I did not imagine the Korean market could have such a huge impact on Hive's market. From this event, we can see that Koreans play a major role in keeping the price of Hive stable. When a new law was introduced in India for Virtual digital assets and when some of the Indian exchanges were affected, we did not see any major impact in the market. Still, when the South Korean government was trying to introduce rules for digital asset protection, the entire market was affected because of this.
The major movement was seen on Upbit exchange which is one of the most important exchanges for Hive. The main reason is that whenever there is a sudden pump in the market, we know it is because of South Koreans if the activity was high on Upbit exchange. Usually, big market movements happen there and new pumps happen there and that's how Hive has been seeing some good times.
In the last few days, Hive has reached as low as 20 cents and there was a good resistance at 20 cents and the price stayed there for a while. Thankfully the downtrend this not go below that and today the market started recovering. The price reached almost 25 cents. Even though we all know that Hive has a great future and it cannot fail us big time, it is hard to predict when the bull run will start for us. But the good thing is that we had one more opportunity to invest when the price was low and reap the profits when the price recovered.
I did not have enough stable coins with me in this downtrend. Otherwise, I would have bought some Hive when the price was around 20 cents. Today I could have easily booked a profit with 5 cents price difference. I wouldn't say that 25 cents is still a bad price to invest. People can invest at 25 and and get a better profit when the next pump happens. According the many people, 25 cents is not a valid price for Hive at all and we all know the capabilities of Hive and it is one of the underrated blockchains.
It is great to see the market recovering back. Not all the altcoins had this problem but Hive had this problem and mostly it was because of panic selling due to the South Korean news and law changes. Healthy upward movement and healthy downward movement are always good in the market because they create a solid opportunity for traders.
I have been seeing the price of Hive since the beginning and I'm very confident that this will not be the permanent situation of the market. Hive price will recover back and it can even hit another all-time high. We don't know when it will happen again. I'm not sure if I will be having enough liquidity at that time to make use of that opportunity.
For people who have traveled with Hive for years will also know this and I don't know if we will again be getting another opportunity to purchase Hive at 20 cents or 25 cents. For those who were able to make use of this opportunity and buy Hive, this is going to be a great fortune. Let's wait and watch.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
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