Many coins follow the BTC pattern, whether in the bear or bull zone, depending on the market. Some coins completely oppose BTC, for example, if BTC falls, that coin will rise, and vice versa. Today's discussion is about HIVE, which follows the BTC. In this post, I will discuss HIVE's unusual movement while not following BTC.
Hive was created following the steemit hardfork, and its price ranges from around 0.2$ to an all-time high of 3.4$. We see many price spikes and ups and downs during this time period. Hive is well-known among other coins and has a market capitalization of $269,967,497. It also has a high market circulation of 427,937,320.52 HIVE and a high trading volume.
PRICE STATISTICS
The current hive price is $0.63, and the 24 hour volume is $8,105,822. We see significant pumps with two months when BTC was trading at $17,000 and hive was $0.33. Following that, some good news or public interest drives the price of the hive to a new high of $0.97, which has since corrected and is now stable at $0.63. Hive is an excellent investment with a bright future. Hive is supported by good technology in the form of web 3.0 and other gaming stations.
The spikes in the hourly and four-hourly charts in hive surprised me. I've noticed that the hive has recently spiked and then returned to its original position. The Hive and Steem spikes are nearly identical, and they occur once a month, as shown in the images. I researched the spikes and came to the conclusion that from various exchanges, people are drawn to the hive and purchase large amounts, resulting in a spike.
UNUSUAL SPIKE SURPRISED ME
But I'm still not sure what kind of spike it is when the price returns to its original position in a matter of days. Another rumour that I am aware of is that many users who were active in BLURT did not like the management and are now leaving the platform. Likewise, Steemit users Following the fork, many people who liked the concept of STEEM but did not like the management of Steemit, Inc joined HIVE. Many people used to believe that STEEM was centralised due to Steemit, Inc's large stake. People bought HIVE after that stake was gone, causing a spike.
These are some of the reasons for the spike, which is a great opportunity for hive users to trade. I did take advantage of that opportunity several times, and after a spike, I sold all of my hives and repurchased them at a low price. These spikes contain a lot of good news that could lead to higher prices in the future. Hive has a bright future, and those who have invested should simply hold their coins and wait for the best results in a few years.
SHARE YOUR THOUGHTS REGARDING SPIKES
What are your thoughts on the Hive technology and the recent price increases? What are your thoughts on whether such spikes are beneficial? If you have any information about these spikes, please share it in the comments section and tell us more about the hive and its volatile price. I hope you find the post informative and enjoyable to read. Share your thoughts in the comments section to help the hive users continue the conversation.
DISCLAIMER
I am not a financial advisor, nor am I calling and asking people to buy and sell. I am a novice investor who lacks thorough knowledge of the trading jargon. After reading my message, I won't be held accountable for any form of loss.
GRAPH IMAGES TAKEN FROM BINANCE