November kicked off in Japan with a typhoon bearing down, stirring up rain, wind, and a sense of anticipation. Much like the unpredictable storm, the crypto market faces its own uncertain forecast with the U.S. election looming. If Trump wins, there’s an expectation of a surge in Bitcoin and altcoins, though some of that may already be priced in. A Harris victory, on the other hand, could trigger a temporary drawdown, with a return to upward movement likely not far behind.
Against this backdrop of both market and meteorological turbulence, October turned out to be a productive month for my Hive-based crypto goals. Here’s a look at what I accomplished and how it sets the stage for the months ahead:
Hitting Major Goals in October
1. Staked SPS Goal Achieved
The highlight of the month was reaching my staking goal for SPS tokens (Splintershards) in the Splinterlands ecosystem. For those unfamiliar with Splinterlands, staking SPS tokens not only earns over 10% interest annually, but it also offers some exciting gameplay benefits such as additional SPS and bonus NFT monster cards whenever I win a battle with my monster NFTs.
Hitting this target means I can now direct my earnings on other Hive second-tier tokens toward some of my other crypto targets for 2024.
2. 10,000 BBH Tokens Collected
The second goal I achieved was hitting 10,000 BBH tokens. BBH (Bitcoin Backed Hive) tokens are part of a unique project on the Hive blockchain – check the BBH White Paper for more info. One benefit of accumulating BBH is that it allows me to tip other users who post great content or engaging comments. This initiative aligns well with my aim of actively contributing to the Hive community and is worth checking out if you’re a Hive blogger or content creator.
Ongoing Progress Toward Other Hive Goals
1. Hive-Backed Dollars (HBD)
Despite a recent drop in the HBD interest rate from 20% to 15% annually, I was able to add almost 50 more HBD in October. Although I’m not certain I’ll reach my year-end target, I’m committed to building my HBD balance, as 15% interest is still a very attractive return.
2. Hive Power
I still have a long way to go to hit my 2024 Hive Power target. In spite of my slow progress I might still be able to hit my target if the much anticipated Bitcoin bull-run kicks in…
The Bitcoin Factor: A Possible Path to Success
Yup, there’s a strategic twist to my 2024 plan. If Bitcoin hits a new all-time high, I’m prepared to transfer a portion of Bitcoin into Hive, which could potentially fast-track my remaining goals. This month brings added anticipation with the U.S. election results, especially if “pro-crypto” Trump were to win, potentially triggering a Bitcoin rally.
If Bitcoin’s price does surge past its previous all-time high of around $73,500, I’ll consider converting some Bitcoin into Hive to boost my holdings. That move could help me hit these final Hive targets before the year wraps up.
Final Thoughts
October was productive, and with two major goals already in the bag, I’m feeling positive about the final push. Here’s to an exciting close to 2024 on the Hive blockchain!
| Crypto Asset | 1st January | 1st April | 1st July | 3rd October | 1st November | 2024 Target |
|---|---|---|---|---|---|---|
| HIVE Power | 3,438 | 3,553 | 3,678 | 3,829 | 3,882 | 7,000 |
| HBD | 1,346 | 2,142 | 3,070 | 3,228 | 3,276 | 7,500 |
| Staked SPS | 6,449 | 8,669 | 10,357 | 14,259 | 15,006 | 15,000 |
| CTPSB | 252 | 275 | 276 | 278 | 278 | 750 |
| LEN | 1,234 | 1,477 | 965 | 652 | 646 | 3,500 |
| Staked LEO | 1,518 | 2,273 | 2,282 | 2,291 | 2300 | 3,500 |
| BBH | 1,046 | 8,088 | 8,912 | 9,820 | 10,011 | 10,000 |
Cheers!
David Hurley
#InspiredFocus
P. S. You can get started on the Hive blockchain through the Peakd frontend.
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