Cryptocurrencies have emerged as one of the most appealing investment options due to their constantly fluctuating pricing, particularly for those who enjoy taking risks in exchange for large rewards. The cryptocurrency market has been in a bearish trend for quite some time, but the Lunar New Year has arrived, bringing with it new opportunities for investors.
Lunar New Year
Chinese New Year is observed on a different day every year because it’s based on the lunar calendar. The Lunar New Year will start this year on January 22 and finish on January 24. It is celebrated in China and many other countries around the world during this time, usually with family gatherings and feasts.
— Mauricio Sanhueza-Celsi️ (@msanhuezacelsi) January 22, 2023
The word “Lunar New Year” is used to describe a festival with many of the same customs as those in China. It uses 12 zodiac signs, each of which name a year, including the current year, being the year of the rabbit
Many over-the-counter (OTC) services in China will be shut down at this time, which may cause considerable cryptocurrency volatility. Furthermore, Bitcoin surged to its highest level since August, ahead of the Lunar New Year holiday, celebrated throughout Asia.
Lunar New Year Benefits Crypto Traders
The Lunar New Year has a significant impact on cryptocurrency prices. The total market capitalization of cryptocurrency has surpassed $1 trillion, with Bitcoin reaching its highest level since August, prior to the Lunar New Year holiday celebrations.
Bitcoin Price Chart – Source: Tradingview
The leading cryptocurrency rose 2.1% to $22,872, reaching its highest level since August 18, 2022. Furthermore, the second-ranked cryptocurrency, Ether, increased by up to 2.4%, the highest rate since September.
At the start of the Lunar New Year, which is celebrated in most of Asia, the prices of many well-known crypto coins are going up. This is happening as more and more people think that the crypto market has passed its lowest point.
Win With This Luna New Year Bitcoin Strategy
According to Markus Thielen, Matrixport’s head of research, buying Bitcoin near the end of the first day of the Chinese New Year and selling it 10 trading days later would have resulted in an average return of +9% over the previous eight years. Furthermore, he stated that the beginning of the Chinese New Year has historically been a great entry point for long holdings.
The rise occurs since cryptocurrencies have historically performed strongly at the beginning of the holiday celebrated for the Lunar New Year. It suggests that cryptocurrency traders benefit from the Lunar New Year.
Binance Celebrates the Lunar New Year
The leading cryptocurrency exchange in terms of daily trading volume is Binance. Binance Futures launched a new initiative to thank the community on January 22, offering eligible individuals the opportunity to split up to 50,000 USDT. Traders can enjoy several special trade perks as they welcome the Lunar New Year.
— Binance (@binance) January 22, 2023
Binance is back with another action-packed schedule of events for the Year of the Rabbit. Users may join in the fun and bunny hop into the New Year with great prizes and time-limited incentives, including cashback offers, exclusive discounts, crypto rewards, and much more, from January 16 to February 8.
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