Hive is staying strong even in this red market | Trading DOT tokens again
Today I was not very happy looking at the red market. I was expecting the market to recover back after seeing some green signal yesterday. But in all this red market one good thing I noticed was that Hive was very strong. This is boosting more confidence in Hive.
I guess people are not selling Hive as much as they sell the other coins. That is one of the biggest reasons why there is no sell pressure on Hive. Most of the Funds on Hive are all powered up and it is very unlikely that someone would power down at this point and sell in the market.
The above image is a screenshot of my watchlist. I do have a lot more coin in my watch list but I couldn't grab a screenshot of everything. But these are the top coins that are in my holdings as well as in the watch list for now. From what I noticed the price of Hive did not fall so much. Of course in the peak fall, the price went below 40 cents but most likely it is staying strong in the 40 cents mark.
I did make a purchase during the initial dip when the price was 49 cents and I was trying my luck on Hive. But I closed my positions by selling it at 39 cents again. I know it is a loss but I have invested that amount back on DOT expecting it to give a better return compared to Hive. The price fluctuation on that coins is better right now compared to Hive. This is what I noticed.
I was able to grab some DOT tokens when the price was 29 dollars two days back and again I was able to grab some more DOT tokens when the price was 23.5$ yesterday. I believe even if DOT is reaching 30$ back again, it would be a great profit compared to the other investments. That is one of the reasons why I wanted to stick to DOT and not other coins right now.
Some thoughts on the potential of DOT
The development started only this year and already the price of DOT tokens pumped from less than 3$ to a high value of 48$ in the last few months. Many investors moved from ETH to Polkadot after hearing about the fact that it can be an ETH killer. Though it is still under development with only a very little use case right now, it is expected that when it is out in the market, it will be an ETH killer.
A small concern here for me is that ETH is already doing very good and many people are highly optimistic about ETH 2.0 as it improves the blockchain by removing one of the biggest problems that the ETH network is currently having which is the High gas fees. None of these networks can beat Hive in that sense because the transactions are absolutely free on Hive. It is just that people don't have awareness about Hive and it is seen as a blogging platform most of the time in spite of having other potentials.
I don't think personally DOT would be a great hit in comparison with ETH if they are planning to solve the transaction fee issue. I noticed that the transaction cost on DOT is also comparatively very high and it is not helping the users. I still manage to do some transactions on DOT because if the outcome is profitable, I don't mind the transaction fees. I guess the same happens with most of the ETH users as well. Let's see how far the price can go and how far this can be beneficial for the users.
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The market had been shaky all week, I kind of expected this sort of massive drop during the weekend. I hear it was caused by more FUD with the China crackdown, I don't know how true that is though.
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The price action regardless doesn't look nice for any of the cryptos and I don't really think there is anything that will kill ETH. I just can't see the big guys caring about a few hundred dollars in gas fees and passing up a situation where they can enter a market with enough liquidity.
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A red market is scary for a lot of people but it’s also a investment opportunity for others. That’s the beauty, you have opportunity to either buy and improve your holding or sell and make some profit in wither scenario.
I am not very much familiar with dot but I wish you good luck with your investment.
!luv 1
I am so sorry that HIVE is not even among the top 100 most capitalized projects
Red Market is dangerous yet gives people an opportunity to invest on it in right direction and time. I'm disappointing about hive, its just falling down and down😞. Some are holding their investment for long run others are afraid and quickly sell.