January started off with a cool down from December’s excitement, it was an entire month of down trend across all crypto. Bitcoin traded between $46k at the beginning of January and spiraled all the way down to $35k levels during the course of the month. Over $10k correction sure sent ripples of fear down the spine of many noob investors.
But what really happened?
Some claim the market was overpriced and needed to go through the ‘healthy’ correction, I’m of this opinion too but I’ll like to think something else must have triggered the sell off and hence the fear. Sometimes I have to pause to think about it, does fear trigger sell off or does sell off trigger fear? 🤔
Some also claim most of the sell of was due to the Russia ban on trading crypto. If really the reason for the market action we experienced in January is as a result of the Russia ban, then I can for sure say the market is heavily being manipulated because it was after the ban that the price of Bitcoin went down to $34k,
only for the President of Russia to release a statement saying that Russia could benefit massively from embracing crypto and the bank of Russia should do more research into how crypto can be of benefit to the country. And as you’d expect, the market resumed an uptrend. Manipulation at its peak or so it seems to me.
Oh so the central Bank of Russia and the Russian government were not in talks before the central Bank of Russia went ahead to release a statement saying Russia is banning crypto trading? Really? Or at what point did the President realize that crypto could benefit the country.
Interesting thing is that I outright called the Russia crypto ban news a bluff as soon as I read it knowing the involvement of the President of Russia with Vitalik Buterin and blockchain matters. It turned out that I was right. What’s even more interesting is how the market is resuming an uptrend just after the President spoke on it.
Does the general market reckon with Russian traders that much? Pardon my ignorance. Or market movers just used the opportunity to shake some off to pick up cheap coins? Who knows?
Speaking of cheap coins, I couldn’t reach my buy target for Hive at $0.5 as the price dump bottomed out at around $0.7 levels. We were so close, I could have put $500 on it there or at least that was my plan.
Looking at Hive’s chart and comparing it to the general market, I could swear Hive looks a lot more stronger than most coins in the top 100 especially when we compare their gains and losses in price especially in the month of January.
If we look at most markets we will notice that the margin of their pumps are almost as huge as their dumps, we can see this pattern in most of the top 100 coins. For example EOS pumped all the way to $14 from $3 and is now back at $2. Many others are in worse states than when the bull run began.
Hive is super stronk on this front. At the peak of the bull run, the price of Hive reached $3 and has corrected so far to $0.7 and showing a huge support around $0.8 while still ranging between $0.97 and $1.
A repeat of January’s price action across the entire market will take most projects to their knees. Not Hive though. Hive stronk(in edicted’s lingo).
So what’s next
What else other than to keep accumulating, grow grow grow. I’m targeting 10k HP before the end of the year, I’m also targeting $10k HBD in my savings account as soon as possible, I’m getting close to 10k Leo Power, I wonder which of my holdings will reach 10k first. This year, I want to round up all my major investments to 10k units each, at least. So help me cryptogod. Lately, the idea of owning 1 Bitcoin has become more appealing to me than usual, is cryptogod trying to tell me something? You can bet I’m listening.....kind ser.
If you liked this post, you might want to check out other months in crypto which you can find in this link. 2021 in crypto.. To know where we are going, sometimes we have to look at where we are coming from.
Have a great month people! Grow grow grow!