RE: Hive price depends on BTC
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ALTS always strongly follows downtrends and mildly rally around BTC's uptrend. ALTS season is increasingly becoming utopia.
let us try to make sense of it.
Let's buy it. We have reached once again the lower end of the goden swing between 20 cents to 27 cents.
HIVE is a decentralized social platform with real users and active development but its price moves mostly with Bitcoin
Indeed, a truly decentralized blockchain. But price may to always capture those fundamentals.
Yes, if Bitcoin returns to a strong uptrend. Especially:
BTC pushes past $110k
One thing that is noticeable is, BTC is consolidating at around 100K and above, holding its ground, but slowly, ALTS are diminishing in value. Maybe BTC is galloping the ALTS value silently. That is why we should always have some BTC in our wallet.
Hive is bleeding downward at a much higher % then most cryptos. It’s below its 2022 low by 33%. This isn’t average cycle moves of being behind bitcoin. It’s just not. Most are still above 2022 lows from when bitcoin bottomed at 15K. Hive bottom was .25 at that point, no this price action isn’t usual cycle delay or moves. Hive is in a bear market and not participating.