Black Friday: Why I Bought 8k Hive Today

Perhaps in anticipation of tomorrow’s Black Friday event, the bears have seemed to be in full control of the crypto market. In the last 24 hours alone, the crypto market has lost close to $100b. There is no question about the glaring fact that investors are taking profits after weeks successive massive gains. Luckily for me, I had closed all my trading positions last night on Binance, escaping with most of my profits from the good days, before the flash crash.

But for most part of today, I was keenly monitoring the market trends and soon drew the daredevil conclusion that the reversal in the market was only temporal. But even at that, I needed to exercise a level of caution to only put my money in the coins that are not only undervalued but has the least likelihood of crashing significantly in the event that the bears unexpectedly sit at the wheels much longer than necessary.

After much evaluation, I settled for Hive and bought 8k at $0.12 per coin on Binance. I then split it into two. I left half on the open exchange for a short term sell off within the next few weeks if I get to hit the green zone while the other half was transferred to my Hive account. I intend to hold those ones for much longer until there comes such a time when Hive hits $0.5 and above. I am very optimistic that we will get there sooner than we expect.

My decision to buy that quantity of Hive today was not merely because I have a blind faith in the future of Hive and its potential to succeed but because Hive is incredibly undervalued at the moment. First, Hive has strangely missed out of the recent rallies of altcoins. Even when Steem, a coin that has mostly correlated with Hive in the last couple of months, crossed the $0.20 price mark Hive was largely unmoved. It most likely follows that Hive has a potential to repeat the same feat in the coming weeks.

Interestingly, I do not seem to be alone in my above thinking. While I looked at the buy orders of Hive on Binance and Bittrex, I had more reasons to be optimistic. I saw orders for 100,000 and 80,000 Hive at $0.1225 per coin getting filled swiftly and knew that it was better to follow the smart money.

In a broader perspective, the coming year is very bullish for the crypto market and I felt that it was better I started making preparations from today. I plan to keep increasing my liquid Hive in the coming months while I hope that a massive altseason will meet me well. Time, I believe, will have two stories to tell ── either the story of an idiot who had too much expectations or the story of an idiot who made real money taking an insane risk.

Until I come your way again, Hive is alive.

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