Progress Update - As the Top Cryptocurrencies Drop, So Goes Hive

It is pretty sad that all of the top Crypto currencies by Market Cap on Coingecko took a big drop in the last seven days except for the two stable coins Tether and USD Coin. But even those showed a little volatility when everything took a hit.

https://www.coingecko.com/

Due to the drop, I started looking at all the cryptos on Coin Gecko to see if there were any that were able to not drop at the point in time that all the other crypto currencies took a hit. I did not really find any. I found a few that recovered quickly but most are still down and mirror Bitcoin (BTC). I did not really expect Hive to be so closely tied to all the other Crypto currencies. This correlation can be a blessing or a curse depending on how Hive behaves when everything starts climbing again.

Hive is now ranked 227 by Market Cap on Coin Gecko which is not bad considering how many total crypto currencies there are on the market. However it appears that Hive got hit a little harder that those closer to the top of the list over the past seven days.

• BTC down 11.0%
• ETH down 9.3%
• BNB down 9.9%
• XRP down 14.1%

While Hive is down 15.6% over those same seven days. There is only one of the top 13 that dropped by the same DOGE which dropped 15.7%.

So what does this really mean for Hive since it appears Hive is on the coat tails of all the other Crypto Currencies but with a little greater volatility?

So many were saying that the Crypto Winter was nearing it's end, is this the last big dip before they all take off to the moon? Or will this be the first sign that Winter is here to stay for a while longer.

I usually take a "risk off" status but crypto itself is "risk on" so I believe now is the time to load up on crypto more specifically Hive and accumulate as much as possible. In my opinion, there will be another month or two of volatility before the prices stabilize and then start to climb.

If possible, I plan to accumulate as much as possible prior to takeoff because 2024 should be the year that we never see these price levels again. But then again who am I to say, I am not a professional investor or a crypto expert. However I do follow my gut instinct and it says to grow my holdings. No one will be right or wrong until after it has happened so best just to do what you feel best about.

Hive Target

One of the ways that I save and enjoy life is on the Hive Platform. I am working to get 5000 Hive Power and then the Dolphin Level.

My Hive Power balance is currently 2781. I would like to add as much as possible over the next few months because I believe this is when the opportunities present themselves. When 2024 gets here, I believe it will be all up from there.

Hive Power Ranking

I am still pretty much ranked the same as I was last week but slipped two positions to a 3427 ranking. I think this is mainly due to me missing a few days creating content which allowed others to jump ahead of me slightly. I am just hoping that I can earn more this next week to make up and then some my ranking. I like always seeing my rank go higher week over week so this week was a little disappointing for me to see me drop a little.

HBD Savings Ranking

I blew myself out of the water in the HBD Savings Ranking. What I mean is that I sunk big time but it is on purpose. I withdrew all but 10 of my HBD from my savings account. It is still in the cool down period but will be available for me tomorrow.

I will be taking this savings and converting it to Hive since Hive is down 15% this week. I figure that if I can convert it to Hive now and Hive recovers and gets back to the mid to upper 30 cent range, I will convert the Hive back to HBD and replenish my HBD savings at that point in time.

Sometimes you need to take a risk to get a reward. If Hive recovers the 15% drop plus a little more this would more than offset the missing 20% APR that I could have gotten by just letting the HBD stay in savings. Hopefully, this will help both my Hive Power and my HBD savings grow.

Hive Received Rewards

I was still able to earn over 9 HP in author rewards and 3.8 HP for curation rewards this week even though I did not create as much content as I had hoped. The drop in Hive USD price made all of my holdings look like they took a big hit. And since the price of Hive is down, it appears that my earnings are a lot lower as well.

My 30 day author and curation rewards is still looking good. I was able to earn 77.66 HP of author rewards and 14.61 curation rewards over the past 30 days. This is keeping the trend line growing even though I would like it to grow and reflect a steeper accent but I am satisfied with its growth just the same.

Hive Engine Tokens

My Hive Engine tokens were not as lucky as Hive which only fell by 15% this week. A lot of my 2nd Layer Hive Engine tokens fell by almost 50%. I only hope they will jump by 50% when Hive recovers but that is a very big wish on my part.

I will continue to create content (posts and comments) in my chosen communities so that my holdings in all of these continue to grow. It might not look like much but earning $1 per week in the Hive 2nd Layer tokens will add up over time especially since the prices have taken such a hit.

EVER FORWARD!!!

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Posted Using LeoFinance Alpha