I see "Bart heads" everywhere... Yes, I do... If you check the top 100 cryptocurrencies by market cap and their one-month chart you'll recognize them(the Bart heads) yourself as well. I guess we can say these are the "meme chart patterns" of a consolidation period.
Bitcoin and pretty much the entire altcoins arena are bound in quite a trading range for a while. Bitcoin keeps on getting rejected at resistance, $32,000 being the strongest so far for BTC, and finds a bottom near the $29,000 support every time resistance rejects it.
HIVE is of a different breed, though. It's still not in the top 100 cryptocurrencies by market cap, with just $223,777,398 in total market capitalization, but quite a performer.
While most of the alts and the king himself(BTC) have lost steam today and fell from the promised land that fueled a bit of FOMO once again, HIVE is doing terrific. It's currently valued at a bit over $0.60 and the chart looks great if you ask me.
The Koreans are at it again, that's for sure, cuz the volume on Upbit on the HIVE/KRW pair is $55 million, Binance for example rolling just $6 million in trading for the past 24 hours. We're talking $50 million in trading volume for an asset that has $220 million in total market capitalization.
Why are the Koreans so much into trading HIVE, cuz they seem to be mostly trading it than just buying and holding for the future, is way out of my understanding. One thing is sure. This killer coin looks like it has bottomed and is on its way to recovery.
Does that mean the bear market is over? Hell no, but not all the altcoins have to walk the same path. If I remember correctly, LINK and XTZ have outperformed most of the market back in 2019-2020, so why wouldn't HIVE do that.
At least this one(HIVE) has a use case. I don't think we will see it at $1 any time soon, but the price action sure looks like a steady climb to me. What do you think?
HIVE is indeed the champion of the day.
Thanks for your attention,
*Adrian *