In this way, a customer who pays in dollars is more advantageous to you. When there is a decline in the US dollar compared to your currency, converting the money yields a lower profit from selling.
- Amount of Bitcoin to be sold: When to sell cryptocurrency for cash is determined by this and other factors. Since the difference in profit is negligible when selling a small amount, you can agree to sell at any hour of the day or on any day of the week. However, if you have a significant amount of Bitcoin you want to sell, it may be wise to hold off until Monday night or Tuesday morning in order to sell when the price of cryptocurrencies is rising. In this manner, the profit you make will be sizable enough to pay some bills and even to invest in.
Concluding Thoughts on Deciding to Sell Cryptocurrency for Cash
You can gain a competitive advantage by using all the factors mentioned in this article when selling cryptocurrencies for cash. Start using them right away to enjoy the benefits.