So BTC is retracting, making minor corrections as we speak. It hit 121k or so and is now back at 115k; surprisingly, alts did not dump as hard as they usually do. In fact, ETH only retracted slightly before pumping back up to 3k.
Now is this the Bitcoin dominance starting to diminish?
I don't know. It appears so.
I remember once saying that BTC might need to hit 120k before the dominance begins to diminish, however it's either this is the case or maybe alts are still going to dump in a few days, however, I strongly believe it's the former.
For me, BTC looks like it has 85% hit it's peak. I expect it to reach 150k by November, and if it goes above that slightly, it will be staggering. Obviously, there is nothing to focus on with BTC. At this point I'm looking at Ethereum, why?
It was the most ridiculed coin on crypto Twitter. Many people jeered and referred to it as a stable coin, among other things. Infact vitalik feel out with some of his faithfuls simply because they said he wasn't innovation .
They were concerned that blockchain projects like Solana were gaining traction and leaving them, the maxis, in the dust. That is what the price of a coin can do to maxis; many of them removed the .eth from their usernames and most likely sold their stash before leaving for good.
Inasmuch as I believe Ethereum requires something different, after all, Blockchain is developing new products that do not require smart contracts, I still believe it was unfair for those guys to revolut and leave Vitalik hanging, but I suppose that is the way it is.
Fast-forward, Ethereum went from 1.4k to 3k, and that is. Vitalik couldn't have done anything about the price, it was just the market playing mind games with ETH maxis.
Away from that, I think many crypto projects and coin will still pump massively. I expect ETH to X2 to 6k and many other alts to x10
For Hive, realistically , I can't say.
But it can pull it
Price action may remain like this until the middle or late August before blooming; if not, it indicates that this cycle may resemble 2017, or that it will most likely do its own thing without having to mirror 2017 or 2021; perhaps it will simply establish new territory and be different; I will not know.
ATH or not?
So we had 3.4$ as the previous ATH, but just because of how gloomy the alt market has entirely been, perhaps we just hit 1.5 to 2$ and that's it, and even at that, it's still a x7 to X10 from the current price.
So, in the grand scheme of things, no matching or exceeding the previous ATH, but that does not mean the coin will not perform better in subsequent cycles.
Hopeful optimism
However, if I were to be optimistic and slightly sentimental, and just for the sake of good vibes, I would say we have gotten ahead of ourselves to hit the previous ATH and reach 4 to 5 dollars.
Why? Well, we are not the worst project in the crypto space; yes, we have flaws and are not perfect due to the way the project is set up, but we are a functional LAYER 1 with great quality, a stablecoin (ish) with some nice utility, and a great APR.
My point is, Hive is probably one of those project that will continue to survive when the ones that raised $230M are gone and forgotten.
So yes, this are my reasons. Am I laughing at myself on the inside? Yes. 4 to 5$ is absolutely ridiculous and unreal, considering the fact that we've keep seeing BTC hitting left and right.
So this is massive hopium, and that is all it will ever be from my end. Does Hive has what it takes to pull it? I do not know. This paragraph is only for entertainment purposes; I am not an analyst, and I cannot predict the future, so take what I say at your own risk.
Interested in some more of my posts
Why Is the grind getting harder?
Monopoly Is the Death of Civilization
Survival: Choas and Scarcity
Crypto: Gut & meaningful Connections
What is the primary barrier to entry in Web3?
What Are Some Things You Should not Do During A Bull Market Year?
