As of now the crypto market is certain in fear mode. All graphs shown are taken from coinmarketcap.com
Warren Buffet's old saying by fearful when others are greedy and greedy when others are fearful. As of now the crypto market is nearly on full fledge fear. This is why I am trying to get more liquidity into Hive.
Comparing BTC to altcoins the value drop in market cap is much greater with altcoin which is unfortunate but I believe I know the main reason why.
The chart at front of this post is concerning. It shows the amount of altcoins is in the millions where it means there are likely an oversupply of altcoins since 2021.
Right up to late 2020 there was around 1k of different crypto tokens, but then the graph rapidly ascend. As of now there is a staggering 33.76 million different type of tokens. This is not even listing how many tokens of each type in circulation. The supply is so over whelming it simply is making it difficult for all existing tokens to hold value with respect to the dollar.
Yet a lot of legacy altcoins remain relevant and I believe in the long run the most active ones will retain some dollar value. As long as players stay active in Splinterlands then there is still a value for Hive. Until then I am long both Splinterlands and Hive.
Thanks for reading this post.
