November kicked off in Japan with a typhoon bearing down, stirring up rain, wind, and a sense of anticipation. Much like the unpredictable storm, the crypto market faces its own uncertain forecast with the U.S. election looming. If Trump wins, there’s an expectation of a surge in Bitcoin and altcoins, though some of that may already be priced in. A Harris victory, on the other hand, could trigger a temporary drawdown, with a return to upward movement likely not far behind.
Against this backdrop of both market and meteorological turbulence, October turned out to be a fairly good month for my Hive-based crypto goals as I show in this video and accompanying blog post:
Hitting Two 2nd-Tier Token Goals in October
1. Staked SPS Goal Achieved
The highlight of the month was reaching my staking goal for SPS tokens (Splintershards) in the Splinterlands ecosystem. For those unfamiliar with Splinterlands, staking SPS tokens not only earns over 10% interest annually, but it also offers some exciting gameplay benefits such as additional SPS and bonus NFT monster cards whenever I win a battle with my monster NFTs.
Hitting this target means I can now direct my earnings on other Hive second-tier tokens toward some of my other crypto targets for 2024.
2. 10,000 BBH Tokens
The second goal I achieved was hitting 10,000 BBH tokens. BBH (Bitcoin Backed Hive) tokens are part of a unique project on the Hive blockchain - check the BBH White Paper for more info. One benefit of accumulating BBH is that it allows me to tip other users who post great content or engaging comments. This initiative aligns well with my aim of actively contributing to the Hive community and is worth checking out if you’re a Hive blogger or content creator.
Slow Progress Toward Other Hive Goals
1. Hive-Backed Dollars (HBD)
Despite a recent drop in the HBD interest rate from 20% to 15% annually, I was able to add almost 50 more HBD in October. Although I’m not certain I’ll reach my year-end target, I’m committed to building my HBD balance, as 15% interest is still a very attractive return.
2. Hive Power
I still have a long way to go to hit my 2024 Hive Power target. In spite of my slow progress I might still be able to hit my target if the much anticipated Bitcoin bull-run gets going in the next 50 days...
The Bitcoin Factor: A Possible Path to Success
Yup, there’s a strategic twist to my 2024 plan. If Bitcoin hits a new all-time high before the end of the year, I’m prepared to transfer a portion of Bitcoin into Hive, which could see me hit my remaining goals. It wouldn't take much to hit my LEO and other 2nd tier targets to say the least...
Anyway, here's how things stood on 1st November:
| Crypto Asset | 1st January | 1st April | 1st July | 3rd October | 1st November | 2024 Target |
|---|---|---|---|---|---|---|
| HIVE Power | 3,438 | 3,553 | 3,678 | 3,829 | 3,882 | 7,000 |
| HBD | 1,346 | 2,142 | 3,070 | 3,228 | 3,276 | 7,500 |
| Staked SPS | 6,449 | 8,669 | 10,357 | 14,259 | 15,006 | 15,000 |
| CTPSB | 252 | 275 | 276 | 278 | 278 | 750 |
| LEN | 1,234 | 1,477 | 965 | 652 | 646 | 3,500 |
| Staked LEO | 1,518 | 2,273 | 2,282 | 2,291 | 2300 | 3,500 |
| BBH | 1,046 | 8,088 | 8,912 | 9,820 | 10,011 | 10,000 |
Cheers!
David Hurley
#InspiredFocus