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The head of research firm Fundstrat Global recently pointed out some interesting details regarding Bitcoin's historical price changes. According to Tom Lee, BTC's performance is generated within just 10 days each year.
In the wake of the recent 24-hour Bitcoin pump to around the $5k mark, after months hovering around $4000, Lee noted that BTC was now above its 200-day moving average. This has tended to be a positive sign for its price development in the past.
Read more: Everything you need to know about Bitcoin's price pump
2/ Reminder that BTC generally generates all of its performance within 10D of any year.
— Thomas Lee (@fundstrat) April 2, 2019
--ex the top 10 days, BTC is down 25% annually since 2013 pic.twitter.com/zoEocEEZvu
Lee followed this observation with a further one that allows BTC's historic price growth to be seen in a whole new light. If we exclude the 10 top-performing days in a year, Bitcoin has actually decreased in price by 25% annually since 2013.
3/ For equities, ex-top 10 days, the S&P 500 only cedes 300bp per annum.
— Thomas Lee (@fundstrat) April 2, 2019
--the obvious conclusion is top 10 days way more influential for BTC than equities
--HODL the other 355 days? pic.twitter.com/rBy9Q8IlTe
It appears that just a handful of positive 24h periods each year are responsible for BTC's overall price trends, and April 2 may well have been the first such one of 2019.
Read more: 5 reasons it's not too late to get into crypto; Is Bitcoin at $1 million really possible?