China and other Asian countries are celebrating the Spring Festival today, a deeply rooted cultural festival that marks the beginning of a new year based on the lunisolar calendar.
Interestingly, the Lunar New Year has also become a significant period for cryptocurrency markets, with the leading asset, Bitcoin (CRYPTO: BTC), historically netting positive returns in the following days.
What happened: In 2024, the Lunar New Year fell on Feb. 10. Over the next 10 days, the apex cryptocurrency went from $47,765 to $51,779, pocketing a gain of over 8%.
The Lunar New Year in 2023 triggered a modest 2.4% increase; however, the preceding years witnessed a double-digit rally for Bitcoin in the 10-day window.
| Year | Date | Gains 10 Days Later |
| 2024 | February 10 | 8.4% |
| 2023 | January 22 | 2.4% |
| 2022 | February 1 | 13.20% |
| 2021 | February 12 | 20.18% |
| 2020 | January 25 | 10.11% |
Matrixport Official, Asia’s leading cryptocurrency financial services platform, stated in a …
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