The world’s obsession with cryptos and their market doesn’t seem to stop. The trust in cryptos being the future of finances for many people doesn’t weaken even in times of crisis. What is so special about this market’s mechanism? Well, a lot of things work like the regular market. One of the key differences is in the working hours. Keep reading to learn what time does crypto market open and close, and how is it different from the regular market.
But first, we will guide you through the basics of the crypto market, and give you some advice on how to start trading there.
What exactly is the crypto market?
Let’s start by introducing you to the foundations of the crypto world. The first cryptocurrency to enter this world was the famous Bitcoin. Somewhere around 2009, Bitcoin was created as the first-ever digital currency. The intention behind it was to use it as any fiat currency. The creator(s) were dreaming about being able to pay for their coffee in Bitcoin. Little did they know what will follow. Today, Bitcoin is the most popular and most valuable cryptocurrency.
So, Bitcoin was invented as a new way to pay for your regular services and things. Just like credit cards that are now used way more than cash, the main idea was to keep up with the advance in technology. The plan was simple, to have a way of paying for whatever you want to buy, without cards and fiat currencies that are regulated by states and the economy.
Well, things went in a bit of a different direction. People realized that Bitcoin can also be used as a way of earning and saving money. The most popular option became to buy Bitcoin via fiat currency, wait for the prices of Bitcoin to rise, and then sell your coins for a bigger price. That way you make a profit just by selling your coins for a bigger price than the one you’ve paid for.
That relationship is what made the crypto market alive. If you have people willing to trade and invest their coins, you have to have an imaginary space that will make the trade happen. Introducing the crypto market to the stage. At first, the value of this popular coin was pretty low, but over years it came to unreal amounts of money. The last peak value of the Bitcoin was over 50,000$!
One of the best things about this market is that it’s working constantly. “What time does crypto market open and close?” is one of the most common questions regarding this market. The answer to this is not exactly simple. Technically, it is true that the market is open 24/7, every single day. There are no holidays, weekends, or days off in the crypto market. That sounds like you can trade whenever you want to, but it’s not that straightforward. Theoretically, it is true, but there’s more to it. Even though the market doesn’t really close, there are better and worse times to trade. Let us explain.
Crypto markets open at noon and “close” at midnight, so it is on during the whole day, weekends included. This is possible because this market is decentralized, and it’s powered by tons and tons of computers from all around the world. What’s the catch here, you ask. Well, the majority of trades are done between 8 in the morning and 4 in the afternoon. The higher the level of activity on the market, the higher the chances your trade is executed.
Depending on the time zones and your location in the geographical sense, you may see the difference in the hours of greater and lesser activity on the market. That is another thing you should pay attention to. There are tons of articles that will operate like this, giving you information on what’s the best time to trade, and how to make sure everything runs smoothly.
The popularity of the market
Regardless of the recent crash, the crypto market is still hot and going up. The fans and investors of Bitcoin and NFTs are particularly loud about the expected big comebacks. Bitcoin as the most famous coin is still regularly googled, and there are a lot of questions about it all over the Internet. People still want to know who is the richest bitcoin owner in the world, who is the most successful trader of all time, etc. The interest in topics related to cryptos is not fading at all.
A close-up photo of a Bitcoin coin on a laptop, with graphs in the background. Image by Roy Buri from Pixabay.
Even though the popular coin also experienced a major crash, it is still the one attracting more and more people into the business. Bitcoin has been all over the news and the public seems to accept it as a “not so abstract” thing as earlier. Today you can overhear casual conversations about Bitcoin in cafes and restaurants, as it keeps attracting more individuals and groups.
Questions like “Have you heard that “Square” wants to build decentralized bitcoin exchange?” or “What’s today’s rate on Bitcoin?” don’t sound like a different language anymore. The world is changing inevitably, and so is the market and our overall relationship with money.
Like every market, the crypto market has had multiple crashes and problems. A lot of people around the globe have lost their assets. According to Xe’s article, today’s exchange rate of Bitcoin is somewhere around 20,000 per coin. It’s a lot less than it was worth last year, but it’s still a lot of money. Now, as the interest in Bitcoin investment rises, the need for more coins follows, of course. The only way of making more coins is through mining which is a demanding process. Nonetheless, it attracts even more people to the market.
This market is a serious thing, so we friendly advise you get all the necessary info before you start trading or mining. It’s not without risk, and you should know that. Crypto accounting for dummies gives you the manual to manage swimming in these waters. The crypto world is unfortunately full of scammers, so the best way to keep your investment safe is to research and learn the most you can.