Bitcoin is the largest and most preferred cryptocurrency by market capitalization. As a matter of fact, bitcoin investment is increasing day by day. With the increase in interest in Bitcoin, investors are also curious about the time frame in which the price fluctuations and transaction volume related to the crypto currency occur the most. Bitcoin does not have the concept of a “day” as in traditional stocks, and as is known, the Bitcoin market is open 24 hours a day, every day. For this reason, Bitcoin can be the scene of quite a few volatile price movements at a certain time of the day compared to other times.
According to the published data, Bitcoin fluctuations and transaction volumes are the most common hours and the opening hours of the US markets are going to coincide with the hours. The start of the changes in the price of Bitcoin coincides with the opening hours of the US stock exchange and it is observed that there is a correlation between this value. On the other hand, when the charts showing the volatility of the BTC/USD parity during the opening hours of the exchanges are examined; Based on the opening hours of the US, Asian and London stock exchanges, it is seen that the US stock market is more effective than the other two stock exchanges.
In the past years, Bitcoin’s price was the most volatile in the UTC time zone between 00:00 and 01:00 at night, and the Bitcoin price fluctuated most in the range of 03:00 – 04:00 in Turkey time. This was because there were hours at 01:00 or 04:00 Turkish time, when traders in the West and Asia were likely to be active at the same time. Today, the most active trade time in terms of volume is 16:00 in the UTC time zone and 19:00 in the Turkey time zone. According to the findings obtained, an average transaction volume of $ 6.5 million is realized in these time zones.
In the research, the interval in which the least transactions took place was announced as 12:00 with Turkey time, where a transaction volume of $ 2 million occurred. In addition to all this, it is observed that the trading volumes are concentrated in the middle of the week, and at the end of the week, the market is calmer than during the week. The main reason for the changes seen since the past time is considered to be the spread of institutions in the market, the formation of more capital, the involvement of larger investors in bitcoin trading and the change in investors’ habits.
