While Bitcoin achieved great success with its recent rise, it added new excitement to the crypto markets. Bitcoin reached a 26-month high, and the desire to continue the bullish trend is remarkable. Bitcoin has the potential to move higher, on the other hand, some cryptocurrencies that have not yet followed Bitcoin's rise have the potential to make more profits. I have put cryptos that have yet to follow Bitcoin's rise on my radar, and HIVE is the most notable among them, but why?
BTC Weekly Chart
Bitcoin (BTC) is currently trading at $51,819. The high number of selling offers above $ 52,000 prevents Bitcoin from moving higher for now, and on the other hand, the high number of buying offers below $ 52,000 prevents its price from falling. Currently, buyers and sellers are struggling hard around $52,000. Frankly, after such a rise, it is admirable that Bitcoin remains strong at $52,000. According to current data, Bitcoin seems to have increased by approximately 232% since November 2022.
HIVE/BTC Chart
Looking at the HIVE/BTC pair, HIVE appears to be at a 32-month low against Bitcoin. To be honest, this surprised me because I did not expect a strong cryptocurrency like HIVE to lag so far behind Bitcoin. But I believe that HIVE is strong enough to close this gap, so I put HIVE at the top of my buying list.
HIVE Weekly Chart
HIVE is currently trading at $0.32. When we examine the HIVE price since November 2022, when Bitcoin started to rise, we see that HIVE has almost not increased at all, which is really interesting. However, on the other hand, I am very happy that I can buy HIVE at these prices, and HIVE's potential to make more profits increases my desire to buy.
Long-term HIVE investors know that HIVE likes to draw very long green candles, and a look at HIVE's price chart history shows that when it starts to rise, it has the potential to rise more than 50% in just 24 hours. Frankly, it is not very important for me what the price of HIVE will be in the short term, what is important for me is to have more HIVE. I bought HIVE by selling some of my other assets and will be staking it all soon. And it may be very difficult to buy HIVE at these prices in the future.
I believe Bitcoin will rise further in the long run, but for now I have no plans to buy Bitcoin while it is above $50,000, instead I am closely flowwing cryptos that have not yet followed Bitcoin's rise. Hive's potential to yield more profits moved it to the top of my list. Especially when the altcoin season begins, I believe HIVE can reach incredible heights. I think HIVE is preparing for a big leap, who knows, maybe it is ready. We'll wait and see.
By the way, this is not investment advice, I just talked about my personal opinions and predictions. Due to the nature of cryptocurrencies, it is not clear which direction the prices will go and it is difficult to predict and anything can happen at any time, so please do your own research before investing.
Thank you for reading
@rtonline