BTC
Summer run did not disappoint! August gave us the most upward price action we’ve had since April, June was a drag, a pretty reflection of May, then the other half of July showed us what August might look like with huge jolts of highs followed by huge jolts of lows. In August alone, we saw Bitcoin go from $38k to $50k and having a strong support at $45k.
$LUNA 🌝 $SOL
As expected, a lot of alts gained from the price action and few set new all time highs, $SOL in particular blew past its previous highs like no mans business and is showing no signs of slowing down, at the moment of writing, $SOL is worth $125, up from 40$ it was at the beginning of the month. Congrats to the early holders, that’s some jaw dropping gains! $Luna also followed suit with a blast off from $10-$35. It is how all this happened in a couple of weeks for me.
NFT’s and Play2Earn games were the major highlight of August, it must be so hard to be in crypto and not feel horrible for not participating in NFT’s in one way or the other, it’s like not participating in DeFi, pfft!...it’s like not even being in crypto. Lol. In terms of user growth, Splinterlands has been the MVP of all Play2Earn games.
Hive♦️
Hive has not missed out on the action in the sense that it has rather held a strong support in the $0.5 levels than the usual quick rise and quick fall we are used to seeing, while the price doesn’t still reflect what’s going on within its ecosystem, I will gladly choose a slow grind up that’ll hold, over a quick shot up only to come back down as quick.
And as the Koreans or whoever keeps pumping the price of HBD over the peg, using the conversion feature on Peakd will always be profitable which in turn puts buying pressure on Hive. Buying pressure combined with all the Hive leaving exchanges due to Splinterlands and other factors speaks nothing short of a massive incoming run!
Conclusion
I don’t know what September will be like, there are chances that Bitcoin will consolidate more around $45k to lower levels and alts will follow suit, but I won’t bet too much on that. Microstrategy loaded up on its Bitcoin holdings and acquired additional 3,907Bitcoins worth $177m at the average price of $45,294 each.
The Last purchase netted a profit of $175m when Bitcoin touched $50k, so why not? However, we both know Microstrategy is a long term player and these little profit margins don’t matter much, we are talking about year long holding. So...
So much volatility? Yes. New ATH’s maybe. But Gaming NFT’s are yet to reach their maximum potential, Splinterlands is just getting started and whether Bitcoin likes it or not, it is going to reflect on the price action of Hive as more and more of it get taken out of exchanges due to accounts being created and more power ups.
Let’s keep our fingers crossed as we hope for the best. May the cryptos be with you. Have a wonderful new month.
Thanks for reading.
Check out my thoughts on the previous months.