This morning surprised me with the more than 50% gain in the Hive price which reminds me of the past when I have seen the parabolic moves of many coins but it always shows different ways. Like this time we haven't seen any alt rising though Bitcoin has peaked itself to 90k already. Usually, Bitcoin leads the whole crypto sphere and alts will follow but surpass BTC with massive gains. Bitcoin's value increased from over $70,000 to just $90,000 in just one week, a big surprising movement of 30% that caused a lot of hype in the market and the sentiment became extremely greedy. With this comeback, people are hoping for a strong bull market after Donald Trump wins the 2024 presidential election. Bitcoin has reached a new height since Trump made the hype into super hype he has told so many things regarding cryptos and bitcoin and all were in the positive direction for the world of crypto. This is an excitement that could mean the start of a bull cycle unlike any other we've seen in previous times just after the presidential elections. With a positive mindset as usual, I agree with the hopes of many people about Bitcoin's path and the big picture of the crypto world.
It is a big deal for cryptocurrencies that Donald Trump wants to make Bitcoin a King of all currency which is already in my observation. It is a promise from Trump that when he is in charge, the US is ready to become a world leader in crypto. This is a big change from the last government, which was meant to be less open to cryptocurrencies which led to some worse happening in the crypto history. Because of his support for Bitcoin, new ideas might be supported by the new government in the coming year, and a lot more people will start using digital assets that will lead to the crypto space to another height.
If I am not making a mistake, Trump said nice things about Bitcoin and other coins a lot during his campaign. Maybe he thinks it can reduce the inflation and actually it is. His government has also talked about ways to help Bitcoin mining, which he thinks is a good thing for the American energy industry. And this time he ensures the energy sector more openly to use more of them for more production but maybe it can harm the environment which is another discussion, Trump doesn't care about it! Trump's feelings about Bitcoin have not only made more people aware of the crypto space, but it has also given investors and businesses more faith in it. He helps make room for crypto to grow alongside traditional banks by supporting Bitcoin and independent finance. This brings more buyers into the market and we are enjoying the bull rally due to these positive sentiments in the market.
Another reason behind this early parabolic bull cycle is the most important change in this cycle is the introduction of Bitcoin ETFs in the United States earlier. The real game changed when these ETFs were approved and it made it easy for everyone, no matter how rich or poor, to get involved in Bitcoin. It is also noticed in some cases that Bitcoin has surpassed gold ETFs and so Bitcoin is becoming a way to store value. Also, most of the regular people who want to avoid carrying around secret keys, maintaining security, and cold wallets would be smart to use this instead. It makes buying Bitcoin ETFs easy, which has caused a lot of people to enter into the market and the bull market going stronger and stronger.
And, following the king, Hive has made a great move with a tremendous gain of more than 50% which shows the potential of Hive in the current bull cycle. Yesterday the market cap of Hive was around 100 million with a position in the coin market cap list at around 400; but today it has come very close to 310 in the list with a massive volume and massive market cap gains. And, I think this will let the market grow further, and the bull run in full swing in 2025. In terms of market cycles in previous times, Bitcoin usually goes through a "halving" event every four years that makes half of the reward for the miners which is the only way to create a new Bitcoin. The price goes up because the quantity goes down due to the algorithm. With such smart rules and strong institutional interest, the bull cycle becomes very strong every time. This is because the market is doing so well, production is going down, and demand is going up with massive adoption throughout the world.
So, what will be a goal for Hive for me? It's usually not a good idea to make predictions like this, but the things that are causing this bull cycle are very strong so I am expecting a solid rise in the Hive price. A lot of new money could be invested in Bitcoin ETFs, which could increase demand and drive up prices even more for all the cryptos that have good potential in real-life applications. A good mood is present in general, not just with Bitcoin but also for cryptocurrencies like Ethereum and Solana are also gaining momentum. The crypto market as a whole generally goes up when Bitcoin goes up. As long as this trend keeps going, we might see really big gains in general.
If I notice the mart cap of Hive from 2020, it touched the 1 billion mark at that time and currently it is around 130 million. So, a 5 times gain is just a matter of months if everything goes well within Feb 2025 which is my short-term goal. And for the peak of the market around April-July, I expect at least a 10 times gains that will lead the price of Hive towards 3 dollars very easily which I am hoping for. But it is my own thoughts, you should do your own research for any investment consideration.
I hope you like my thoughts on the recent bull cycle of the Hive and the overall crypto world. If you have any queries, you can let me know in the comments. Thank you very much for your time and attention. I will catch you at the next.
Have a nice day!