December: fireworks in the sky and on the crypto exchanges?
Ah, December. The month of holidays, coziness, good intentions, and, of course, fireworks! Not only will we end the old year with a bang on December 31, but perhaps also on the crypto exchanges. While everyone in the Netherlands is wondering whether "oliebollen" can become even more expensive, an exciting scenario is playing out in the financial world.
There are rumors that the American FED could lower the interest rate to give the economy a boost. And what does that mean? Exactly, a lower interest rate makes saving less interesting for investors, which makes them more likely to put their money in riskier investments. And let's be honest, when we talk about risk, crypto is the fairground attraction among investments.
Bitcoin towards $120K?
Imagine: Bitcoin gets a new boost before Christmas and shoots through to a dizzying $120,000. That would feel like a magical Christmas present for the lucky few who own one or more Bitcoins. But let's take a moment to think about another group of people. Those who may be looking at this price increase with mixed feelings:
- The profit takers: People who cleverly took some profit in the meantime (and now regret it a bit).
- The doubters: Those who once lost their faith in crypto and sold everything.
- The unlucky ones: People who were forced to sell their Bitcoins to pay bills.
Even Elon Musk might be scratching his head. In 2022, Tesla decided to sell some 32,000 Bitcoins for a mere $31,615 each. If they had had them today, they would have received more than $2.2 billion more. But hey, Elon is probably thinking about bigger numbers than these few missed Bitcoin billions.
A bright spot for Hive
Back to the altcoins. A remarkable increase this week for Hive, which peaked from $0.28 to $0.43. A nice profit in a short time! At the time of writing, the price has already dropped back to $0.40, but hey, that is still a big jump compared to last week.
Now I don't want to unleash an extensive technical analysis on you (I leave that to people who know about it), but I am already happy that Hive has climbed out of that annoying $0.20 zone. Of course, there will probably be dips again, high peaks are often followed by corrections, but let's hope that these are not too deep. With a bit of luck, we will see that magical $1 limit come closer in the future.
Altseason in full swing
It seems very likely that the bull run has really started and that we are even experiencing our first "alt season". And then we see that in the past 90 days Hive has risen by a whopping 90.14%. Not that bad I thought. Still, Hive's rise pales in comparison to some other altcoins. Take VIRTUAL for example, a coin that has risen by a whopping 5178.41% in the same 90 days. Yes, you read that right. Compared to that banger, Hive's 90.14% still feels a bit modest.
But let's be honest, every rise is welcome—so no sour faces about what others are doing better. We're just happy that there's finally some life in Hive again, and that everyone's account value is looking a bit more festive again. December is a festive month, and that includes a portfolio that also looks festive so that you can at least feel virtually rich.
Finally
December is the month of surprises, and who knows what surprises the crypto markets still have for us? As we count down to the new year, it’s getting a little more exciting to follow the charts. And let me end on a positive note. Whether you’re dreaming of a Bitcoin million or just hoping your altcoin will finally get its moment in the spotlight, in crypto almost anything is possible if you put your mind to it and believe in what you’re doing.
I wish you all a great week and end with a classic: To The Moon!
Oliebollen, a traditional Dutch treat similar to doughnuts, are deep-fried balls of dough often filled with raisins or currants and dusted with powdered sugar.