Sell In May and Go Away? Not for Bitcoin Bulls

Sell in May and go away? While the month may traditionally give equity bulls cold feet, it should probably not be a cause of worry for the bitcoin market. Indeed, it's true the month of May is often a weak period for equities, and that bitcoin has acted as a risk asset (moving in tandem with equities) since February. As such, cryptocurrency investors may fear that a potential drop in equities could end up dragging bitcoin prices lower. However, historical data suggests that bitcoin is more likely to build upon its April rally this month. Notably, the world's largest cryptocurrency by market capitalization has scored gains in the month of May in five out of the last seven years, according to CoinDesk's Bitcoin Price Index. According to the data: BTC appreciated by 73 percent in May 2017 as it jumped from $1,348 to $2,330. The decline in the years the…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE