50K Bitcoin, bullish signs and most profitable NFTs so far

For the first time since the 13th of December, we finally got to see Bitcoin cross the $50k mark. It's not an ATH or anything like that but for analysts, it is a sign of things to come.

The verdict may still be out on whether we're in a bull market of yet. When the market was headed upwards, many predicted that Bitcoin would be around $100k by now but things didn't quite pan out as predicted.

With that said, it's also important to note that things didn't go South either. Yeah, Bitcoin "crashed" to the $40ks, I hardly think that's reason to panic.

In any case, the fear/greed index showed that traders were skeptical. This feeling then transmitted to the rest of the market, which has brought us to where we are now.

To be bullish or not to be bullish

A couple of hours ago, Bitcoin crossed the psychological resistance of $50k. With that event, the confidence level went up, which in turn, created a positive effect on the general market.

Right now, we have the price hovering around $49k, which on its own is a good thing. Analysts believe that it's a sign of things to come.

Data from intotheblocks shows a mildly bearish situation for Bitcoin. The data considers Onchain, exchange, and derivatives data to form a conclusion.

This data is updated in real-time, so things might be different when you check. However, what we can deduce from this information is that traders are somewhat cautious.

For what it's worth, I think this is a slight improvement from the extreme fear we experienced some days ago. I reckon that in the coming days, and with bitcoin flirting with $50k resistance, we'll begin to see the confidence and price of assets rise in the process.

What about Alts though?

Not much has changed on that front, as we still have Ethereum hovering around $4k Hive has held its ground in the $1.4-1.5 region and constantly looks primed for a pump.

If I was a gambling man, I'd say that the next leg will be an upward movement for assets. Assuming sentiments for Bitcoin become a bit more positive, that feeling will definitely be reflected on Alts.

Based on the institutional interest that alt projects have been garnering, it's also likely that we'll be seeing a distinct drop in Bitcoin dominance.

As Jack highlighted in his tweet, VCs have taken an interest in Web 3 projects and we'll be seeing a lot of them taking off when the bull market comes along. Projects like Solana, Matic(Polygon), and Rune(Thorchain) might be part of a number of projects that will melt faces in this coming bull run.

Of course, we're also expecting big things from hive, particularly with the trading pattern and confidence level of the community. When things start to go up, Hive looks primed to be among the pack.

About NFTs and getting paid

While we're still on the topic of hive, I'd also like to highlight the fact that we'll all be receiving airdropped NFTs when Ragnarok comes around. The incoming game will be community-oriented and hopefully, fun.

I've always felt like Hive has the best application of NFTs because, for one, transactions are free, and most importantly, we have Splinterlands. SPlinterlands proves that we can get gaming right and the entertainment and investment opportunities have kept the game at the top spot.

Sadly, Hive wasn't even on the list of top profitable NFT projects. Instead, the stage was held by Cryptopunks, Cryptokitties, and Bored Ape Yacht club, which took the top spot as the most profitable NFT project so far.

We've had some launches on hive, including the Hive punks, Hivefolks, and those bee thingies that were launched during Hive fest but none of them actually came remotely close to the numbers they're pulling on Eth.

It's simple, Ethereum is the home for premium jpegs, while Hive is the home of premium NFT games. I don't think Ethereum will ever let go of its foothold at the top and we don't have to compete with it.

I think developers just need to double down on gaming, ride the curtails of Splinterlands and bring an awesome product that could grow into a world-beater. So this way, we'll have even more options within hive, rather than looking outside.

Contact & Support

• Discord: belemo#9593
• Twitter: https://twitter.com/belemo__
• Hive.vote page

Posted Using LeoFinance ^Beta