5th February 2019: Blockchain assets exchange platform, Gate.IO, has today announced the launch of its Lunar New Year Comparison Report, exploring how the price of Bitcoin has changed from 2011-2018. The report takes into consideration this week’s Chinese Spring Festival and whether we will see an impact on the price of Bitcoin during this year’s event.
It highlights that the price during every Chinese New Year from 2011-2018 increased more than that of the previous year. On average the change was recorded at 291.53%, with one exception in 2015 when it fell 71%, compared with the day in 2014. Pre and post Chinese New Year, Bitcoin prices either rise and fall, whereas on the day of Chinese New Year, the prices usually increase.
Virgilio Lizardo, Vice President of International Affairs at Gate.IO, comments: “The research has unveiled some interesting findings regarding the Bitcoin market. It is clear from our research that Chinese New Year is a key contributor to the price of Bitcoin. This is an exciting time and it will be interesting to see what the future will look like for the Bitcoin and the blockchain sector as a whole in 2019.”
At the beginning of 2011, Bitcoin was 0.6 USD/BTC, compared to the end of 2017 which saw an increase of over 10K USD, an average annual growth of more than 300%. However, during 2018 the price of Bitcoin has seen a decline and descended 64.37% to more than 3,000 USD/BTC.