RE:Crazy price actionAsterix99 wrote: Obviously HIVE had to go down with ETH tanking. Funny thing is HIVE was $6 when ETH was $350. ANyway, that is the market for you. I think correction in cryptos will continue for a while. I got back into HIVE on Friday @$1.98 thinkng that HIVE will not close below $2. Obviously that will occur today and that is a very bas sign. It looks like ETH is back above $700, but HIVE will only hit $3 again if ETH goes above $1K. When will that happen,
As for the overall market, I am happy to say I sold everything on January 29th. I am in cash in all of my accounts and my only 2 invesmtents are 5k of hive shares and 1k shares of DGC. Correction is deserved in the market.
Yes, when ETH quadrupled in price from $350s to $1400, HIVE remained range bound between $3 to $4. However, as ETH tanked from $1400 to below $700 in this current crypto extended sell-off, HIVE also tanks from $3s to sub-$2s, despite ETH still well above its previous $350s low.
I can only deduce that the combination of unlocked cheap free trading stock and short selling based on sentiment has created an artificial ceiling and exacerbated the price weakness. This is purely an emotional stock market mechanism and out of everyone's control. Just deal with it or wait it out.
I am a small scale GPU alt coin crypto miner and I can assure you that mining is highly profitable with gross margins at 90% even at recent low crypto prices from last week (unsure about todays hit). Miners are getting return of capex in under 6 months in some cases! Non technical or non-experienced folks have no idea the monster financials HIVE will release to the utter shock and surprise of their disbelief in the quarters of 2018. Unless you truly believe digital Internet money is worthless funny bits (and that is a credible position IMHO), you should be buying up shares hand over fist under $2 here.
My conservative target is $10 in 2018 and HIVE has potential for a run to $30 in a positive, bullish crypto sector if it turns around from present downturn.