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I find these TA analysts on twitter so funny trying to "explain every moved of Bitcoin" with charts and patterns, like they're doing for some good years now. It's a thing of the past I believe and time will say if I'm right or wrong. There's also this bear market fear hovering over our heads, a fear to which I won't succumb.
Bitcoin doesn't look to be holding for too much above $40,000, but at the same time, I doubt it will touch $30,000 even if it drops that far and I'm more than certain we will never see $20,000 Bitcoin again. If that happens, then it has no purpose anymore. You can't call that a store of value.
I believe 2022 will be the year when altcoin projects will decouple from Bitcoin's performance, not all of them of course, but some will. There are high chances that Bitcoin won't perform too bad, as I consider the centralization of the distribution of coins shall continue.
However, for the rest of us plebs, who are not much into Bitcoin and mostly dealing with alts, the games are changing a bit. Back in 2017 when I entered this space, crypto was mostly about trading, long term, short term, macro etc. You didn't had much to do with altcoins aside from buying them low and selling them high.
Now there are different incentives to use certain coins, not all of them of course. Take Axie Infinity and SPLINTERLANDS for example, to be able to play these games, you need the games tokens and to be able to "make a difference" in your game you'll probably have to have as much as possible. Having more earns you more.
Moving to Hive we have certain incentives to not sell, especially during a bear market and these are certain airdrops like the ones from @3speak and Ragnarok, we will have some for Leofinance too and you can also use HBD to earn yourself interest and HP to curate and earn more HIVE. Hence Hive is becoming more of a productivity coin than a speculative one.
Won't mention DeFi anymore because there are plenty of you involved in such projects earning tokens for staking. On UMA for example you can earn for voting proposals and the DAO pays for your ETH fees as well.
The idea is that there's much more usability right now than there was four years ago and less incentives to sell. The times being so different, even if we will have any sort of bear market, how do you know how low the prices will go and for how long will they stay this way? I personally won't risk selling any of my long term portfolio just in case I can buy lower.
The cycle, if we can still call it a cycle, doesn't look like past ones at all.
I simply am not satisfied with current profits and I rather stake the likes of XTZ and ATOM than to speculate on them. Moreover, even during the past bear market, coins like LINK have had a great performance, but nothing is a given. Personally I believe we're gonna assist this year to a great decoupling of certain "working alt projects" from Bitcoin and it's something most of us were waiting for some times.
I also feel like ETH might loose the second spot on coinmarketcap, but not to XRP this time. I think we're gonna see an emergence of WEB3 projects and herds of individuals transitioning to it from WEB2. Same goes with gaming. What do you think of all of this by the way?
Thanks for attention,
Posted Using LeoFinance Beta
