Yes that's one probable reason. No idea why hive is not climbing when btc is back to its original price. It's quite disappointing you know. That could also be another reason. I wish the price stabilized at 35 cents like it used to.
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But I see that hive is one of the most stable cryptocurrencies, it doesn't go up high but also doesn't go down much compared to other bitcoin alternatives, hive is now like a real currency because its price is very stable..