$1 hive is bearish, opportunity in Chaos and pack purchases has lost pace
Have you checked you Hive wallet recently? What you see there might not make for good reading.
The entire market got kicked in the nuts again, as Bitcoin dropped below $40k, while Ethereum and BNB are well below $4k and $600 respectively.
Naturally, the negative impact of this situation has affected the general mood of the entire market. Hive, a crypto that we're all very aware of, has also experienced a serious dump, as it dropped to as low as $1 for the first time in months.
Naturally, it is impossible to pinpoint the exact reason for the situation with the market. However, that has never stopped speculators from giving it a shot.
I try not to read too much into their predictions. For me, I just work with what is in front of me, and what I can see right now is that a lot of people are selling.
This kind of surprise sale will come with a lot of fear. So, the natural order will be that more people will sell because more people are selling.
Interestingly, the fear/greed index will take the market perception and rank it over a period. Yes, it does point at extreme fear but that's only relative.
In reality, the raw number of people that are genuinely afraid keeps dropping. As the days go by and the crypto market continues to exist, the disciples of Peter Schiff who expect the bubble to burst will continue reducing.
Some distraction
I've been able to distract myself from the entire crypto market with my activities on Splinterlands. Buying packs and opening them has given me something to look forward to, unfortunately, that has also been somewhat depressing.
The difference in price between packs in the game and packs on Hive-engine is really sparking my interest. I am seriously considering buying a few packs on the exchange to open for the helluvit.
Well, buying packs for fun is just a thought. In reality, I've been buying more Chaos Legion cards and just levelling up to my battle rank.
At this moment, I'm still in the silver league, so I've been getting my monsters to this level.
I'm trying not to go overboard with my purchases, and only get what I need. However, the plan is to get my deck to a point where any monster I pick is well dressed for the occasion.
I also think that if I steadily buy monsters based on need and then open packs on the side, I'll be able to grow my collection power.
My collection power is higher than it has been in a very long time. Since my goal is to get higher, and also considering how cheap monsters are, I might as well use this opportunity to rise up the ranks.
I'm also trying to spread out my tentacles to all elements. Although some splinters, like water for example, where I sold off most cards I had, will be lighter than others.
More time to buy packs
Still, on the topic of Splinterlands, I've also been looking at the numbers and it does seem like we'll have a decent chunk of time to buy packs during the general sale. Of course, all of it is dependent on the general market condition.
I also think that if we experience a flurry of new players joining the game due to marketing, the interest in Chaos Legion cards will rise.
When that happens, the interest in packs will rise as well. This will lead to more demand in packs.
At this moment though, I don't see such a huge demand pouring in because everybody is poor right now. I believe that this will inevitably lead to an extension of the period of the general sale.
My prediction was that the sale would take two months but I'm starting to reconsider it. I think it might get up to three or four months.
Personally, I'm fine with an extended period of sales. This enables smaller investors that don't have fat piles of cash laying around to slowly accumulate and buy more packs.
Switching summoners
Another thing that's been on my mind for a while is transitioning from Untamed summoners to CHaos summoners. Well, not for all Splinters though.
Out of the lot, I'm particularly pleased by the Earth, Fire, Dragon and Death summoners in Chaos Legion collection. Out of this list, I've still not gotten dragon and Death up to a decent level.
The dragon summoner is legendary and too expensive to purchase bulk. I might still take a gamble on it to get it up to level 3 at least though. The death summoner isn't really on my mind because I have a level 5 Contessa'Lament.
I already splurged a bit on summoners yesterday, putting at least $300 into upgrading them to level 5. I plan to slow down for now, and just get the remaining monsters through packs, rather than strain my limited resources that I'd like to use for buying packs.
My luck from packs has been terrible, but at least I've got some legendary monsters. My collection is growing every day, and as I buy more packs in the coming weeks, I expect y deck to get stronger.
Always remember that it is a marathon and not a sprint. Take it one day at a time and make the best out of every situation. Have a wonderful day ahead of you.
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The downturn in the market wasn't that big of a surprise for me, since we've been trading sideways for a year in $30 and $60k range. Though if Bitcoin market cycles keep lengthening (as they historically always have), we still could have even a year before us until we reach market cycle top. I'm expecting Bitcoin to bottom around $30k and start another leg to the upside after that.
Sounds about right to me. A longer cycle will shake out most of the panic sellers and scared cats
I have been slowly buying packs so I think the longer the sale, the better for me because I didn't really prepare for the sale.
Nice. Do you have a specific number of packs you'd like to buy before the sale ends?
I ask because if it is up to 100, then you can just accumulate funds and buy it all at once, so you will get the bonus packs as well.
I don't think it would be up to a 100, I don't even think I have a specific number at this point because initially I just wanted to get one.
Okay. Well if it won't get up to 100, no need to wait. Just buy what you can and increase your SPS airdrop point.
If you're not buying a decent number, there's no need top even open them.
Okay, noted, thank you.
I agree with you chaos cards are strong and sometimes too good but with the help of cards like untamed I was able to get to silver 🥈 and I am still looking ahead to more on silver and get better there too. now I am on an untamed hunt and increasing my dec on them too.
If I max out my Chaos LEgion cards, I'll get into Diamond this season. I also like that CL cards are cheaper
At this point I am happy I bought my last bulk of packs with Hive when it still was about $1.30. But on the other hand on the long term, for sure Hive will grow more than that.
Once the market starts bouncing back up, Hive will follow. I'll buy some Credit when that time comes. For now, I'll just be converting some HBD and keeping the rest in savings.
It's definitely become a morning routine of mine to see how low my Hive wallet value has slumped to each day, but I can't say I've felt any panic. If anything, I'm wishing I had the ability to properly invest in Hive, right now, when the entry cost is so low!
It's a shame my liquidity is tied up elsewhere :*(
!1UP
Pretty much the same thing for me every day. I can't get hive but I try to stake hive engine tokens and buy the cheaper assets.
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When I look at times when prices have fallen, I consider it a great time to buy something on sale. I've been buying single cards on the open market to slowly grow my CP.
Nice move. I'm going to buy a bunch of single cards as well.
I'll also open about 100 more packs, hoping to stumble into something fancy along the way.
Thanks for sharing! - @alokkumar121
dont sleep on the new death summoner!!! they are a beast in the right situations. it didnt appeal to me at first but i have mine up to level 4 and its one of my most used cards honestly. but in general im pumped for the legendary summoners coming out. i should get a fair amount of guaranteed drops of them. The downturn we are expierencing sucks but people were crying how expensive cards were when we were ripping and now they got their wish lol. nows the best time imo to load the boat on cards like you have been doing. best of luck to you and see you on the battlefield.