In looking at these spikes over a period of several years, the thing I find somewhat alarming is that any gains Hive makes seem very "fragile." Meaning, that if BTC is pretty stable and then goes down 1-2%, Hive often takes an 8-10% "bath" but when BTC gains back that 1-2% Hive stays flat at the lower level.
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I think it depends what time frame you're looking at, over the year, Hive has done a little worse than BTC, over the last month it's up 13% compared to 4% for BTC.