Hive is flat lined at $0.48 for two weeks. What's next?
Two weeks ago, Hive dropped below the psychological barrier of $0.50. I posted about that buy point and I added some hive. Here's the old post Hive below $0.50
I was hoping for either a good price push up or a good price pull down. If Hive spiked, I would sell for a quick gain. If Hive dove, I would buy more for the next bull rush. But neither happened.
After a very small spike to $0.53, Hive has bounced around in the $0.48 to $0.50 range. I have my next automatic buypoint at $0.42. Two weeks ago, I did not think Hive would head that far south, but after two weeks of weak performance and little trading activity, the $0.42 buy point is closer to a reality.
Hive typically is a pretty close mirror to Bitcoin.
For the last two weeks, that has held mostly true when comparing the chart of Bitcoin versus Hive. However, Bitcoin has registered a few more troughs that were deeper. The last week of Bitcoin is running in a similar pattern to Hive.
I am longterm bullish on Hive. However, I anticipate that the next two months will be marked by several more deep dips. External forces still drive Hive prices.
I stack and stake Leo, SPT, DEC, SPS, Splinterlands packs/cards and Hive. Have a great week and leave your comments below!
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What sets it apart from Steem? There's just no reason for anything to happen right now. As soon as there is, then ppl will notice and react to it by shifting their money. Both chains are moving parallel and both had a pump and dump scheme going against them. Hive in early August which quickly broke down and Steem a few weeks before it, which lasted longer because presumably, there is more capital in Steem. But it broke down as well eventually and now both chains follow a parallel trajectory again.
That's really an awesome chart. I hadn't thought of looking at STEEM. Do you think the similarity is that both STEEM and HIVE are aggressively traded on one exchange mostly? When you say there is more capital in STEEM, how much more?
I compared them, because they are based on the same tech. Isn't Hive a recent fork? It means that both have a similar product line which means they appeal to the same kind of customers. The alignment of their prices trajectory is logical as you can get more or less the same on both chains as the services are mostly interchangeable.
My conclusion would be that their correlation will become weaker the more they grow apart, or the more customers go for one of the two. I'm not too much into this, but right now it still looks to me like it's undecided, whether one or the other will win this.
According to Coinmarketcap, Steem has a cap of 85 million USD and Hive has 214 million USD. So, they're both relatively similar in that regard, although Steem is much more traded with close to 15k USD compared to not even 3k USD for Hive.
Where are you seeing only 3K volume? Seems way off to me.
That’s definitely not correct. Something is off. @methodofmaddo they only pull from one source? 3K seems odd to me?
Do you have other sources with different numbers? Since blockchains are open and easy to read out, I imagine these numbers to be fairly accurate.
I think the Hive trading volume is like $2 million to $4 million per day @thefed and @fulda-gap Most of the activity is on upbit in Korea.
Looks like I'm an idiot. Not sure how I managed to misread the value, but I got it wrong by 3 digits. In my screenshot from coinmarketcap it was 1.6 million USD in trading volume.
May be that I confused the comma and dot rules which are reversed in German. Sorry for that :-)
It happens don’t sweat it. Id be a little worried if it was only 3K :)
No worries. I think your underlying principal is correct in that Hive and Steem run pretty close together. Neither have large volume when compared to large stocks or crypto and I think both are still vulnerable to pretty wild swings.
Steem is ultra centralized though so I’d not assume the trend is reliable. It looks to me it’s more the crypto space in general. Let’s put Bitcoin and a random few tokens over same trend and we’d likely see something similar.
Good idea. I wondered if Hive follows the average of all crypto since it is small volume. I will look for an aggregate chart to compare.
The price operates in an unstable manners as always the only step needed is to utilize it to our favour.
tienes mi voto y apoyo!!!😎
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It good to make use of the price when it's not stable. keep staking my friend