I think it's probably true to an extent because most things tend to react as a sector (similar to the stock market). Of course if HIVE itself becomes more well known than STEEM in both market cap and reputation, I think it will be STEEM following our price action and not the other way around.
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But at the moment, that is not the case.
It's very much algorithmic driven trading where HIVE follows STEEM.
With the complete opposite direction that the two blockchains have taken, this means HIVE's market price isn't a true reflection of value.
And as a result, there could be an opportunity to continue accumulating cheap HIVE before the inevitable repricing comes.
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