Metrics Point to ‘Weak’ Bitcoin Black Friday 2014, Your Turn Cyber Monday

| Updated
by Polina Chernykh · 3 min read
Metrics Point to ‘Weak’ Bitcoin Black Friday 2014, Your Turn Cyber Monday
Giulio Jiang/Flickr

According to initial metrics, Bitcoin Black Friday 2014 sales reduced if compared with 2013.

Update: You can see the results of the Bitcoin Black Friday 2014 here.

Last week, Bitcoin valued at around $370 and has been steadily decreasing then. However, on Bitcoin Black Friday,  November 28th, 2014, the price of Bitcoin escalated to $379 from $359. The growth may be attributed to the increased bitcoin usage, what incentivized bitcoin users to purchase back the cryptocurrency they sold.

Bitcoin Black Friday is the most important event for bitcoin e-commerce, which allows users to buy various items at beneficial price at various online stores, including Newegg, TargetDirect, Beepi and many others.

According to BitPay, which recently conducted a research earlier in November, the overall sales at the last year’s Bitcoin Black Friday totaled $6 million. The company thought this year’s figures would be even higher. However, according to the initial metrics, the sales during this year’s will not be that high.

The total bitcoin transactions on Friday accounted for 85,987, a slight increase from 82,979 transactions the day before, according to the Still, the figures are not comparable with the amount of transactions that took place on November 17th, 2014 and amounted to 100,117.

The volume of the output has not shown a huge increase as well. This year’s volumes could not be compared with the last year’s statistics. For example, Gyft posted a 500% upsurge in bitcoin sales, while AmagiMetals obtained sales of $1 million.

Over the two days since the start of Bitcoin Black Friday, the bitcoin price increased by approximately 1.6%. However, the total sales results are unlikely to surpass those of 2013.

Meantime, decrease in spending has also been observed during the first days of Black Friday.

The U.S. National Retail Federation carried out the research of about 4,630 customers, who were shopping at stores and online. Over the last weekend, the total number of people amounted to 133.7 million, a decrease of 5.2% from 2013.

The overall sales are forecast to drop to $50.9 million from $57.4 billion, representing a decline of 11% from 2013. The spending is predicted to achieve $380.95 per person, a 6.4% decline from $407.02.

Although Black Friday has ended, it is followed by Cyber Monday, which is expected to see a large number of bitcoin transactions. Big discounts and sales will be provided for online shoppers at Expedia, Overstock and other online merchants.

Within the last few years, online sales have grown by 20% annually across the world and in the US, e-commerce sales have been steady increasing by 5% per year since 2005.

The sales and discounts offered at Bitcoin Cyber Monday will last within the following days.

Bitcoin News, Cryptocurrency News, News
Polina Chernykh

Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.

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