Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no financial advisor, trader or expert, this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research, never follow what I or other people say on internet
Hive Accumulation Phase - Price Settles
Since 2017 I got in love with crypto passive income, my first experience with passive income was masternodes, then after some time crypto related social network start to pop with the most popular Steemit, although compare to Hive it was a more of a love hate relation but not that Hive is perfect although its a way more develop project with a lot of future, decentralization is not easy.
Hive is not older than a year, development of Hive has accomplish a lot after the Steemit hard fork not only Hive development itself but other dapps have pop as a second layer for Hive:
This are only a few of the recent project there are more on the works, there are others that have rebrand and port to Hive like PeakD and Ecency.
As in any other market anyone who gets involve in a project at some point would like to make some profits since that s the target of any investment and I know some people might feel discourage at this moment since Hive has not really blow up to reclaim previous level above $0.20 but with recent Bitcoin moves and how other altcoins have react I got to say Hive doesn't look good bad at all, so let's go ahead and take a look at the BTC and USD chart, want to break down my perspective on both sides, for me now the main chart for any altcoin is the BTC chart.
Hive Daily BTC Chart
In this short period lot of things had happen and the Hive community have gone through a lot of ups and downs, as we I describe it on this chart at first the community was very divided, not that I say you need to choose a side or what side to choose but as we can se price really drop since it was basically free money as any other fork, then we got the Steemit that was kidnap to then be dump on other exchanges involving even Binance during this fork to then bein listed by Huobi with a huge trading competition that in my opinion was very fishy, during this event Hive pump all the way to $0.90 and this bring hope to many holders based on 2017 Steemit price but I stand still and knew this was not going to last forever. You may think how I knew this and it's not like I'm predicting the future but it's just not sustainable, either you jump in or stay out and both are a gamble on such large moves but you can base your theory on fundamentals and previous similar events either on other projects or past price action so that's what I did. After such huge pump the price of Hive start to drop very fast to then begin a very slow bleeding path, putting the price -60% from the starting point of the Huobi pump.
For me this was one of the best things could happen to such a new project since all dumpers give out on a short-term and I would say most sellers are exhausted, users on Hive most of them consume content or create content, Hive is currently lacking engagement and marketing but price starting to look very sexy.
Since October of this year it has started to create a path and not that is has not done something similar before but I think this time it has more grounds and tools to stay above the bottom of this channel, there are more projects trying to push the brand of Hive and the price too, I mention before some of this projects, for the first time a Hive project got involve on interoperability by interacting on the Ethereum chain as a wrap token very similar to other projects on the Defi Space, we also have Leofinance making it so easy to create an account and using the Metamask wallet also with an upcoming feature to turn Twitter accounts into Hive accounts. It has never been easier to get involve into Hive than before.
Altcoins will have their massive moment, I dont like to call tops or bottoms so Im not going to tell you Hive is going to $1 but I can say it can easily double up in price.
Here the USD chart, I mention that now the most important chart probably for altcoins is the BTC chart unless it's an ERC20 token so it can also gain value from ETHEREUM directly, although in the case of Hive, the BTC chart is the one provided USD value. Most altcoins have drop much in value since Bitcoin started to pump this year, the drop in USD value that Hive has experience is nothing and some reasons for this is because Hive is held by people who use it to generate more crypto on a daily bases by interacting with different platforms where they can post, comment and this interactions might get rewarded by a upvote that then turns into Hive/Cryptocurrency, usually platforms like Hive don't dump as hard and fast as your typical altcoin that only serve the purpose of a currency to transact, Hive is more than that with many other projects in line.
We starting to see the first signs of adoptions in Hive and I think that s ease of use. Somethings are so simple and complicated at the same time, we have always battle to explain people what is Hive, Hive Token, HBD, HP, Hive-Engine, upvotes, downvotes, there is a lot to teach someone who is starting to use the platform compare to traditional social networks but platforms like Leofinance are really changing this for good.
When it comes to crypto social network now for any platform around this concept is not about price or supply as many may thing that the price will moon because the supply is so low, supply doesn't mean anything if there is no users, right now Hive needs engagement, interaction, marketing, ease of use, without some of this points its just another platform with a token that only a few know about but I can tell that's changing with all the development that it's coming out on a monthly basis. I have participated more and more on the platform and even have an idea for a project based on Hive but still need a lot of thinking through, having any talent that can be turn from analog to digital like writing, creating videos, sing, paint, in crypto can become a passive income depending on how serious you are about it. Hive is an excellent opportunity for anyone to start getting involve into cryptocurrencies and content creation that can potentially have some economic immediate meaning instead of waiting years to be monetize.
So if you ask why is the price dumping and nobody answers you it's because it's not dumping, it has corrected ever since then, I remember people calling $0.05 or even $0.01 when I bought at $0.1121, we are all in the same market and we are all looking at the same chart, at some point we psychologically agree what the bottom is and people just start buying without explaining then why the price is pumping, Im not trying to explain how to trade because that's now why I bought Hive, this was a oportunity that I had when price was so low and I took it, altcoins are starting to level up and from now Bitcoin volatility has slow down and same will has happen to the rest of the market and this are good signs of whats coming up next, not loosing that $0.10 and 621 Sats is very important for Hive price and we may have an accumulation period most likely until next year.
If you like the content please share and subscribe on any of the social networks below or use any of my referral links from down below.
Good Luck, Thanks
👇🏻Consider Supporting the channel by using my affiliate links👇🏻
CLICK HERE TO TRADE: https://www.binance.com/en/register?ref=LOEHBWXR
More of my content
CLICK HERE TO RENT MINER: https://www.miningrigrentals.com/register?ref=44378
DISCLAIMER: The information Cryptoxicate.com or its media channels not limited to Twitter, Telegram, Discord, Instagram, Facebook, or any upcoming social media platform or internet search engine results is not financial advice. This information is for informational and entertainment purposes only. Any information provided are only and simple thoughts and opinions, you must not follow any of this thoughts and look for a professional financial advisor since we are not any type of advisors. Dont not get into crypto currencies since its a high risk investment if you do not have the proper guidance and any investment that you made is your own responsibility and no one else.