I woke up to a pleasant surprise this morning when I saw that the price of HIVE had rocketed higher overnight. When I pulled up a 1 day chart for HIVE, I noticed a familiar pattern that we used to see regularly with HIVE. A sudden surge of buying at around 9pm Eastern Time, or 9am in Korea.
Earlier this month I took advantage of the dip in HIVE prices to convert 1000 HBD into HIVE at an average price of $0.35 USD each. Those HIVE are now up about 65% in a few short weeks.
I wrote about this trend nearly a year ago before it ceased happening.
What you see in the chart above was the spike in HIVE price that would occur at the start of the business day in Korea like clockwork once per month in late 2021.
I will be eagerly watching the HIVE price tonight to see if there is another surge at 9am in Korea or if we are perhaps entering another once per month surge pattern again. In this case, the best strategy is to sell HIVE into HBD during the price spike and then convert that HBD back to HIVE in the days before the next surge if it occurs regularly in the same time each month.
Whatever the cause of this increase in the HIVE price, it is welcome news in a crypto space that has been fraught with selling lately. I am truly astonished at how well HIVE has held up amid the turmoil seen in Bitcoin and Ether.
What are your thoughts on this sudden increase in the price of HIVE?