Bitcoin generates all of its yearly performance gains within just ten days. Miss those 10 days and your average is 25% down annually since 2013. Today was one of those days. But are there more to come? Let’s take a look.
As Bitcoin skyrocketed into the weekend, Tom Lee from Fundstrat was on hand with an interesting statistic. Namely, that Bitcoin generally generates all of its performance within just ten days. Miss those 10 days and your average is 25% down annually since 2013.
Well That Puts A Bit Of A Downer On Things
Does it? It’s a great (in terms of interesting, not ‘yay!’) statistic, but what does it actually mean? And how would you calculate a figure like that?
Luckily, Lee included a useful diagram with his tweet.
Right, so let’s see what we’ve got here. Top ten days percentage change, added together, so we have the overall percentage gains over the 10 best performing days. Well, that makes sense; so on 2017’s best ten days, on average the price more than doubled (113.6% gain).
But what about the rest of…