Have you guys noticed this pattern where when BTC falls, the overall market falls, which also includes Hive? But when BTC is doing well, the market is not recovering. This proves how much dependency we have on BTC in the crypto market. There is no disagreement that BTC is the mother of all cryptocurrencies, and it is still the number 1 coin that is being traded on the exchanges. They even say that the price of all the other alt coins is determined by BTC only. The term altcoin itself is coined based on the fact that BTC is the primary coin, and all other coins are alternative coins.
I have commonly heard the fact that when BTC is pumping, people say that investors sell their altcoin holdings to invest in BTC when the price is increasing. But when BTC falls, people say that selling happens in the altcoin as well because people, in general, panic and sell their holdings. One group says that when BTC is at its peak, there is a high chance for an altcoin pump. The reason is that people sell their BTC holdings to invest in the altcoins. But I have never seen this type of altcoin pump happening.
Source - Sora
More than what BTC can do, people are still buying it for the fact that it is the popular and only known cryptocurrency that will have an upward trend and not a downward trend, whatever happens. Some people are buying it for pride. When everyone is talking about crypto and bitcoin, they don't want to get left out, and they buy BTC and hold. There are so many other cryptocurrencies now available that are far better than BTC, but people still want to go for BTC only. We cannot blame them, and I think that's the reality. We know for a fact that gas fees are very costly in ETH, but people still use ETH even though there are other chains like BSC that have cheaper transactions. People don't really accept them for many reasons, and mostly, it is ignorance.
We have to sit and hope that there will be more visibility for Hive in the future, and we should be able to reach the top 100 cryptocurrencies someday. I'm not sure if Hive is already in the top 100, but I would like to see it in the top 100 only when many people know this exists, and we should be having proper use cases apart from a few games and a blogging platform. But as long as the core concepts of the blockchain are working, it should be all good, and if we continue to have continuous development, it is a good sign of being active. Let's see where the market can take us.
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