Bitcoin Bounced Back!!

Hello Friends,

Good day to you all and I hope this weekend is going well for you.

Today the Bitcoin price is good but if you look at the weekly chart for Bitcoin then you will be able to figure out that now Bitcoin has bounced back. Usually when the price of Bitcoin is down that time lot of people expect a further drop in the price and they are planning to buy more. It's like people are getting greedy to get Bitcoin at an even lower price but in most of the situations this year that did not happen. It's good to be greedy but you never know when you are going to get what you want but at least in the case of Bitcoin this has not happened many times.

I was going through this chart which is for a week on coingecko. This is an interesting chart because you can see the price at 61K approx on 15th May. Within a week the price has gone to 68K and looks like it can make 70K also. This amount is in USD for clear understanding. I generally do not do any price analysis but it's fun because now I have started doing it. It is a part that lets us help to understand how the market has done in a specific time duration. Like, in this case, I have analysed for the last 7 days prices where the lower point has been below 62K US dollars and the higher is more than 68k US dollars. There is a clear jump of more than 6K US dollars in less than a week.

source

Now the Bitcoin price is quite high so even 1% makes a difference in its value. It happens because in the market if any asset value is higher then we can see a nice fluctuation even with a slight percentage. That is how any market works and the crypto market also follows the same fundamentals. Just imagine that when the Bitcoin will be 100K US dollars that time even 1% will bring the value up or down by $1000. This is not a small amount especially in India if I talk about then a lot of people are not even earning this amount in a month. At least in the organisation where I work where majority of the people are not earning this much amount in a month. It means 1% of price fluctuation is surely not a small amount now and it will not be even in future.

Conclusion

Holding Bitcoin is really important but sadly I don't have it because I started my crypto journey late. At this price it is difficult for me to buy but happy that at least I have got some hive which is lying in my wallet. This coin is also an opportunity because I think it is undervalued. It is undervalued looking at its price in the market. The entire platform is undervalued because many people are not aware of it. It is also undervalued because of the overall offering we get on the chain where a seamless transaction is possible. It is also undervalued because the transaction settlement happens in real time which many chains are not able to do it even now. Overall it is a fantastic platform and Hive is a highly valuable coin with full-on potential but the value is not that high which I think is just a matter of time.

Thanks for stopping by

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