I happened to notice that the price of HIVE spiked this evening, hitting a high of $1.18 USD. I've missed out on taking advantage of these price spikes in the past, but not this time!
As you know, it can be quite difficult to trade in and out of HIVE if you don't have access to Binance. For this reason, I've missed these opportunities to profit from the random-ish price spikes that have occurred a few times in the past few months. The easiest method I've found for taking advantage within the HIVE ecosystem is to:
Use liquid HIVE to purchase HIVE Backed Dollars (HBD). Do not use the conversion feature, you must buy them on the marketplace by selling your hive (this is the option on the right side of the marketplace screen) - https://wallet.hive.blog/market. An example of this is if HIVE is trading at $1.10 each, you can sell your HIVE for $1.10 each and will receive approximately 1.1 HBD for each HIVE you sell.
Wait for the price of HIVE to come back down after the pump. Then, go back to the marketplace and buy your HIVE back using the order function on the left side of the screen. If HIVE were to settle back down to $0.80 USD each, then the 1.1 HBD you received earlier, will now get you 1.375 HIVE!
By doing this, I am locking myself into whatever HIVE price I was able to sell at to convert to HBD. If the price of HIVE continues to go up, I lose out on all those gains. But, in this case, I've seen these weekday evening pumps before and they always come back down after the surge so I'm confident I will be able to buy my HIVE back cheaper in a day or two.
Tonight, I was able to do this with a little over 3,100 HIVE at prices ranging from $1 to $1.05 (I didn't catch the absolute top). If HIVE goes back down to $0.80 and I buy it back, I will end up receiving about 3,875 HIVE. That's an increase of 775 HIVE, or 25% profit!
So Many Ways to Profit with HIVE!
I'm glad to have found yet another way to profit with HIVE. To date, I have found tremendous success with @Splinterlands and have been averaging rental revenue returns in excess of 10% monthly. This rental income is in addition to the revenue from writing on Splintertalk.io and in-game rewards in the form of DEC and new Splinterlands cards.
Check out a recent Splinterlands post of mine where I talk about the rewards I receive from playing vs. investing in cards - https://www.splintertalk.io/@shauner/splinterlands-end-of-season-rewards-bd1845eb1c43e
*None of the above is investment advice and is purely for entertainment purposes. Please do your own due diligence and only risk what you can afford to lose.