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[Gate.io Research]Research on The Past Events and Price of Bitcoin During Lunar New Year

Bitcoin increased more than 10,000 times in seven years as its price rose from $0.6 in early 2011 to over $10,000 of late 2017. Despite the annual average growth of over 300%, Bitcoin fell dramatically to over $3,000 in 2018 with a loss as high as 64.37%. Is this the fall of Bitcoin?

With Lunar New Year approaching, the world sees once again mass migration. Will this have a significant effect on the price of Bitcoin?

After a thorough investigation on Bitcoin's price fluctuation during the Lunar New Year from 2011 to 2018, it was found that Bitcoin's price has steadily grown every Lunar New Year by an average of 291.53% with one exception. The price of Bitcoin on the day of Lunar New Year in 2015 fell 71% as compared to that in 2014. Changes on Bitcoin's price during every Q1 were affected by the market climate in last years, such as market sentiment, government policy, attention attracted etc. The price of Bitcoin fluctuated both before and after the Lunar New Year, the probability of price going up on the day of Lunar New Year was higher than a week before or after it.

To investigate the possible effect of Lunar New Year on the price of Bitcoin, the report presents elaborate decisions and analyses about Bitcoin's year-around price trend from 2011 to 2018 by sorting out historic events of Bitcoin throughout the years. The report provides a reference to the understanding of history and future trends of Bitcoin.

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Read the report:Research on The Past Events and Price of Bitcoin During Lunar New Year

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Download the reort: Research on The Past Events and Price of Bitcoin During Lunar New Year

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Declaimer: The research is a study based on the observed market data. Though we have tried to be as prudent and accurate about the data, it can not guarantee a 100% accuracy. This research should not be used as a reference to your investment.