HIVE and BLURT price comparison and analysis

BLURT's sibling token HIVE had a nice jump today - up 35%! Let's have a closer look, and compare it to BLURT to find out if that token is going to see more gains as well.

First, here's HIVE's 24 hour chart:

Notice the big move happened at exactly 1600, and the price has consolidated sideways since then. Volume indicates increasing interest in trading the token after the jump, which generally means the move happened based on technicals as opposed to fundamentals. And sure enough, if you search the Hive platform for news, there's nothing going on today that would cause such a jump.

We can zoom out a bit and see if technical analysis can explain the price spike.

Confirmed. HIVE has simply broken out of an ascending triangle pattern. After a brief jump to about 0.43 USD a couple weeks ago, it has continued to trade closer to that point, and today clearly broke out to the upside.

HIVE now joins BLURT, Bitcoin, and many other cryptos in a bull market that has recovered from the early November plunge caused by the FTX scandal.

I wrote about this topic here, and generated this simplified 3 month price comparison chart:

This confirmed to me that BLURT is indeed following very closely with the overall market, and as we enter into another long bull run, will be joining the fun!

Now, I'd like to do a similar comparison with BLURT and HIVE. How are these siblings faring in relation to each other over the past several months?

For starters, here's BLURT today:

See the price spike just minutes after 1600? There's some evidence these two markets are correlated. Let's find more, by zooming out to 6 month charts:

We see the big move today on the very right. Notice that HIVE is still down over 6 months, but not by a huge amount anymore. The very bottom of the market was on the last day of 2022. Funny how markets turn right at the end of years! I've done videos and articles about that since 2015.

Now, BLURT over the same timeframe:

BLURT is also still down over the past 6 months, but as with HIVE, not by very much. And you'll notice similarities in the charts - big drops and big spike around the same time. More on that below.

Let's also have a look at Bitcoin, the grandfather of all cryptocurrencies:

Again, down slightly over the past 6 months, and similar timing of major moves and trends.

I'm going to do another all-in-one comparison graphic, this time with BLURT, HIVE, and BTC, and this time over a 6 month time period:

It doesn't get much more conclusive than that! HIVE and BLURT are both following the general crypto market extremely closely. As BTC enters into what will likely be a 2-3 year extended bull run, smaller cryptos (aka the "alt coins") are going to rise as well.

Notice how HIVE was lagging behind in the new bull market, but with today's move, has caught up with BLURT and BTC.

Here's my prediction for Bitcoin in the coming 3 years:

I put that together a month ago, and the first move up has already happened, pretty much exactly as I thought it would. So what's next? Perhaps a correction back to test the 20k level by August or so, and then a resumption of the uptrend.

And that uptrend could be incredibly good for BLURT and HIVE. Smaller tokens often don't make their big gains right away, and Bitcoin gains dominance during the early part of the bull run. But in the last year of these 4 year cycles, the alt coins often catch up and far surpass the gains of the big cryptos. This is because they are smaller markets, and easier to move. It's a bit like when precious metals have a bull market, and gold goes up 15%, while silver doubles or triples in price because it's a smaller market. In other words, silver is more volatile. And so are BLURT and HIVE. In a bull run, HIVE and especially BLURT could see monumental gains. It has happened before, and that pattern appears to be repeating.

This is confirmed by my 6 month chart above, showing all 3 cryptos moving almost perfectly together.

Ratios

Before we go, let's talk about the BLURT:HIVE ratio. After today's wild action, it's sitting at about 100:1, meaning it takes 100 BLURT to buy 1 HIVE.

At the start of the bull market (Jan 1st) the ratio was about 150:1, so BLURT has already had a larger proportional gain than HIVE over the past month, even after today's big move for HIVE.

Let's keep an eye on the ratio over the next while.

HIVE did well today, catching up with BTC and BLURT in this fresh bull run. All 3 appear to be moving together, and are likely to continue to do so, which means if cryptos have a good 2-3 years, those holding HIVE or BLURT are going to be extremely happy.

How about you? What do you think of this analysis? Where do you think (and hope) these cryptocurrency prices are headed?

DRutter