What an amazing weekend with Hive killing it with its insane price action. The absolute returns to all the users who were airdropped these awesome tokens is pretty insane.
I'm just discounting the lows from the first day Hive was listed on Bittrex but soon after a short move up, and a period of consolidation with weak hands dumping their stake, the price has sky rocketed without slowing down too much.
I think Hive has done a record 10x move and probably the highest amongst the all best projects from the top 100 list in 2020. It's truly amazing!
This is the Bittrex HIVE/BTC chart and the one below is the HIVE/USD one generated by TradingView.
When I look back at Steem, there were quite a few pumps here and there. However, Steem with Inc dumping their stake on all of us, along with high inflation ensured the price never really managed to stay afloat for too long.
It's too early to say that Hive won't face similar issues, especially if a delayed supply hits the market. However, for the time being it looks bullish and is holding the higher prices quite well.
However, no token, coin or asset goes up in price without a period of consolidation and Hive too will reach that phase soon. But this time around I hope it holds its previous high of ~38 cents at the very least if not higher prices before attempting to create another ATH.
Why do I say this? Because a 90% sell off is terrible (as seen with STEEM over and over again after each pump) from an investment perspective as well as the token's life cycle. It's not healthy at all.
If you disagree, just open up the STEEM chart from 2016 and see how bad it looks as compared to the LINK chart which looks a lot healthier with periods of consolidation followed by clean upward trending prices.
In any case, I look forward to accumulating and trading Hive as it finds a new fair value along with its next bottom. We're off to a splendid start, now to keep building on from here.
I'd like to take this opportunity to congratulate fellow witnesses and thank everyone responsible in forking away from Steem by taking a huge risk when creating Hive and working towards building a new ecosystem for the decentralised web of tomorrow. I also congratulate all Hive users who showed faith in Hive from early on.
To some Hive feels like its new on the block, but for many of us witnesses and users who have been around since early days of Steem we know it's something truly exciting.
But, there's a lot more work to be done. However, this is a great time to bring your friends over to Hive, especially if they are on Steem and if they aren't using any social dApps powered by crypto, then bring them to Hive.
I hope Binance lists HIVE/BTC and HIVE/USDT asap which will make it easier for even more users to discover the token, come over to the dApps here, power up the tokens and use all the features of the Hive blockchain through its various dApps.
If you like my post please rehive and you can also show support by voting my Hive witness node.