Bitcoin dumped very hard last night while it was not expected to drop to such a low level but good thing is that it recovered up fast. If you dont know what happened few hours ago , let me tell you that Bitcoin dumped from $69k to $59k thats a big dump of $10k within few hours which is totally unbelievable for most of traders. Bitcoin is now trading above $66k. It looks like the dump gets absorbed quickly which is good.
Well there is nothing to be shocked here as in crypto anything is possible. There are many speculation on the dump happened but according to a stat website lookonchain Bitcoin dumped was caused by an OG miner who sold 10,000 Bitcoin and booked profit.
Altcoins which were not following Bitcoin in bullish ,dumped hard when its price fell to $59k. Bitcoin has recovered almost but altcoins are still not following it. This is not the first time it happened. It has a long history.
Following the Bitcoin price drop Thorchain $RUNE which is an altcoin ,it fell hard and the price droped from $5.91 to $4.30 which is a significant drop. Even memecoins couldnt survived the dump reaction.
If we talk about $HIVE its price also gets affected in the market dump yesterday. The price declined from 43 cents to 36 cents. Hive was already having difficulties in terms of its price growth and this dump pushed it further down causing more dump pressure.
We have been praying a lot for Hive shake which barely started but then Bitcoin ruined it all while Bitcoin is back above 67k and hive is still bearing the effects and is still trading under 39 cents. Hopefully it will get back on track soon.
Well it is something we have no control over because its a free market and everyone can buy and sell whenever they want. This is called decentralization , you do what you like.
While the dump happened there were a lot people who were saying that bull market has ended and we are entering into bearish season again. For their knowledge i would like to say that Bull season hasnt even started.
Altcoins game is yet to start while will melt faces as this upcoming bull market will be bigger and mind blowing from the history. All it requires is a little bit more patience.
I still do hold my altcoins as i believe that bull season is around the corner. What you all are missing on is Bitcoin halving. It is just few days away to happen. This is going to be the most powerful even in the history of Bitcoin and whole market because this will push the prices higher than ever, this is when everyone will feel happy and believe me the time is near, just keep hodling you bags. You will reap the benefits of patience.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
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