Buck up Steem! Plus other coins that are completely defying market trend
Coinmarketcap provides a unique list of coins that were the best gainers during the last 24 hours. The coins there are probably mostly just pump and dump schemes, yet, sometimes the returns are extremely high. An altcoin called Mars SpaceX (MPX) is up 13,000x in the last 7 days. What an investment that would have been! 😂
Bitcoin has been in a correction phase for nearly 2 weeks now. It touched $69k on 10th November 2021. However, there is definitely one altcoin that is defying this market trend and that is Hive ♦.
Since the time Bitcoin started correcting, Hive doubled in value and touched nearly $2 today. Steem too has outperformed Bitcoin but is massively underperforming Hive. There was a time when both these altcoins were moving together but Hive is definitely on some high-performance diet.
Looking at Hive, I wanted to check out other altcoins that are in defiance of this Bitcoin correction.
I looked at the top 55 coins on Coinmarketcap, because I am assuming that for a project to be in the top 50, the market has vetted the project well. My assumption could be wrong - XRP is still a project in the top 10! 🤦♂️
If you had GALA and Sandbox (SAND) in your portfolios, then you wouldn't have cared about Bitcoin's price during the last 2 weeks. They have both tripled in value during the same timeframe. The other notable mentions are Crypto.com (CRO) and Dencentraland (MANA) that have both doubled in value. I have a tiny drop of CRO in my portfolio and when I had the bandwidth, I ended up buying Uniswap and PolkaDot. Should have bought these instead. DeFi giant Avalanche (AVAX) has done well and Ethereum killer Solana, not so much.
The above list kind of tells you how much the market has changed in the last 3 to 4 years. The regulars are out of the top 10 and many new promising projects are in. It is so difficult to keep up with the innovation in this space that one needs to make it a full-time job to study different projects, invest accordingly and track the market. In case you chose Hive in the Steem versus Hive battle, well done to you. If you still own Steem, then hang in there, it will go up with the market in the worst-case scenario!