Market Analysis | How Bitcoin and Hive is doing?

18 days ago

Hello Readers,

I hope all of you are doing well and enjoying your daily time in this wild wild world of crypto. Well, the current time in this realm has been quite thrilling as most people are expecting a good pump anytime soon. A major cause behind this expectation is the upcoming US elections which are about to happen on 5th November and many are predicting that if Trump wins this election and becomes president of the states again, there may be a huge pump in crypto. But apart from that, the current geopolitical events can be seen to affect the crypto market. The fall of the Bank of Japan was a recent major event that shook the global financial market and upon that, tensions building in the Middle East or the long ongoing Russia-Ukraine war is also affecting it somewhere. So, in this post, let us talk about how Bitcoin and our Hive ecosystem are doing amidst this situation and the future scope. So if you are interested, please join me without any further ado.

Src

BITCOIN ($BTC)

Let us first talk about Bitcoin, the father of cryptocurrencies and the price action of Bitcoin can tell you many things about the current market conditions and trends. Well because with around 1.20 Trillion USD market app which is a major share of the whole cryptocurrency market cap which is 2.12 Trillion USD, Bitcoin has always dominated the first mover position and navigated the market trends. Most of the Alt-coins are known to follow the path Bitcoin takes after a certain time and also, many people tend to fill a large portion of their portfolio with Bitcoin as it is called Digital Gold, the most trusted coin of them all.

Now, looking at the current market chart, Bitcoin ($BTC) is being traded for 60,793.62$ per unit and it has only moved up +0.44% since its price 7 days ago. However, the Trading volume is showing something interesting, as there has been a whopping 9.72% increase in its Trading volume in the last 24 hours, a total of 28.71 Billion USD which shows the market is pretty active at this price point. Now if we compare Bitcoin’s last 1-year chart, exactly 1 year back Bitcoin was selling for a way much lower price point of around 26.9k USD but after after 1 year in current date, it has jumped above 120% in price, so that’s already a great return for many investors who out in their money in the right time. However, Bitcoin is still far away from its all-time high point of 72k USD which it caught during June this year. So considering the nearby big US election Event, all eyes will be on 5th November and we may experience a good market movement after the results as I am predicting.

Src

HIVE ($HIVE)

Now moving on, let us now go on and take a look at our Hive ecosystem. If you are new to Hive, it is a public content-sharing Blockchain that supports free speech and a full decentralization system and rewards its users for their contribution on the platform using any front-end websites like inleo.io or peakd.com. Anyone can join this social media platform and interact via sharing blog posts, and short-form content as threads, videos and votes, and comment and share other’s content as well, just like any other social media that we use nowadays. But unlike any other social media, here you can actually get paid for your contributions without any unnecessary censorship, data misuse or facing any centralized control.

Now, looking at the current market, the Hive can be fighting for an uptrend after its recent dump. Currently, Hive, the native Layer-1 token of Hive blockchain is being traded for 0.1917$ per unit with a +5.41% growth in its price in the last 7 days. The total market cap of Hive is 96.01$ currently and the circulating supply is 500.75 Million Hive. With the recent downtrend that Hive faced, its price reached an all-time low of 0.169$ during September but after that, it also reversed the trend and moved to its recent all-time high value of 0.235$ price. But following that sharp uptrend, it again went through a quick correction and now again catching an uptrend from 0.186$ price and trying to move above 0.20$ as we speak. Let us see how it performs next month after the election result as I have high hopes on Hive and holding some Liquid Hive to trade it off and when it reaches above the 0.3$ price mark at least.

Src

Now looking at HBD’s price, normally we see it vibration close to 1$ with a marginal fraction and today while checking its price, I got surprised to see its current price, as it was selling for 0.90$ per Unit. A 10% difference in a stable coin’s price can be concerning, but I strongly believe in HBD as I have seen it lose its value but quickly recover back to normal. So let’s see how quickly it gets back to its place this time.