HIVE won't keep going down forever

in LeoFinance6 months ago

It's been pretty discouraging for anyone HODLing HIVE these last several months, but that won't last forever

Excitement was high after the community had successfully defended itself their would be attacker.

New exchange listings were flying left and right.

The price of the coin soared as high as $1.

Things were looking good for ol HIVE and the community backing it.

However, fast forward a few months and the development has been much slower than anyone anticipated, the coin price is in the gutter with no signs of relenting and things just aren't that cheerful around here for many HIVE HODLers.

Let me just remind you that, this too shall pass.

The coin price may end up going a little lower than this but at some point it will get low enough that many of the regular joes can step in and support the price.

image.png

(Source: https://coinmarketcap.com/currencies/hive-blockchain/)

Currently we are probably not there yet, but probably not that far off either.

At a $40 million market cap we are getting down to some pretty low levels here.

This too shall pass...

The reason why I don't think this will last forever, and probably not much longer is that this isn't HIVE specific.

Sure HIVE has been one of the laggards, but it's not THE laggard.

There are many altcoins that have been absolutely crushed these last few months, HIVE included.

The pain we have experienced has felt even worse considering that bitcoin has been up during this period of time.

So not only are we losing USD value, but we are losing major BTC value.

We have seen time and time again though that eventually there are altcoin seasons. Periods of time where money flows out of bitcoin and into the altcoins.

Given how thinly traded they are, it doesn't take much buying pressure to move the prices several multiples from where they were previously.

Another reason I don't think the pain will last forever is due to the development going on with some of the apps on or related to HIVE.

Splinterlands continues to be the most popular app in crypto with big growth plans coming.

LEO continues to be the darling of the HIVE ecosystem on the verge or massive growth that would also undoubtedly help HIVE.

dCity as well as some other games continue to show solid user growth in-spite of the downtrend of HIVE.

Add all this up and at some point there will be a tipping point where there simply isn't enough HIVE to go around for the number of users getting involved in the ecosystem and the price will have no where to go but up.

Hopefully that time comes sooner rather than later, but I do not doubt that it is coming.

Stay informed my friends.

-Doc

Posted Using LeoFinance Beta

Sort:  

I think it's time to buy Hive :)

It's getting close, that's for sure.

👏👏 +1

It is indeed a tough time when you think about the relationship between HIVE and USD or BTC.

I honestly didn't think we were getting that low but that doesn't change my approach to HIVE.

I am deeply convinced that sooner or later everything will be turned upside down and I am happy to be able to accumulate more HIVE in this period

Posted Using LeoFinance Beta

Yea and unfortunately a $45 million market cap isn't really THAT LOW just yet. Which may mean we have lower to go still before mom and pop and scoop up the excess supply. As long as the development continues as well as growth of the apps, I think it will eventually be ok.

When the new altcoin cycle kicks inn Hive will see again 1$ mark.

Works for me!

Works for me too

Posted Using LeoFinance Beta

I think there are still a few post split holders selling - those who never planned to stay here - and they're dumping what they've got left. Just a hunch.

Maybe, but if you look at many of the altcoins out there, they are all getting hit pretty hard these last couple months, so it's not really HIVE specific. Though, that being said, HIVE definitely has been hit harder than many of them.

Yes, you're right. I should have mentioned how important it is to remember that it is not HIVE specific, as you say, but the exaggerated panic, the overshoot, is due to dumpers I think.

I always like to remind people that there was a time in 2017 when Steem declined below 7 cents... and then went to $8+ within nine months...

The underlying activity and chain usage and technology remains solid, so I plan to be here in the long run.

=^..^=

Posted Using LeoFinance Beta

Yep, though that was a different time in the crypto development cycle. Either way, it goes to show that anything is possible with the right inputs.

And I think the huge dumper can't dump forever. Nobody knows how much hive Justin sun + friends really got on their liquid steem on exchanges.

I can be wrong, but for me, it makes no sense hive is in price below steem.

Makes no sense to anyone actually...but Chinese and Koreans are trying to keep it afloat...we shall see...

Posted Using LeoFinance Beta

I'm also not sure. But the power-downs and transfers to exchanges are not that huge, to dump it this way. But it is to intransparent to see what really happens.

who is the big dumper?

I think Justin sun and maybe some Korean whales

0.10 in a few hours and from here it will start to recover slowly

God hear you man, God hear you man because right now it is so down a little.

Posted Using LeoFinance Beta

If I had the money, I'd buy them now and swap to LEO once they're leveled (if it happens). I'd also be happy if LEO kept rising to the top even if HIVE remains low. Together we are making this place grow!

Posted Using LeoFinance Beta

It is always darkest before the dawn.

We've successfully defended the 10 cent support enough times.
I think we're good.

I think we are getting pretty close to the lows here as well. Dan showing up (and sticking around) sure wouldn't hurt things!

We are basically getting to the point where it's obvious that you can't just boot up a new project and have it be more decentralized than the ones that have already been around for years. The Hive community is galvanizing. Sooner or later people are going to realize the shiny new projects contain a lot of substanceless fluff.

Yep, that is a good point. Without bringing in the masses, which we have found is a lot harder to do than most originally thought, it's pretty hard to build up a decent sized community in crypto these days.

I've set up buy orders at 700, 720 and 780 sats should it break below this, happy to pick up HIVE on the cheap

Posted Using LeoFinance Beta

Buying HIVE at or under $.10 seems like a very good spot to me.

$hive is realy cheap now 😇 !BEER

God I hope you are right. I have been buying the dips... lol. Is it a dip when it never rises?

I'm buying slowly on huobi. It's trading 15% below market price, because we still can't withdraw hive there.

Since I don't care about withdrawing at the moment, I'm just accumulating at 10 cents

Nice, too bad Americans can't participate on that Exchange...

low hive is great for accumulation and for building up dcity before 3rd edition

What do you think will happen to first edition cards once that happens?

I think you know #MoneyMoney

@jrcornel It'll be a different story 5 to 10 years down the road. The onus is on us to maintain the long-term perspective. (:

Posted Using LeoFinance Beta

I can't believe my eyes but in a way that doesn't spell out panic but opportunity to grow stake! This is a prime time for me to spend a lot less on getting more stake on a platform I enjoy using.

There's lots of development like you say, there's a committed community and there are working products so really, I'm only concerned with the price to buy in at and know that once this price manipulation is done with, a lot more people will have tokens and more distribution will occur too.

The idea of censorship resistance is pretty strong as well and ideals don't just go away because the price of a token goes down (otherwise they aren't ideals right?)

This is like adult men going for a bath to play with rubber duckies... Eventually someone pulls the plug and water starts going down the drain... When there is no more water, it's not fun to play anymore... Then comes another bath day and fresh water...


Hey @jrcornel, here is a little bit of BEER from @jacopo.eth for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Congratulations @jrcornel! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You distributed more than 41000 upvotes. Your next target is to reach 42000 upvotes.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @hivebuzz:

Next Hive Power Up Day is November 1st 2020
Trick or Treat - Share your scariest story and get your Halloween badge