Hive and Steem In A Fierce Race Towards The $1 Price Mark, Who Gets There First? Possible Implications.
Yesterday was quite an interesting day for Hive and Steem as both cryptocurrencies fiercely raced towards the $1 price mark, reaching historic price levels that had never been seen in about a year. While Steem yesterday peaked at 82 cent, Hive also flashed to reach a peak of 81 cent before it retraced to the present 60 cent price range. At the moment, Steem and Hive are trading at 75 cent and 61 cent respectively with bullish hourly charts indicative of fresh rallies.
With the break out of Steem Backed Dollar (SBD) a few months earlier to now reach a new all-time high, there is little doubt that Steem might hit the $1 price mark ahead of Hive whose native dollar (HBD) had also reached an historic high, although still very far from the price of SBD.
At any rate, the perpetual rivalry between Hive and Steem in the wake of the hard fork which birthed the Hive blockchain, it appears, would always ensure that the prices of both cryptocurrencies are never too far apart as we have clearly seen for the past months.
For Hive, crossing the $1 price mark will be very significant because it last reached that price mark in April last year, just few weeks after it broke away from the Steem blockchain in the Justin Sun-led infamous coup. It will also take away the hitherto psychological lid that comes up when asking the question of the real value of Hive. This is because by that time, a new all-time high would have been reached with nobody to accurately predict what the next peak would be.
In the case of Steem, reaching the $1 price mark would mean nothing, or perhaps little or less, for most of the old investors in the coin who were around when it reached the $8 mark in the climax of the last bull market in January 2018. This is because Steem will still have to do an 8x before it reaches a new all-time high. Here, it is very possible for Steem to be rediscovered by pump machines that will send it into the moon.
If the above scenario plays out, Hive will benefit significantly because there will always be a trade off of gains between both cryptocurrencies. If Steem surpasses Hive, for instance, many will begin to see Hive as undervalued and will start to buy it and the same scenario will likely play out if Hive is ahead.
Therefore, it will not really matter whether it is Hive or Steem that reaches the $1 price mark first. What will really matter, in my opinion, is to what extent the growth of either of both cryptocurrencies will positively influence the price of the other. At this point, I can only fairly say that let the race begin!
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Hive has always been undervalued. And with everything going on in the market lately, both tokens are just catching up on the bull run late. The real deal though is which will show more value and remain on top after everything... undeniably HIVE.
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Sure, Hive will come ahead because here is where most of the activities take place. In a few months, Hive can peak at $10 or beyond. Hopefully, we'll not get missing in action.
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Wow...I did not even know this exciting race happened. I was frustrated months a go as HIVE price was not moving while Steem's was.
HIVE is undervalued, because Steem has nothing now...HIVE has Leofinance, which created this CUB finance stuff, DEFI and its something.
Other HIVE based tokens are worth something, having value too, its alive, not sure about that with Steem
But who cares about this price competition...we get Steem and HIVE anyway so we reap benifits both ways. But its exciting, however keep in mind, Steem is in ligitation, I see that note of that sueing Steem case in Steem when I open it.
Steampeak is ceased to be steem and is peakd in HIVE. Hive will atrract more developers so fundamentally, I feel HIVE's price is worth way more than steem which...anyway
It's good to be in a bull run and earning HIVE, Leo for now when price has inceased and should be increasing further, let's capitalise it and enjoy...that's all bullish dance time, and then we can party hard after bull enriching success!!
Thanks for all the insights in your comment. It is a great time to be alive, to see everything that is taking place at the moment. I agree with you that Hive is ahead and alive, too. Cheers!
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leo got ahead of them all 😄
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Lol true
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One good influencer could put HIVE over the top.
My guess is the price is rising because someone is accumulating HIVE before moving their content over...
I wonder WHO that might be?
I wish I knew who it is, perhaps Trump. Lol. But it will really be great to see one of these big names here. I hope that you're well and okay. Cheers!
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Very good caption indeed. we can see some sort of race for last couple of months. now it's clear that hive is ahead
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Yes, we've got more taking place here than on Steem, although I think that Steem still has the name and the hype. We'll see what happens.
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