Hive is nearly 5 times the price of Steem
I cannot imagine the pump is still happening. The exchange listing created a FOMO among the investors when they introduced a rewarding system upon their listing. I'm not sure if that is the only reason for the pump but I guess that can be one good reason for the pump. But if we look at the price this is really insane. Yesterday when I was checking the price, I was wondering how would someone buy Hive for 5000 Satoshi. But now when I see huge buy orders in 10000 Satoshi, I'm really feeling that the traders would have a lot of guts in doing such trading.
I heard that tomorrow is going to be the reward day where people get rewarded for their holdings on Huobi. Like I said earlier, I don't think this pump is all about the reward they are giving and the exchange listing alone. There are some regular traders who are moving the market. Yesterday when I saw the price hit 5000 Satoshi, I thought that would be the highest price that Hive can get. I also felt sorry for people who bought Hive at 5000 Satoshi. Now today after seeing the price hitting over 10000 Satoshi, I'm able to see that the investors would have already got a 100 % profit for buying at the price of 5000 Satoshi. Now I have the same feeling for people who are buying at 10000.
Now coming to the comparison with Steem. A few weeks back, I remember that there was a well-planned dump that happened on Hive. I don't know if that was executed by Hive haters or Steem holders or whatever but that dump brought the price of Hive to around 1200 Satoshi. Many people bought and accumulated Hive at that price. I missed that opportunity and bought some Hive for myself when the price was 1550 Satoshi. When that dumping was happening, the price of Steem was stable near 2500 Satoshi and many Steem investors felt very happy about it.
Many Steem lovers sold their Hive stakes at such a low price and bought more Steem. I really feel very sorry for them. I'm not going to say that Steem is going to die anytime soon, but with all the Dapps, communities, Tribes moving to Hive completely, I believe that there is just less opportunity for Steem to shine back unless Justin brings some miracles to make Steem a better place. If you look at the chart above, it looks like the price of Steem is very stable right now. I don't think people would sell their Steem for the current price and purchase any Hive right now. The price of the Hive is 5 times that of Steem right now. I'm sure it will not stay there for long but it is definitely going to be a little higher than Steem for a while unless Justin or the Koreans do some magic to pump Steem price.
I see no wonder if hive price on bull. When bitcoin cash hardfork, the price is very low after few days the price jump sharply and down sharply. It took place many times because the coin is very volitile. It will be the same with Hive token. I think soon the price will be dumped again , pump many times and there will be adjustment at ideal price.
Yes there is a high possibility that price will go down. But as Binance is joining hands today, there is a also a possibility that the party will still be on for some more time before the dumping starts.
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Hi @bala41288
Great to see your post within our project.hope community :)
It's indeed interesting situation. Amazing pump. I think it's clearly related to upcoming airdrop which will take place on 28th (huobi exchange)
On 28th. Which is the day after tomorrow.
I've seen 2 similar airdrops done before (different crypto) and I've burned myself once.
there are many daily traders behind current volumes. And they are not interested with airdrop. They will be there as long as they will see demand. At some point demand will die down.
And then they will sell, knowing that right after airdrop price will tank. So I would expect that price will climb up until sometime tomorrow and then I would expect first dump
Right after airdrop - there won't be much buying pressure and selling pressure will be insane
so I would expect price to go up maximum till tomorrow. last 24h would be used by day traders to close their position. Am I making sense? Just wondering...
Cheers
Piotr
Yes you are right. There are definitely daily traders out there just enjoying the pump and the volume. They neither care about the airdrop or the Hive platform. But for people who use this platform, this is a golden opportunity to observe their profile value increase.
Today Binance is listing as well. There is a high possibility of a dump if I'm not wrong.
thanks for your prompt reply buddy. appreciate it :)
You are welcome. :-)
Resteemed already. Upvote on the way :)
Thanks for the curation. 😀
There were two exchanges listed Hive on their exchanges and then pumping it. But I really believe it's not only major thing for the hive rise. However I can agree with your last point. Steem will not going to die and it can be rise like hive up. Before 3 days, Hive price had low than steem price. So hive can come similar amount when it placed 3 days ago.
Yes, anything is possible in a crypto world. When big stakeholders of the physical share market can manipulate the price of Stocks, why not big crypto holders. So, anything is possible in the blockchain and crypto world. Thanks for the comments. 😀
what is the best exchange for US citizens to buy / sell steem and Hive on ?
I'm not sure but have heard good reviews about Bittrex. Maybe you can try it out.
Excellent publication, I congratulate you on the analysis you do on the upward trend of HIVE, but the most important thing about this issue is to analyze the causes that generated this trend.
I recently published an article, you can check it out to get a little more details on what could have caused this upward trend. Binance is also listing Hive today. That can further create a FOMO.
This is a hood enough reason for the pump to happen. Sharing 100,000 hive to buyers at the ratio of 5:1 is a big way to get people to buy. Giving 1000 token for every 5k token is a good one coupled with the fact that the liquidity is low.
Once upon a time there were no tribes on steemit and trust me, there will be better products on the steem blockchain.
I believe steemit.inc is after products currently and not really concerned about price and if the steem price is stable currently, it is because there are people willing to buy even when others are selling.
Yes true. Thanks for the comments. It can even be the case where some people are trying to make some quick bucks by trading. It requires lots of experience for someone to make use of the opportunity.
I can only imagine that HIVE could not hold its price for up to one week. It is visible it was a pump from Huobi's airdrop.
If you look at the price now, it is going down day by day. The pump was sure based on the FOMO created for exchange listing and airdrop.