Bitcoin Takes Off: What Does This Mean For HIVE?

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Very interesting your analysis, thanks for sharing.

Erarium Project
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@erarium

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Sweet video as always, I share the spark of optimism as well. I think hive needs this moon more than bitcoin because I feel we'd get a bigger scale of adoption because of the moon and many people might just see the potential of hive because of the effect of the moon to an extent though.

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Unfortunatly Hive is reacting in the same ways that Steem did when BTC had its Bullrun....what I mean is we have to face a long period of underperformance with occasionally some minor pumps along the way. Most people don't hodl Hive they rather like to convert to other crypto assets.
I hope that the Hive community soon comes up with a new Token Economic model since the old Steem Version isn't really attracting any investors.

Summary:
In this video, Task talks about the recent increase in the price of Bitcoin and its impact on the cryptocurrency market. He discusses how the rise in Bitcoin's value can benefit holders and traders. Task also shifts the conversation towards Hive, a platform he is heavily invested in. He explains that Hive did not mirror Bitcoin's surge, emphasizing the need to understand the dynamics of different cryptocurrencies. Task highlights the importance of use cases in driving the value of the Hive token and discusses a new Hive Engine application focused on digital art. He delves into the potential growth of this platform, the impact on the Hive token's liquidity, and the internal network effect of transactions within the ecosystem.

Detailed Article:
Task starts the video by acknowledging Bitcoin's recent price surge, attributing it to the excitement among hodlers and traders. He notes the increased attention on Bitcoin in mainstream financial media, highlighting its significance in bringing awareness to the broader cryptocurrency industry. However, Task then transitions to discussing Hive, a platform where he is actively involved, pointing out the divergent price movements between Bitcoin and Hive.

The central theme of Task's analysis revolves around the concept of use cases as a driver for cryptocurrency value. He draws attention to a new Hive Engine application focused on digital art, which serves as a marketplace for buyers and sellers using Hive tokens. Task explains how the interaction within this platform, including the spending of Hive tokens on digital art, creates a tangible use case for the token. He extrapolates this scenario, envisioning a scenario where the platform attracts more users and transactions, consequently leading to an increase in the demand for Hive tokens.

Task delves into the potential growth of the Hive token's value through the lens of internal transactions within the ecosystem. He calculates potential figures based on existing transaction volumes in the digital art marketplace and speculates on the implications of scaling up such activities. Task envisions a scenario where increased participation in various Hive-based applications leads to the retention of Hive tokens within the system, driving up liquidity.

Furthermore, Task emphasizes the importance of retaining Hive tokens within the ecosystem, pointing out the various utility cases emerging beyond traditional functions like powering up and curation rewards. He discusses the diverse opportunities for users to invest their Hive tokens in projects, art, music, merchandise, and other assets within the Hive ecosystem. Task believes that such internal network effects will eventually translate into a higher external price for the Hive token in USD, albeit acknowledging potential fluctuations due to market speculation.

In conclusion, Task underscores the long-term potential of the Hive token's utility in driving its value, underscoring the importance of internal growth and use cases in shaping the cryptocurrency's future trajectory.